 "Piramal Enterprise")
Piramal Pharma posted a 102 per cent Year-on-Year (YoY) increase in Profit After Tax (PAT) during the Q4FY24, reaching Rs 101.27 crore. The company also posted an 18 per cent increase in its consolidated revenue from operations, which came in at Rs 2,552.36 crore. This increase in PAT was attributed to good performance in the CDMO business, differentiated offerings and capacity expansion.
On a sequential basis, the company’s profit jumped more than nine-fold. The revenue also rose by 30.31 per cent. The Earnings before Interest, Tax, Appreciation and Amortisation (EBITDA) rose 48 per cent YoY reaching Rs 556 crore.
Speaking on the results, Nandini Piramal, chairperson of Piramal Pharma, said, “FY24 has been a strong year for the company with all round improvement, mainly driven by our CDMO business that delivered a robust 19 percent YoY revenue growth. We saw significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment. Contributions from our innovation related work and differentiated offerings also increased in FY24. Capacity expansion at our Grangemouth facility for Antibody Drug Conjugate segment was commercialised and is seeing good customer interest. All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives”
For the full year FY24, Piramal Pharma posted a 15 per cent YoY increase in revenue and was able to turn around PAT reaching Rs 8171 crore and Rs 81 crore, respectively. The EBITDA was up by 61 per cent at Rs 1,372 crore.
The company maintained its position in Sevoflurane in the US market for inhalation anaesthesia and is expanding capacities to meet growing demand in ROW markets. The India consumer healthcare business continues to perform well with a focus on improving EBITDA margin.
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In Q4FY24, the Contract Development and Manufacturing Organization (CDMO) segment achieved a growth of 29 per cent YoY largely due to strong orders inflows in the commercial manufacturing of on-patent molecules. CDMO also saw a good demand on the company’s differentiated offerings and integrated projects which led to improved profitability.
The Complex Hospital Generics (CHG) segment witnessed a growth of 5 per cent YoY which was attributed to the volume expansion in the inhalation anaesthesia portfolio within the US market and ROW markets which was partly offset by lower market prices. The company launched four new injectable products in the US and European markets during FY24. They are also building a strong product pipeline with 24 new injectables under development, targeting a market exceeding $2 billion.
The India Consumer Healthcare (ICH) segment grew by 14 per cent YoY due to the launch of new products and new Stock Keeping Units (SKUs). The division continues to invest in media and trade spends to foster growth in power brands. The power brands comprising lacto calamine, littles, polycrol, tetmosol and I-range, registered YoY growth of 15 percent during Q4FY24 and 13 per cent during FY24.
