 "Nandini Piramal, Chairperson, Piramal Pharma Ltd")
In Q3 FY24, Piramal Pharma posted a profit after tax of Rs 19.36 crore, against the loss of Rs 73.64 crore reported in Q3 FY23. The company also posted a 14.14 per cent year-on-year (Y-o-Y) increase in its consolidated revenue from operations during the quarter, which came in at Rs 1,958.5 crore, compared to Rs 1,715.9 crore in the corresponding period last year. The growth can be attributed to growth across Contract Development and Manufacturing Organization (CDMO), Complex Hospital Generic (CHG) and India Consumer Healthcare (ICH) businesses.
On a sequential basis, the company exhibited a 2.47 per cent increase in revenue, whereas the profit after tax declined by 51.07 per cent.
This quarter, the earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 94 per cent Y-o-Y, due to a reduction in raw material cost and energy prices, operating leverage, cost optimization, and operational initiatives done by the company.
Speaking on the result, Nandini Piramal, Chairperson of Piramal Pharma, said, “Our CDMO business is delivering healthy growth with robust order inflows, especially for differentiated offerings and innovation-related work. Our Inhalation Anesthesia portfolio is registering good volume growth in our key market of the US and is also seeing increasing traction in Rest of World (ROW) markets. Our India Consumer Healthcare business is delivering steady growth driven by our power brands and contribution from new product launches. We are also working on multiple initiatives in the areas of water conservation, responsible waste disposal, gender diversity, employee safety, sustainable supply chain, and community development.”
In Q3 FY24, the CDMO segment achieved a growth of 12 per cent Y-o-Y, largely due to receiving new orders specifically in the commercial manufacturing of on-patent molecules. CDMO also saw good demand for the company’s differentiated offerings.
The CHG segment witnessed a growth of 12 per cent Y-o-Y, which was attributed to the volume expansion in the inhalation anaesthesia portfolio within the US market. However, this was partly offset by lower market prices. The inhalation anaesthesia portfolio gained increasing traction in non-US markets for the company as they revealed efforts to expand capacities to meet the rising demand for inhalation anaesthesia products are underway.
The ICH segment grew by 12 per cent Y-o-Y due to the launch of six new products and three new Stock Keeping Units (SKUs) during Q3 FY24. The division continues to invest in media and trade spends to foster growth in power brands.
More From This Section
The same day, Piramal Pharma's share price rose by 2.15 per cent, ending the day's trade at Rs 139 apiece on the Bombay Stock Exchange (BSE).
Piramal Pharma
