Piramal Pharma Limited Announces Consolidated Results for Q2 and H1 FY2024
28 Oct 2023
Financial StatementAcquisition
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.
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."
# H1 FY23 EBITDA had one-time inventory margin impact of Rs.68 Crore
# 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:
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
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SOURCE Piramal Pharma Limited
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