Piramal Pharma Limited Announces Consolidated Results for Q2 and H1 FY2024

Bangalore| October 30, 2023: Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635), a leading global pharmaceuticals company announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30th September 2023.

                                                                                                                 (In INR Crores)

Particulars Q2










Revenue from Operation 1,911 1,720 11% 1,749 9%
CDMO 1,068 940 14% 898 19%
Complex Hospital Generic (CHG) 589 562 5% 617 -5%
India Consumer Healthcare (ICH) 256 227 13% 239 7%
EBITDA 315 219 44% 171 85%
EBITDA Margin 16% 13%   10%  
PAT 5 -37   -99  
PAT Margin 0% -2%   -6%  

Key Highlights for Q2 and H1 FY2024

  • Revenue from Operation grew by 11% YoY and 14% YoY in Q2FY24 and H1FY24 respectively, driven by broad base performance across all the three businesses
  • EBITDA grew by 44% YoY and 58% YoY in Q2FY24 and H1FY24 respectively, driven by healthy revenue growth and cost optimization measures
  • Company successfully completed the Rights Issue of Rs.1,050Cr with subscription of 128%. Net Debt as on 30th September 2023 is Rs.3,823Cr – reduction of Rs.958Cr since 31st March 2023
  • Released our FY2023 Sustainability Report outlining our progress in the areas of Environment, Social and Governance (ESG). The Company has taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY2030 (with baseline of FY2022)

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We have delivered a healthy performance in the first half of the financial year with 14% revenue growth accompanied by over 300 bps improvement in EBITDA margin. Our CDMO business returned to mid-teen growth with continued order inflows, especially for differentiated offerings and innovation related work. Our capacity expansion for Inhalation Anesthesia products is progressing well as we look to capitalize on the healthy demand in the global market. Our India Consumer Healthcare business is delivering steady growth driven by our power brands. Historically our H2 has been better than H1, both in terms of revenue and profitability. We expect similar trend to play out this financial year as well, more specifically in Q4.

During the quarter, we also successfully completed our Rights Issue and utilized the proceed to reduce our debt. On the ESG front, we released our FY23 Sustainability Report and have also taken a target to reduce our GHG emissions by 42% by FY30 compared to FY22.

We hope to continue our momentum in H2FY24 and end the financial year with a robust performance.”

Key Business Highlights for Q2FY24

Contract Development and Manufacturing Organization (CDMO):

–          Continued order inflow momentum in Q2FY24 – over 40% higher orders (development and new commercial orders) received in H1FY24 compared to H1FY23.

–          Good revenue growth visibility for FY24 driven by better execution and healthy demand for our differentiated offering. Recent order inflows have had higher quotient of innovation related work with good proportion of commercial manufacturing orders for on-patent molecules

–          Revenue contribution from differentiated offerings has grown at 19% CAGR from FY21 to FY23 and contributed to about 37% of CDMO revenues in FY23

–          YoY improvement in demand for our generic API business

–          Improvement in profitability of our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives

–          First revenue milestone earned from the expanded Grangemouth facility in Q2FY24. This expansion strengthens our presence in antibody drug conjugate market

–          Maintained our quality track record – Five facilities (Digwal, Pithampur, Riverview, Sellersville and Lexington) contributing to about 50% of our CDMO revenues have successfully closed US FDA inspections since November 2022

Complex Hospital Generics (CHG):

–          Witnessing steady growth on our CHG business primarily on account of healthy volume led growth in Inhalation Anesthesia (IA) products

–          Expanding our capacities to meeting growing demand of IA products. Also focus on improving output through greater operating efficiencies

–          Maintained our leading positions in Sevoflurane (44% market share) and Baclofen pre-filled syringe and vial (76% market share) in the US market (Source – IQVIA Data MAT Q2 2023)

–          Building a pipeline of 28 new products which are various stages of development

–          Concluded US FDA inspection at Bethlehem facility with two observations. Both observations relate to system improvement, and none are related to data integrity

India Consumer Healthcare (ICH):

–          7 new products and 2 new SKUs launched during Q2FY24. Over 100 new products launched between FY21 to FY23

–          Continued to invest in media and trade spends to drive growth in power brands. Promotional spends during H1 FY2024 was at 14% of ICH revenue

–          Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 15% YoY in H1FY24 and contributed to 42% of ICH sales

–          E-commerce grew at about 34% YoY in Q2FY24 and contributed 16% to ICH revenue. We now have presence across more than 20 e-commerce platforms including our own direct-to- customer website -Wellify.in

    Reported Financials

(In INR Crores)








Half Yearly

Q2FY24 Q2FY23 YoY Change Q1FY24 QoQ Change H1FY24 H1FY23 YoY Change
  1,911 1,720 11% 1,749 9% 3,660 3,202 14%
Revenue from Operations
Other Income 49 46 6% 38 28% 88 118 -26%
Total Income 1,961 1,766 11% 1,787 10% 3,748 3,320 13%
Material Cost 638 664 -4% 627 2% 1,264 1,238 2%
Employee Expenses 516 470 10% 496 4% 1,012 931 9%
Other Expenses 492 413 19% 494 0% 986 844 17%
EBITDA 315 219 44% 171 85% 485 308# 58%
Interest Expenses 110 83 32% 119 -7% 228 145 57%
Depreciation 185 166 11% 174 6% 358 328 9%
Share of net profit of associates 19 11 72% 14 33% 33 31 8%
Profit Before Tax 40 -19 NA -107

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