Piramal Pharma Limited Announces Results for Q2 and H1 FY25
Consolidated Financial Highlights |
||||||
(in ₹ Cr. or as stated) |
||||||
Particulars |
Q2FY25 |
Q2FY24 |
YoY |
H1FY25 |
H1FY24 |
YoY |
Revenue from Operations |
2,242 |
1,911 |
17 % |
4,193 |
3,660 |
15 % |
CDMO |
1,324 |
1,068 |
24 % |
2,381 |
1,967 |
21 % |
CHG |
643 |
589 |
9 % |
1,274 |
1,206 |
6 % |
ICH |
277 |
256 |
8 % |
541 |
495 |
9 % |
EBITDA |
403 |
315 |
28 % |
627 |
485 |
29 % |
EBITDA Margin |
18 % |
16 % |
- |
15 % |
13 % |
- |
Share of Net Profit of Associates |
17 |
19 |
(10) % |
40 |
33 |
18 % |
PAT |
23 |
5 |
350 % |
(66) |
(94) |
NM |
PAT Margin |
1 % |
0 % |
- |
(2) % |
(3) % |
- |
Key Highlights for Q2FY25
- Revenue from Operations grew by 17% YoY, primarily driven by robust growth in CDMO business
- EBITDA grew by 28% YoY with EBITDA margin of 18%, a YoY improvement of about 150bps, driven by operating leverage, cost optimization initiatives and superior revenue mix
- Released our FY2024 Sustainability Report. The report follows GRI standards and is aligned with SASSB and UNGC frameworks. It also highlights our commitment to reduce our GHG1 emissions in-line with SBTi's2 1.5o decarbonization pathway
During the quarter, we released our Sustainability Report for FY24 under the theme, 'Building Resilience for a Sustainable Tomorrow', highlighting our progress on the sustainability initiatives.
Over the long term, we remain committed to achieving our financial goals of US$2 bn revenue with 25% EBITDA margin and 1x net debt / EBITDA by FY30."
1.
Key Business Highlights for Q2 and H1 FY25 |
Contract Development and Manufacturing Organization (CDMO) : - Market outlook – Biotech funding improved over previous years but remains uneven across months. Regulatory changes and supply chain diversification driving increase in customer enquiries and visits, but decision making by customers remains delayed - Targeted Business Development efforts resulting in steady inflow of new orders - YoY improvement in demand in our generic API business - Operating leverage and cost optimization initiatives yielding continued YoY improvement in EBITDA margins
- Maintained our quality track record with receipt of EIR for our
- Customer led
Complex Hospital Generics (CHG): - Good volume growth in inhalation anesthesia portfolio in the US and emerging markets - Capacity expansion at Dahej and Digwal underway to capture growth opportunity in the RoW markets - Investing in portfolio expansion – Building portfolio of Differentiated and Specialty products to drive long term profitable growth - Working on multiple cost optimization and productivity enhancement initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence to maintain our healthy EBITDA margin in this business
India Consumer Healthcare (ICH): - Added 9 new products and 13 new SKUs to our portfolio during H1FY25 - Continue to invest in media and trade spends to drive growth in Power Brands. Power Brands grew by 18% YoY in Q2 and H1 FY25 and contributed to 48% of ICH sales - Growth in i-range adversely impacted due to regulator mandated price reductions - E-commerce grew by over 30% YoY in Q2 and H1 FY25. Focus on improving the profitability of this channel through pricing, mix and investment optimization - Plan to widen our reach - Transition from a Pharmacy-dominant to an Omni-channel consumer healthcare company. Establish winning NPDs from online channel to offline, with general trade and modern trade ready SKUs
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Consolidated Profit and Loss Statement |
||||||||
(in ₹ Cr. or as stated) |
||||||||
Particulars |
Quarterly |
Half Yearly |
||||||
Q2FY25 |
Q2FY24 |
YoY |
Q1FY25 |
QoQ Change |
H1FY25 |
H1FY24 |
YoY |
|
Revenue from Operations |
2,242 |
1,911 |
17 % |
1,951 |
15 % |
4,193 |
3,660 |
15 % |
Other Income |
61 |
49 |
24 % |
20 |
213 % |
81 |
88 |
(8) % |
Total Income |
2,303 |
1,961 |
17 % |
1,971 |
17 % |
4,274 |
3,748 |
14 % |
Material Cost |
796 |
638 |
25 % |
674 |
18 % |
1,471 |
1,264 |
16 % |
Employee Expenses |
560 |
516 |
8 % |
580 |
(3) % |
1,139 |
1,012 |
13 % |
Other Expenses |
544 |
492 |
11 % |
493 |
10 % |
1,037 |
986 |
5 % |
EBITDA |
403 |
315 |
28 % |
224 |
80 % |
627 |
485 |
29 % |
Interest Expenses |
108 |
110 |
(2) % |
107 |
1 % |
215 |
228 |
(6) % |
Depreciation |
192 |
185 |
4 % |
185 |
4 % |
377 |
358 |
5 % |
Share of Net Profit of Associates |
17 |
19 |
(10) % |
22 |
(23) % |
40 |
33 |
18 % |
Profit Before Tax |
120 |
40 |
204 % |
(45) |
NM |
75 |
(68) |
NM |
Tax |
98 |
35 |
182 % |
44 |
124 % |
141 |
26 |
442 % |
Net Profit after Tax |
23 |
5 |
350 % |
(89) |
NM |
(66) |
(94) |
NM |
Exceptional item |
- |
- |
- |
- |
- |
- |
- |
- |
Net Profit after Tax after Exceptional Item |
23 |
5 |
350 % |
(89) |
NM |
(66) |
(94) |
NM |
Consolidated Balance Sheet |
||
(in ₹ Cr. or as stated) |
||
Key Balance Sheet Items |
As at |
|
|
|
|
Total Equity |
7,907 |
7,911 |
Net Debt |
4,235 |
3,932 |
Total |
12,143 |
11,843 |
|
|
|
Net Fixed Assets |
9,096 |
9,106 |
Tangible Assets |
4,298 |
4,250 |
Intangible Assets including goodwill |
3,669 |
3,740 |
CWIP (including IAUD*) |
1,130 |
1,116 |
|
2,651 |
2,339 |
Other Assets# |
396 |
398 |
Total Assets |
12,143 |
11,843 |
*IAUD – |
Q2FY25/H1FY25 Earnings Conference Call
The dial-in details for the call are as under:
Event |
Location & Time |
Telephone Number |
Conference call on |
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+91 22 6280 1461 / +91 22 7115 8320 (Primary Number) |
1 800 120 1221 (Toll free number) |
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(Eastern Time – |
Toll free number 18667462133 |
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(London Time) |
Toll free number 08081011573 |
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(Singapore Time) |
Toll free number 8001012045 |
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(Hong Kong Time) |
Toll free number 800964448 |
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