Piramal Pharma Limited Announces Results for Q3 and 9M FY25

Canada NewsWire

MUMBAI, India, Jan. 29, 2025

MUMBAI, India, Jan. 29, 2025 /CNW/ -- Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals and wellness company, today announced its standalone and consolidated results for the Third Quarter (Q3) and Nine Months (9M) ended 31(st) December 2024.

 
Consolidated Financial Highlights 
(in Cr. or as stated) 
Particulars                   Q3FY25  Q3FY24  YoY      9MFY25  9MFY24  YoY 
                                               Growth                   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."

(1.) Tonnes of carbon dioxide equivalent; (2.) Green House Gas

 
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 BD(1) 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 $(CHG.UK)$: 
- 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 share(1) ) and in Intrathecal Baclofen (70%+ 
market share(1) ). 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 
 

(1.) As per IQVIA data

 
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 
 

Q3FY25/9MFY25 Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 29(th) January 2025 from 5:30 PM to 6:15 PM (IST) to discuss its Q3 and 9M FY25 Results.

The dial-in details for the call are as under:

 
Event                  Location & Time              Telephone Number 
Conference call on     India -- 05:30 PM IST        +91 22 6280 1461 / +91 22 
 29(th) January, 2025                               7115 8320 (Primary 
                                                    Number) 
                                                    1 800 120 1221 (Toll free 
                                                    number) 
                       USA -- 07:00 AM(Eastern      Toll free 
                       Time -- New York)            number18667462133 
                       UK -- 12:00 PM(London Time)  Toll free 
                                                    number08081011573 
                       Singapore -- 08:00           Toll free number8001012045 
                       PM(Singapore Time) 
                       Hong Kong -- 08:00 PM(Hong   Toll free number800964448 
                       Kong Time) 
Express Join with      Please use this link for prior registration to reduce 
 Diamond Pass$(TM)$       wait time at the time of joining 
                        the call -- Click Here 
 

About Piramal Pharma Limited:

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 consumer and wellness products. In addition, one of PPL's associate companies, Abbvie Therapeutics India Private Limited, a joint venture between Abbvie and PPL, has emerged as one of the market leaders in the ophthalmology therapy area in the Indian pharma market. Further, PPL has a strategic minority investment in Yapan Bio Private Limited, that operates in the biologics / bio-therapeutics and vaccine segments.

For more information, visit: Piramal Pharma | LinkedIn

(*) Includes one facility via PPL's minority investment in Yapan Bio.

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SOURCE Piramal Pharma Ltd

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