Mumbai, India | 5th August 2023 Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635), today announced its consolidated results for the first quarter (Q1) ended 30th June 2023.

(In INR Crores)

ParticularsQ1 FY24Q1 FY23YoY GrowthQ4 FY23QoQ Growth
Revenue from Operation1,7491,48218%2,164-19%
Complex Hospital Generic (CHG)61750822%702-12%
India Consumer Healthcare (ICH)23921113%20616%
EBITDA Margin10%6% 17% 
PAT Margin-6%-7% 2% 

# Q1 FY23 EBITDA had one-time inventory margin impact of INR 68 Crore

Key Highlights for Q1FY24

  • Revenue from Operation grew by 18% YoY in Q1FY24 driven by broad base performance across all three businesses – CDMO, CHG and ICH
  • EBITDA margin in Q1FY24 was 10%, a YoY improvement compared to 6% in Q1FY23, driven by healthy revenue growth and cost optimization measures
  • We maintain our quality track record of zero OAIs (Official Action Indicated) as we successfully closed the US FDA inspection at the Pithampur facility with zero observations
  • We strengthened our Management Team by appointing Jeffrey Hampton as President & Chief Operating Officer for Piramal Critical Care (CHG business)
  • We have shared the details of our Rights Issue – Rights Price of INR. 81, Record Date of August 2, 2023 and Entitlement Ratio of 5:46

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We had a positive start to the new financial year with healthy revenue growth and improvement in our EBITDA margins. Our CDMO business is also witnessing continued order inflows, especially for our differentiated offerings and innovation related work. Our Inhalation Anesthesia portfolio is seeing a healthy demand and our India Consumer Healthcare business is delivering good growth driven by power brands. We continue to maintain our best-in-class quality track record and are also taking multiple initiatives in the area of ESG to grow our business responsibly.

Historically our H2 has been better than H1, both in terms of revenue and profitability. We are working to leverage our good start to the financial year and continuing this momentum to deliver a healthy YoY performance for the rest of the year. We believe in the growth potential of our business and are accordingly executing on our strategic priorities to create shareholder value. Our promoter and promoter group have agreed to subscribe to the extent of 100% of the equity shares offered in our Rights Issue, thereby reaffirming their confidence in the underlying strengths of our business”

Key Business Highlights for Q1FY24
Contract Development and Manufacturing Organization (CDMO):           Witnessed continued order inflow momentum and strong execution in Q1FY24. Continue to see good demand for our differentiated offering in the niche areas of high potent API, peptide, anti-body drug conjugate (ADC) and development and manufacturing of on-patent API           Recently expanded capacities at sites with differentiated offering witnessing encouraging customer demand           Capacity expansion for antibody drug conjugate (ADC) at Grangemouth facility to strengthen our position in the ADC market           YoY improvement in demand for our generic API business           Maintained our quality track record – Successfully cleared 8 regulatory inspections (including an US FDA inspection at our Pithampur facility) and multiple customer audits in Q1FY24           Cost optimization, strategizing procurement and operational excellence initiatives helping to mitigate inflationary pressures and improve profitability Complex Hospital Generics (CHG):           Continued momentum in Inhalation Anesthesia (IA) sales, mainly led by strong demand for Sevoflurane           Expanding inhalation anesthesia capacity to meet the growing demand          Intrathecal portfolio in the US continue to command leading market share          Building a pipeline of 27+ new products which are various stages of development. Launched 1       new product during Q1FY24         Appointed Jeffrey Hampton as President & Chief Operating Officer of CHG Business. Jeff has previously worked with Accord Healthcare, Inc. and Apotex Inc. India Consumer Healthcare (ICH):           11 new products and 3 new SKUs launched during Q1FY24           Continue to invest in media and trade spends to drive growth in power brands           Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 15% YoY in Q1FY24 and contribute to 43% of ICH sales           E-commerce grew by more than 18% YoY in Q1FY24           Wide distribution reach across general trade and are also strengthening our presence in alternate channels of distribution including e-commerce, modern trade, and having our own direct-to-customer website  

Reported Financials:

(In INR Crores)

ParticularsQ1FY24Q1FY23YoY ChangeQ4FY22QoQ Change
Revenue from Operations1,7491,48218%2,164-19%
Other Income3872-47%2556%
Total Income1,7871,55415%2,188-18%
Material Cost6275749%840-25%
Employee Expenses4964618%4745%
Other Expenses49443015%499-1%
Finance Cost1196290%10414%
Share of net profit of associates1420-28%885%
Profit Before Tax-107-115-7%95-213%
Net Profit after Tax-99-109NA50-297%
Exceptional item00 0 
Net Profit after Tax after exceptional item-99-109NA50-297%

# Q1 FY23 EBITDA had a one-time inventory margin impact of INR 68 Crore