Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Piramal Pharma Limited Announces Consolidated Results for Q2 and H1 FY2024

This image opens in the lightbox

News provided by

Piramal Pharma Limited

28 Oct, 2023, 11:15 GMT

Share this article

Share toX

Share this article

Share toX

MUMBAI, India, Oct. 28, 2023 /PRNewswire/ -- Piramal Pharma Limited (PPL), (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30th September 2023.

Consolidated Financial Highlights

                                                                                                                                                      (In INR Crores)

Particulars

Q2 FY24

Q2 FY23

YoY Growth

Q1 FY24

QoQ Growth

Revenue from Operation

1,911

1,720

11 %

1,749

9 %

   CDMO

1,068

940

14 %

898

19 %

   Complex Hospital Generic (CHG)

589

562

5 %

617

-5 %

   India Consumer Healthcare (ICH)

256

227

13 %

239

7 %

EBITDA

315

219

44 %

171

85 %

EBITDA Margin 

16 %

13 %


10 %


PAT

5

-37


-99


PAT Margin

0 %

-2 %


-6 %


Key Highlights for Q2 and H1 FY2024 

  • Revenue from Operation grew by 11% YoY and 14% YoY in Q2FY24 and H1FY24 respectively, driven by broad base performance across all the three businesses
  • EBITDA grew by 44% YoY and 58% YoY in Q2FY24 and H1FY24 respectively, driven by healthy revenue growth and cost optimization measures
  • Company successfully completed the Rights Issue of Rs.1,050Cr with subscription of 128%. Net
  • Debt as on 30th September 2023 is Rs.3,823Cr – reduction of Rs.958Cr since 31st March 2023
  • Released our FY2023 Sustainability Report outlining our progress in the areas of Environment, Social and Governance (ESG). The Company has taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY2030 (with baseline of FY2022)

Nandini Piramal, Chairperson, Piramal Pharma Limited said, "We have delivered a healthy performance in the first half of the financial year with 14% revenue growth accompanied by over 300 bps improvement in EBITDA margin. Our CDMO business returned to mid-teen growth with continued order inflows, especially for differentiated offerings and innovation related work. Our capacity expansion for Inhalation Anesthesia products is progressing well as we look to capitalize on the healthy demand in the global market. 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 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 utilized the proceed to reduce our debt. On the ESG front, we released our FY23 Sustainability Report and have also taken a target to reduce our GHG emissions by 42% by FY30 compared to FY22. 

We hope to continue our momentum in H2FY24 and end the financial year with a robust performance." 

Key Business Highlights for Q2FY24

Contract Development and Manufacturing Organization (CDMO):

-  Continued order inflow momentum in Q2FY24 – over 40% higher orders (development and new commercial orders) received in H1FY24 compared to H1FY23. 

-  Good revenue growth visibility for FY24 driven by better execution and healthy demand for our differentiated offering. Recent order inflows have had higher quotient of innovation related work with good proportion of commercial manufacturing orders for on-patent molecules

-  Revenue contribution from differentiated offerings has grown at 19% CAGR from FY21 to FY23 and contributed to about 37% of CDMO revenues in FY23

-  YoY improvement in demand for our generic API business

-  Improvement in profitability of our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives

-  First revenue milestone earned from the expanded Grangemouth facility in Q2FY24. This expansion strengthens our presence in antibody drug conjugate market

-  Maintained our quality track record – Five facilities (Digwal, Pithampur, Riverview, Sellersville and Lexington) contributing to about 50% of our CDMO revenues have successfully closed US FDA inspections since November 2022  

Complex Hospital Generics (CHG):

-  Witnessing steady growth on our CHG business primarily on account of healthy volume led growth in Inhalation Anesthesia (IA) products

-  Expanding our capacities to meeting growing demand of IA products. Also focus on improving output through greater operating efficiencies 

-  Maintained our leading positions in Sevoflurane (44% market share) and Baclofen pre-filled syringe and vial (76% market share) in the US market (Source - IQVIA Data MAT Q2 2023)

-  Building a pipeline of 28 new products which are various stages of development 

-  Concluded US FDA inspection at Bethlehem facility with two observations. Both observations relate to system improvement, and none are related to data integrity  

India Consumer Healthcare (ICH):

-  7 new products and 2 new SKUs launched during Q2FY24. Over 100 new products launched between FY21 to FY23  

-  Continued to invest in media and trade spends to drive growth in power brands. Promotional spends during H1 FY2024 was at 14% of ICH revenue

-  Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 15% YoY in H1FY24 and contributed to 42% of ICH sales

-  E-commerce grew at about 34% YoY in Q2FY24 and contributed 16% to ICH revenue. We now have presence across more than 20 e-commerce platforms including our own direct-tocustomer website -Wellify.in

Consolidated Profit and Loss Statement 

                                                                                                                                                                                                                                 (In INR Crores)

Reported Financials 

Particulars


Quarterly




Half Yearly


Q2FY24

Q2FY23

YoY  Change

Q1FY24

QoQ  Change

H1FY24

H1FY23

YoY  Change

Revenue from Operations 

1,911

1,720

11 %

1,749

9 %

3,660

3,202

14 %

Other Income 

49

46

6 %

38

28 %

88

118

-26 %

Total Income 

1,961

1,766

11 %

1,787

10 %

3,748

3,320

13 %

Material Cost 

638

664

-4 %

627

2 %

1,264

1,238

2 %

Employee Expenses 

516

470

10 %

496

4 %

1,012

931

9 %

Other Expenses 

492

413

19 %

494

0 %

986

844

17 %

EBITDA 

315

219

44 %

171

85 %

485

 308# 

58 %

Interest Expenses 

110

83

32 %

119

-7 %

228

145

57 %

Depreciation 

185

166

11 %

174

6 %

358

328

9 %

Share of net profit of associates 

19

11

72 %

14

33 %

33

31

8 %

Profit Before Tax 

40

-19

NA

-107

NA

-68

-134

NA

Tax 

35

11

212 %

-9

NA

26

5

421 %

Net Profit after Tax 

5

-30

NA

-99

NA

-94

-139

NA

Exceptional item 

0

7

NA

0

NA

0

7

NA

Net Profit after Tax after exceptional item 

5

-37

NA

-99

NA

-94

-146

NA

 # H1 FY23 EBITDA had one-time inventory margin impact of Rs.68 Crore          

Consolidated Balance Sheet

                                                                                                                                     (In INR Crores) 

   Key Balance Sheet Items


As at


30-Sep-23


31-Mar-23

Total Equity

7,758


6,773

Net Debt

3,823


4,781

Total

11,581


11,555





Net Fixed Assets 

9,038


8,887

    Tangible Assets  

4,691


4,441

    Intangible Assets including goodwill 

4,347


4,446

Net Working Capital 

2,148


2,307

Other Assets#

395


361

Total Assets

11,581


11,555

# Other Assets include Investments and Deferred Tax Assets (Net)

Q2 and H1 FY2024 Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 30th October 2023 from 9:00 AM to 9:45 AM (IST) to discuss its Q2 and H1 FY2024 Results.  

The dial-in details for the call are as under:

Event

Location & Time

Telephone Number

Conference call on 

30th October, 2023

India – 9:00 AM IST

+91 22 6280 1461 / +91 22 7115 8320 (Primary

Number)

1 800 120 1221 (Toll free number)

USA – 11:30 PM  

(Eastern Time – New York)

Toll free number  18667462133

UK – 3:30 AM  (London Time)  

Toll free number  08081011573

Singapore – 11:30 AM  (Singapore Time)

Toll free number  8001012045

Hong Kong – 11:30 AM  (Hong Kong Time)  

Toll free number  800964448

Express Join with

Diamond Pass™

Please use this link for prior registration to reduce wait time at the time of joining the call –

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=7 279153&linkSecurityString=28e77c0997  

About Piramal Pharma Ltd:

Piramal Pharma Limited (PPL), (NSE: PPLPHARMA) (BSE: 543635), offers a portfolio of differentiated products and services through its 17 global development and manufacturing facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization; Piramal Critical Care (PCC), a complex hospital generics business; and the India Consumer Healthcare business, selling over-the-counter products. In addition, one of PPL's associate companies, Allergan India Private Limited is a JV with AbbVie Inc. and has emerged as one of the market leaders in the ophthalmology therapy area. Further, PPL has a minority investment in Yapan Bio Private Limited. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.

For more information visit: www.piramaI.com/pharma I Linkedin I Facebook I Twitter

Logo: https://mma.prnewswire.com/media/1855206/4196563/Piramal_Pharma_Limited_Logo.jpg

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.