 "Piramal Pharma clocks 11% revenue growth in quarter ending September")
Pharmaceutical company Piramal Pharma posted an 11 per cent year-on-year (Y-o-Y) increase in its consolidated revenue from operations during the quarter that concluded on 30 September 2023. The revenue stood at Rs 1,911 crore, compared to Rs 1,720 crore in Q2FY23. The company managed to turn around its profit after tax (PAT), which came in at Rs 5 crore, as against the loss of Rs 37 crore reported in Q2FY23. The profitability of the CDMO business improved due to factors such as increased revenue and cost-optimisation initiatives.
On a sequential basis, the company exhibited a 9 per cent increase in revenue and turned around its PAT, as the firm had reported a loss of Rs 99 crore in the previous quarter.
Nandini Piramal, chairperson of Piramal Pharma, stated, "Our CDMO business returned to mid-teen growth with continued order inflows, especially for differentiated offerings and innovation-related work. Our India Consumer Healthcare business is delivering steady growth driven by our power brands. Historically, our H2 has been better than H1, both in terms of revenue and profitability. We expect a similar trend to play out this financial year as well, more specifically in Q4. During the quarter, we also successfully completed our Rights Issue and utilised the proceeds to reduce our debt."
The company also reported a year-on-year improvement in demand for their generic API business. The Ebitda (Earnings Before Interest, Taxes, and Amortisation) stood at Rs 315 crore, growing 44 per cent year-on-year and 85 per cent quarter-on-quarter, respectively.