 "Piramal Pharma")
Indian pharmaceutical company Piramal Pharma’s shares soared 10.6 per cent at Rs 166.60 per share on the BSE in Monday’s intraday trade. This came after the company delivered strong quarter four results for the financial year 2023-24 (Q4FY24).
In Q4FY24, Piramal Pharma reported a 102 per cent Year-on-Year (YoY) surge in Profit After Tax (PAT), totaling Rs 101.27 crore. Additionally, the company witnessed an 18 per cent increase in its consolidated revenue from operations, amounting to Rs 2,552.36 crore.
This boost in PAT was credited to strong performance in the contract development and manufacturing organisation (CDMO) business, along with differentiated offerings and capacity expansion.
Sequentially, the company's profit skyrocketed by more than nine-fold, while revenue also experienced a significant uptick of 30.31 per cent. Furthermore, the Earnings before Interest, Tax, Appreciation, and Amortisation (Ebitda) surged by 48 per cent YoY, reaching Rs 556 crore.
For the full fiscal year FY24, Piramal Pharma recorded a 15 per cent Year-on-Year (YoY) increase in revenue, achieving Rs 8,171 crore, and successfully turned around its Profit After Tax (PAT) to Rs 81 crore. The company's Ebitda surged by 61 per cent to Rs 1,372 crore.
Piramal Pharma maintained its stronghold in the US market for inhalation anaesthesia with Sevoflurane and is expanding capacities to meet rising demand in other markets globally. The consumer healthcare business in India continued to perform well, with a focus on enhancing Ebitda margins.
In Q4FY24, the Contract Development and Manufacturing Organization (CDMO) segment experienced a substantial 29 per cent YoY growth, primarily driven by robust order inflows in commercial manufacturing of on-patent molecules. The CDMO division also witnessed strong demand for the company's unique offerings and integrated projects, leading to enhanced profitability.
At 12:16 AM; the stock of the pharma company was trading 5.29 per cent higher at Rs 158.27 per share. By comparison, the S&P BSE index fell 0.41 per cent at 72,368 levels.
