MUMBAI,
India, May 10, 2024 /CNW/ -- Piramal Pharma
Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global
pharmaceuticals company, today announced its standalone and
consolidated results for the Fourth Quarter (Q4) and Full Year (FY)
ended 31st March 2024.
Consolidated
Financial Highlights
|
(In INR
Crores)
|
Particulars
|
Q4
FY24
|
Q4
FY23
|
YoY
Growth
|
FY24
|
FY23
|
YoY
Growth
|
Revenue from
Operations
|
2,552
|
2,164
|
18 %
|
8,171
|
7,082
|
15 %
|
CDMO
|
1,649
|
1,281
|
29 %
|
4,750
|
4,001
|
19 %
|
Complex
Hospital Generic (CHG)
|
667
|
702
|
(5) %
|
2,449
|
2,286
|
7 %
|
India
Consumer Healthcare (ICH)
|
238
|
210
|
14 %
|
985
|
874
|
13 %
|
EBITDA#
|
556
|
376
|
48 %
|
1,372
|
853
|
61 %
|
EBITDA
Margin
|
22 %
|
17 %
|
|
17 %
|
12 %
|
|
PAT (before
exceptional item)
|
132
|
50
|
163 %
|
81
|
(180)
|
NA
|
Exceptional
Item*
|
(31)
|
0
|
NA
|
(63)
|
(7)
|
NA
|
PAT (after
exceptional item)
|
101
|
50
|
102 %
|
18
|
(186)
|
NA
|
# FY2023 EBITDA had
one-time inventory margin impact of INR 68 Crores
|
* Q4 FY24 Exceptional
item of INR 31 Crores towards non-cash write down of investment and
license rights in relation to a certain third-party
product no longer being commercialized
|
Key Highlights for Q4 and FY2024
- Revenue from Operations grew by 18% YoY and 15% YoY in
Q4FY24 and FY24 respectively, driven by healthy growth in our CDMO
and ICH businesses
- EBITDA grew by 48% YoY and 61% YoY in Q4FY24 and
FY24 respectively, primarily driven by revenue growth, operating
leverage, cost optimization, and operational excellence
initiatives
- Net Profit After Tax (before exceptional
Items) more than doubled in Q4FY24 at INR
132 Crores compared to INR
50 Crores in Q4FY23
- Net Debt / EBITDA improved from 5.6x at the start
of the financial year to 2.9x at the end of FY24
Nandini Piramal, Chairperson, Piramal Pharma Limited
said, "FY24 has been a strong year for the Company with all
round improvement, mainly driven by our CDMO business that
delivered a robust 19% YoY revenue growth. We saw significant
increase in order inflows, especially for on-patent commercial
manufacturing, amidst a difficult biotech funding environment.
Contributions from our innovation related work and differentiated
offerings also increased in FY24. Capacity expansion at our
Grangemouth facility for Antibody Drug Conjugate segment was
commercialized and is seeing good customer interest.
In the Inhalation anesthesia business, we continue to
maintain our leading position in Sevoflurane in the US market and
are expanding our capacities to tap the growing demand in the ROW
markets. Our India Consumer Healthcare business is also continuing
to perform well with focus on better EBITDA margin.
During the year, we also showed a significant improvement in
our profitability with EBITDA margin of 17% (Vs. 12% in FY23). All
our three businesses delivered higher EBITDA margins through
operating leverage, cost optimization, and operational excellence
initiatives. Our Net Debt / EBITDA ratio also improved
significantly, as we ended the financial year below 3x compared to
5.6x at the start of the year."
Key Business
Highlights for Q4FY24 and FY24
|
Contract
Development and Manufacturing Organization (CDMO):
- Strong
Order Inflows: Despite challenging biotech funding environment,
our new service order# inflows in FY24 were
significantly higher compared to FY23, especially for commercial
manufacturing of on-patent molecules
-
Innovation Related Work: Our share
of CDMO revenues from Innovation related work increased from 45% in
FY23 to 50% in FY24
-
On-patent Commercial Manufacturing: Revenue from commercial manufacturing of on-patent
molecules more than doubled to $116mn in FY24 compared to $52mn in
FY23
-
Differentiated Offerings: Revenue contribution
from differentiated offerings increased from 37% in FY23 to 44% in
FY24
- Integrated
Projects: Over 40% of the service order book in FY24 was from
integrated projects, highlighting customer preference for
integrated service offerings
- Improved
Profitability in our CDMO business driven by revenue growth,
favorable revenue mix, normalization of raw material cost and cost
optimization initiatives
-
Best-in-class quality track record – Successfully cleared 36
regulatory inspections and over 170 customer audits in
FY24
Complex Hospital
Generics:
-
Strong Volume Growth: Witnessed
strong volume growth in our inhalation anesthesia portfolio in the
US and ROW markets, partly offset by lower market prices
-
Maintained our #1 Rank* in the US
in terms of value market share in Sevoflurane. Also continue to be
the leading company in intrathecal Baclofen in the US
market
-
Expanding our capacities to
meeting growing demand of Inhalation anesthesia products in the ROW
markets. Also focus on improving output through greater operating
efficiencies
-
Improved profitability in our CHG
business during FY24 mainly led by
cost optimization initiatives, yield improvement and better product
and market mix
- New
Product Pipeline: Launched 4 new
injectable products in FY24 in the US and Europe. Building a
pipeline of 24 new products which are at various stages of
development with current addressable market size of over
$2bn
India Consumer
Healthcare:
-
Power Brands comprising of Lacto
Calamine, Littles, Polycrol, Tetmosol and I-range, registered YoY
growth of 15% during Q4FY24 and 13% during FY24
- New
Product Launches: 27 new products and 24 new SKUs launched
during FY24. Over 150 new products and SKUs launched in the last
three years
-
Improved EBITDA margin in
FY24 driven by operating leverage
-
Promotional spends during FY24 was
at 13% of ICH revenue vs 15% in FY23
-
E-commerce grew at about 36% YoY in FY24, contributing 20%
to ICH revenue. Presence across 20+ e-commerce platforms including
own direct-to-customer website
-Wellify.in
#New development and
commercial orders. These are over and above the existing multi-year
manufacturing relationships
*Source: IQVIA
data
|
Consolidated Profit
and Loss Statement
|
(In INR
Crores)
|
Reported
Financials
|
Particulars
|
Quarterly
|
Full
Year
|
Q4FY24
|
Q4FY23
|
YoY
Change
|
Q3FY24
|
QoQ
Change
|
FY24
|
FY23
|
YoY
Change
|
Revenue from
Operations
|
2,552
|
2,164
|
18 %
|
1,959
|
30 %
|
8,171
|
7,082
|
15 %
|
Other Income
|
26
|
25
|
8 %
|
62
|
(57) %
|
175
|
225
|
(22) %
|
Total
Income
|
2,579
|
2,188
|
18 %
|
2,020
|
28 %
|
8,347
|
7,307
|
14 %
|
Material
Cost
|
1,014
|
840
|
21 %
|
675
|
50 %
|
2,954
|
2,703
|
9 %
|
Employee
Expenses
|
494
|
474
|
4 %
|
524
|
(6) %
|
2,030
|
1,896
|
7 %
|
Other
Expenses
|
514
|
499
|
3 %
|
491
|
5 %
|
1,991
|
1,854
|
7 %
|
EBITDA#
|
556
|
376
|
48 %
|
330
|
69 %
|
1,372
|
853
|
61 %
|
Interest
Expenses
|
114
|
104
|
10 %
|
106
|
8 %
|
448
|
344
|
30 %
|
Depreciation
|
196
|
184
|
6 %
|
186
|
5 %
|
741
|
677
|
9 %
|
Profit Before
Tax
|
246
|
87
|
182 %
|
38
|
553 %
|
183
|
(168)
|
NA
|
Tax
|
126
|
45
|
182 %
|
9
|
1,264 %
|
161
|
66
|
144 %
|
Share of net profit of
associates
|
12
|
8
|
55 %
|
14
|
(14) %
|
59
|
54
|
9 %
|
Net Profit after Tax
(before exceptional item)
|
132
|
50
|
163 %
|
42
|
211 %
|
81
|
(180)
|
NA
|
Exceptional
item*
|
(31)
|
0
|
NA
|
(32)
|
NA
|
(63)
|
(7)
|
NA
|
Net Profit after Tax
(after exceptional item)
|
101
|
50
|
102 %
|
10
|
902 %
|
18
|
(186)
|
NA
|
# FY23 EBITDA had
one-time inventory margin impact of INR 68 Crore
|
*Q3FY24 - Related to
non-recurring charges towards product recall triggered by a
third-party supplier; Q4FY24 - Towards non-cash write
down of investment and license rights in relation to a certain
third-party product no longer being commercialized
|
Consolidated Balance
Sheet
|
(In INR
Crores)
|
Key
Balance Sheet Items
|
As at
|
31-Mar-24
|
31-Mar-23
|
Total
Equity
|
7,911
|
6,774
|
Net Debt
|
3,932
|
4,781
|
Total
|
11,843
|
11,555
|
|
|
|
Net Fixed
Assets
|
9,106
|
8,887
|
Tangible Assets
|
4,250
|
3,589
|
Intangible Assets including goodwill
|
3,740
|
3,880
|
CWIP
(including IAUD*)
|
1,116
|
1,419
|
Net Working
Capital
|
2,339
|
2,307
|
Other
Assets#
|
398
|
361
|
Total
Assets
|
11,843
|
11,555
|
*IAUD – Intangible
Assets Under Development
|
# Other Assets include
Investments and Deferred Tax Assets (Net)
|
Q4 and FY2024 Earnings Conference Call
Piramal Pharma Limited will be hosting a conference call for
investors / analysts on 13th May 2024 from 9:30 AM to 10:15 AM
(IST) to discuss its Q4 and FY2024 Results.
The dial-in details for the call are as under:
Event
|
Location &
Time
|
Telephone
Number
|
Conference call on
13th May, 2024
|
India – 09:30 AM
IST
|
+91 22 6280 1461 / +91
22 7115 8320 (Primary Number)
|
1 800 120 1221 (Toll
free number)
|
USA – 12:00
AM
(Eastern Time – New
York)
|
Toll free
number
18667462133
|
UK – 05:00
AM
(London
Time)
|
Toll free
number
08081011573
|
Singapore – 12:00
PM
(Singapore
Time)
|
Toll free
number
8001012045
|
Hong Kong – 12:00
PM
(Hong Kong
Time)
|
Toll free
number
800964448
|
Express Join with
Diamond Pass™
|
Please use this link
for prior registration to reduce wait time at the time of joining
the call –https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9765638&linkSecurityString=3bb8d8359c
|
About Piramal Pharma Ltd:
Piramal Pharma Limited
(PPL, NSE: PPLPHARMA I BSE: 543635),
offers a portfolio of differentiated products
and services through its 17 global development
and manufacturing facilities
and a global distribution network
in over 100 countries. PPL includes Piramal
Pharma Solutions (PPS), an integrated contract
development and manufacturing organization; Piramal
Critical Care (PCC), a complex hospital generics business;
and the India Consumer Healthcare business, selling
over-the-counter products. In addition,
one of PPL's associate companies, AbbVie
Therapeutics India Private Limited (formerly Allergan India Pvt
Ltd), a joint venture between Allergan (now part of AbbVie) and
PPL, has emerged as one of the market
leaders in the ophthalmology therapy
area. Further, PPL has a minority investment in
Yapan Bio Private Limited. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.
For more information,
visit: https://www.piramalpharma.com/,
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SOURCE Piramal Pharma Ltd