2024-07-28 12:30:42
Piramal Pharma Limited (NSE: PPPLPHARMA) (BSE: 543635), a leading global pharmaceutical company, today announced its standalone and consolidated results for the first quarter (Q1) ended June 30, 2024.
Consolidated Financial Highlights (in Rupees or as previously stated) Details Q1FY25 Q1FY24 Current Operating Revenue 1,951 1,749 12% CDMO 1,057 898 18% Complex Hospital Generics (CHG) India Healthcare (Complex 631 617 2% Hospital Generics) Consumer Pharmaceuticals Consumer Healthcare (I) 264 239 10% (Indian Consumer Healthcare) EBITDA 224 171 31% EBITDA Margin 11% 10% Profit after tax (89) (99) NA Profit after tax (5%) (6%) NA
Key Highlights from the First Quarter of Fiscal Year 2025
- Driven by the strong double-digit growth of the CDMO business and the stable double-digit growth of the ICH business, operating income increased by 12% in the first quarter of fiscal year 2025.
- EBITDA grew 31% year-over-year and EBITDA margin was 11%, an improvement of more than 170 basis points compared to Q1 FY24, driven by operating leverage, cost optimization measures and an above-average revenue mix
- Superb quality record – Successfully completed USFDA inspections at Lexington (USA) and PPDS (India Analytical Services) facilities and received EIR# without any complaints
- Piramal Pharma was named one of the best sustainable organizations in the third edition of the Times Now Global Sustainability Alliance 2024 Sustainability Organizations
Nandini Piramal, Chairman, Piramal Pharmaceuticals Limited,explain: “We have made a good start to the financial year with solid overall results. We achieved healthy revenue growth, driven by a favorable revenue mix and cost optimization measures, with EBIDTA margins increasing by more than 170 basis points compared to the prior year. Our CDMO business continues to receive consistent orders, particularly for patent-protected commercial manufacturing. With increasing customer inquiries and visits, we are also seeing good demand for our differentiated products. In our CHG business, our planned expansion of our inhalational anesthesia portfolio is on track and is expected to be launched in fiscal 2026. Our India Consumer Healthcare business also delivered solid growth driven by strong traction from a strong brand and e-commerce pipeline.
“We are making good progress on our path to operating sustainably as a responsible company. Our ongoing quality and compliance efforts are bearing fruit, with our offices in Lexington (USA) and PPDS (India Analytical Services) Two factories successfully completed inspections by the US FDA.
“Historically, our second half revenue and profitability have been better than the first half, and we expect this trend to continue in fiscal 2025. We expect to build on our strong start to the fiscal year.
Key business highlights for Contract Development and Manufacturing Organizations (CDMOs) in Q1 FY25: • Early signs of recovery in biotech funding and an increase in customer inquiries and visits, particularly for differentiated products. Several more stable quarters are needed for recovery • Continued order growth momentum, particularly in proprietary commercial manufacturing • Improved demand in our generic active ingredients business compared to last year • Driven by healthy revenue growth, better Good business mix and cost optimization initiatives improve profitability • EIR and PPDS plants at our Lexington facility successfully completed US FDA inspections, maintaining our quality record • Future investments focus on customer preference for comprehensive services, especially is in drug development and manufacturing in differentiated ADCs, peptides and proprietary areas • Customer-centric approach to drive cross-selling opportunities in global general hospital general (CHG) locations • Heptafluoride exposure in the U.S. and emerging markets such as Asia, Europe and the U.S. Strong demand for alkanes and isoflurane in the rest of the world, driven in part by lower US sevoflurane prices • Inhalational anesthesia capacity expansion is expected to meet growing demand. Expected to achieve commercialization in FY26 • Intrathecal growth through new customer acquisition. Intrathecal baclofen continues to lead U.S. market share • We are seeing positive developments in shipments from third-party contract manufacturers of injectable analgesics. Focus on further strengthening supply chain • Investing in expanding product portfolio – developing specialty products and signing licensing agreements • Working on multiple cost optimization and productivity improvement initiatives in sourcing, manufacturing, distribution and operational excellence Indian Consumer Healthcare (ICH) (Health products) Indian consumers) • 7 new products and 10 new SKUs were added to our product portfolio in Q1 FY25. In the first quarter of fiscal 2025, our Power Brands revenue increased 19% year-over-year and accounted for 48% of ICH revenue. • Added CIR (senior care brand) to our list of strength brands, which now includes Little’s, Lacto Calamine, Polycrol, Tetmosol, i-range and CIR • E-commerce growth of 37% year-over-year in Q1 FY25 • We Looking to expand our coverage into general commerce and are increasing our presence in alternative sales channels such as e-commerce and modern commerce. Consolidated Profit and Loss Statement (in Rs. or specified) Reported Financial Details First Quarter FY2025 Changes First Quarter FY2024 Compared to Previous Year Current Activities Sales Revenue 1,951 1,749 12% Other Revenue20 38 (49)% Total Revenue 1,971 1,787 10% Material cost 674 627 8 % Personnel cost 580 496 17% Other expenses 493 494 0% EBITDA 224 171 31% Financing cost 107 119 (10) 124 171 31% Financing cost 107 119 (10) 14% Profit before depreciation (45) (107) NV Taxation 44 (9 ) NV Net profit after tax (89) (99) NV Non-recurring items 0 0 NV Net profit after tax (89) (99) NV Non-recurring items
Fiscal Year 2025 First Quarter Earnings Conference Call
Piramal Pharma Limited will host an investor/analyst conference call Discussion of first quarter fiscal year 2025 results on July 26, 2024 from 05:00 pm to 05:45 pm (IST).
Dial-in details for the conference call are as follows:
Event Venue & Time Phone Number India Conference Call – 05:00 PM IST +91 22 6280 1461 / +91 22 7115 8320 (Switchboard Number) July 26, 2024 1 800 120 1221 (Toll Free) Toll Free Number (Eastern Time – New York) 18667462133 United Kingdom – 12:30 PM Toll Free Number (London Time) 08081011573 Singapore – 07:30 AM Toll Free Number (Singapore Time) 8001012045 Hong Kong – 07:30 AM Toll Free Number (Singapore Time) 8001012045 Hong Kong – 07 AM :30 Toll-free number (Hong Kong time) 8001012045 Hong Kong – 07:30 AM Toll-free number (Hong Kong time) 8001012045 Hong Kong – 07:30 AM Toll-free number (Hong Kong time) 800964448 Quick login with Diamond Pass™ Please use this pre-registration Link to reduce your login wait time – ration/register?confirmationNumber=6099661&linkSecurityString g=26cd0b7825
Information about Piramal Pharma Ltd:
Piramal Pharma Limited (PPL, NSE: PPPLPHARMA I BSE: 543635) offers a differentiated product and service portfolio through its 17 global development and manufacturing facilities and global distribution network in more than 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing company, Piramal Critical Care (PCC), a company that provides complex generic pharmaceuticals to hospitals, and India Consumer Healthcare business, which sells consumer and health products. company). In addition, one of PPL’s affiliates, Abbvie Therapeutics India Private Limited (a joint venture between AbbVie and PPL), has emerged as one of the ophthalmology leaders in the Indian pharmaceutical market. In addition, PPL holds a strategic minority stake in Yapan Bio Private Limited, which operates in the biologics/biotherapeutics and vaccines space. In October 2020, PPL received 20% of strategic growth investment from Carlyle Group.
For more information, see: Piramal Pharmaceuticals | LinkedIn
# EIR – Enterprise Inspection Report* The Facility Inspection Report covers businesses that are part of PPL’s minority investment in Yapan Bio.
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