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InFocus Finance

Piramal Pharma Q3FY25 Revenue Rises 13%, EBITDA Up 6%

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%.

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SMEStreet Edit Desk
29 Jan 2025 10:20 IST

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Piramal Pharma Limited
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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 of coal-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

 

EBITDA Piramal Pharma
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