Piramal Pharma revenue up 11% to ₹1,911 crore in Q2

  • Consolidated profit after tax came in at 5 crore in the quarter, as against a loss in the corresponding quarter last year

Naman Suri
First Published28 Oct 2023, 03:36 PM IST
Ebitda for the quarter stood at  <span class='webrupee'>₹</span>315 crore and the Ebitda margin at 16%
Ebitda for the quarter stood at ₹315 crore and the Ebitda margin at 16%

New Delhi: Piramal Pharma Limited on Saturday reported an 11% year-on-year rise in its consolidated revenue from operations to 1,911 crore from 1,720 crore in Q2FY23, driven by strong performance across all three of its businesses. It reported consolidated profit after tax (PAT) of 5 crore in the quarter, as against a loss in the corresponding quarter last fiscal year, the company said in an exchange filing.

Earnings before interest, tax, depreciation, and amortization (Ebitda) for the quarter stood at 315 crore and the Ebitda margin at 16%. The company completed a rights issue of 1,050 crore with 128% subscription. Net debt at the end of the September quarter was 3,823 crore.

“Our CDMO business returned to mid-teens growth with continued order inflows, especially for differentiated offerings and innovation-related work. Our capacity expansion for inhalation anaesthesia products is progressing well as we look to capitalise on the healthy demand in the global market. Our India consumer healthcare business is delivering steady growth, driven by our power brands,” said Nandini Piramal, chairperson of Piramal Pharma Limited.

The company has three business verticals – contract development and manufacturing organization (CDMO), complex hospital generics (CHG), and India consumer healthcare (ICH). The CDMO received 40% more orders during the quarter, delivering 14% yoy revenue growth. The company said the improvement in CDMO’s profitability was driven by revenue growth, a favourable revenue mix, normalization of raw material costs, and cost-optimisation initiatives. 

The CHG business saw a 5% yoy increase in revenue on account of healthy volume growth in inhalation anesthesia (IA) products. In comparison, the ICH business saw a 13% yoy increase in revenue.

“We expect a similar trend to play out this financial year, specifically in Q4. During the [second] quarter, we also successfully completed our rights issue and used the proceeds to reduce our debt. We hope to continue our momentum in the second half of FY24 and end the year with a robust performance,” Piramal added.

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First Published:28 Oct 2023, 03:36 PM IST
HomeNewsIndiaPiramal Pharma revenue up 11% to ₹1,911 crore in Q2

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