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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 |