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Piramal Pharma Limited, a leading global pharmaceuticals and wellness company, today announced its standalone and consolidated results for the Third Quarter (Q3) and Nine Months (9M) ended 31st December 2024.
Consolidated Financial Highlights
(in ₹ Cr. or as stated)
Particulars | Q3FY25 | Q3FY24 | YoY Growth | 9MFY25 | 9MFY24 | YoY Growth |
Revenue from Operations | 2,204 | 1,959 | 13% | 6,397 | 5,619 | 14% |
CDMO | 1,278 | 1,134 | 13% | 3,659 | 3,101 | 18% |
CHG | 654 | 576 | 14% | 1,928 | 1,782 | 8% |
ICH | 278 | 252 | 10% | 819 | 747 | 10% |
EBITDA | 350 | 330 | 6% | 977 | 815 | 20% |
EBITDA Margin | 16% | 17% | 15% | 15% | ||
Share of Net Profit of Associates | 17 | 14 | 22% | 57 | 47 | 20% |
Net Profit After Tax | 4 | 10 | (64)% | (62) | (83) | NM |
Key Highlights for Q3FY25/9MFY25
Revenue from Operations grew by 14% YoY for 9MFY25, primarily driven by high-teen growth in the CDMO business
EBITDA grew by 20% YoY for 9MFY25, supported by operating leverage, cost optimization initiatives and superior revenue mix
Net-Debt to EBITDA ratio maintained at 2.8x
Best-in-Class Quality Track Record - No pending observation at any of our US FDA inspected sites
Significant Step Towards Sustainable Operations - Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This will eliminate ~24,000 tCO2e1 GHG2 emissions annually accounting for about 17% of our total emissions
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY25 so far has been a steady year for the Company with revenue growth of 14% and EBITDA growing at 20%. Our CDMO business continues to deliver robust performance with 18% revenue growth along with EBITDA margin improvement in 9MFY25. This performance was largely led by innovation related work. Our CHG business registered an early-teen revenue growth during the quarter on the back of strong volume growth in our Inhalation Anesthesia portfolio. In our ICH business, power brands continue to register about 19% growth.
The quarter also marked a significant milestone in our journey towards sustainable manufacturing with the conversion ofcoal-fired steam boiler at our Digwal facility to operate on biomass briquettes. This will significantly reduce our GHG emissions - underscoring our unwavering commitment towards the planet.”
Key Business Highlights for Q3 and 9M FY25
Contract Development and Manufacturing Organization (CDMO):
CDMO business delivered high-teen revenue growth for 9MFY25 driven by continued traction in the on-patent commercial manufacturing and generic API business
Timely capacity expansions and targeted BD1 efforts resulting in YoY growth in RFPs, however customer decision making is prolonged
Continued YoY improvement in EBITDA Margin driven by better revenue mix and initiatives towards better procurement strategies, cost optimization and operational excellence
Maintained our best-in-class quality track record with successful clearance of 365 regulatory inspections (including 45 US FDA inspections) and over 1,800 customer audits since FY2012
Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This is expected to eliminate ~24,000 tCO2e GHG emissions annually, accounting for about 17% of total emissions
Biotech Funding – CY2024 funding improved over CY2023, enough to replenish biotech cash burn but not enough to accelerate R&D spends
Complex Hospital Generics (CHG):
Inhalation Anesthesia (IA) sales in the US tracking healthy volume growth driven by order wins for Sevoflurane and Isoflurane
Capacity expansion at Dahej and Digwal underway to capture IA opportunities in the RoW markets. Seeing month-on-month increase in production output
Maintain our #1 Rank in the US in Sevoflurane (40%+ market share1) and in Intrathecal Baclofen (70%+ market share1). Mitigo (intrathecal morphine sulphate) also delivered encouraging growth during the quarter
Maintaining EBITDA Margins – Cost optimization initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence, showing results
India Consumer Healthcare (ICH):
ICH business delivered double-digit revenue growth in Q3 and 9MFY25 amidst tepid consumer demand in the industry
Power Brands grew at 19% YoY during 9MFY25, driven by robust performance in Little’s, Polycrol and CIR. Power Brands contributed to 48% of total ICH sales
Excluding i-range, which was impacted by regulatory price control, growth in power brands was about 26% for 9MFY25
Added 16 new products and 23 new SKUs in 9MFY25
Launched our new media campaign with Mrunal Thakur for Lacto Calamine
E-commerce sales grew at over 40% YoY in Q3FY25 and contributed 20% to ICH sales. Present on more than 20 E-commerce platforms
Consolidated Profit and Loss Statement |
(in ₹ Cr. or as stated)
Particulars | Quarterly | Nine Months | ||||
Q3FY25 | Q3FY24 | YoY Change | 9MFY25 | 9MFY24 | YoY Change | |
Revenue from Operations | 2,204 | 1,959 | 13% | 6,397 | 5,619 | 14% |
Other Income | 12 | 62 | (80)% | 93 | 149 | (38)% |
Total Income | 2,216 | 2,020 | 10% | 6,490 | 5,768 | 13% |
Material Cost | 806 | 675 | 19% | 2,277 | 1,940 | 17% |
Employee Expenses | 556 | 524 | 6% | 1,695 | 1,535 | 10% |
Other Expenses | 504 | 491 | 3% | 1,541 | 1,478 | 4% |
EBITDA | 350 | 330 | 6% | 977 | 815 | 20% |
Interest Expenses | 103 | 106 | (2)% | 318 | 334 | (5)% |
Depreciation | 197 | 186 | 6% | 574 | 544 | 5% |
Share of Net Profit of Associates | 17 | 14 | 22% | 57 | 47 | 20% |
Profit Before Tax | 67 | 52 | 29% | 142 | (16) | NM |
Tax | 63 | 9 | 582% | 204 | 35 | 479% |
Net Profit after Tax | 4 | 42 | (91)% | (62) | (51) | NM |
Exceptional item | - | (32) | NM | - | (32) | NM |
Net Profit after Tax after Exceptional Item | 4 | 10 | (64)% | (62) | (83) | NM |