MUMBAI,
India, Oct. 28, 2023 /CNW/ -- 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
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SOURCE Piramal Pharma Limited