Fintech PR
Piramal Pharma Limited Announces Consolidated Results for Q2 and H1 FY2024
MUMBAI, India, Oct. 28, 2023 /PRNewswire/ — Piramal Pharma Limited (PPL), (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30th September 2023.
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Consolidated Financial Highlights |
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(In INR Crores) |
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Particulars |
Q2 FY24 |
Q2 FY23 |
YoY Growth |
Q1 FY24 |
QoQ Growth |
|
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 % |
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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.”
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Key Business Highlights for Q2FY24 |
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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-tocustomer website -Wellify.in |
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Consolidated Profit and Loss Statement |
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(In INR Crores) |
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Reported Financials |
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Particulars |
Quarterly |
Half Yearly |
||||||
|
Q2FY24 |
Q2FY23 |
YoY Change |
Q1FY24 |
QoQ Change |
H1FY24 |
H1FY23 |
YoY Change |
|
|
Revenue from Operations |
1,911 |
1,720 |
11 % |
1,749 |
9 % |
3,660 |
3,202 |
14 % |
|
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 |
NA |
-68 |
-134 |
NA |
|
Tax |
35 |
11 |
212 % |
-9 |
NA |
26 |
5 |
421 % |
|
Net Profit after Tax |
5 |
-30 |
NA |
-99 |
NA |
-94 |
-139 |
NA |
|
Exceptional item |
0 |
7 |
NA |
0 |
NA |
0 |
7 |
NA |
|
Net Profit after Tax after exceptional item |
5 |
-37 |
NA |
-99 |
NA |
-94 |
-146 |
NA |
# H1 FY23 EBITDA had one-time inventory margin impact of Rs.68 Crore
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Consolidated Balance Sheet |
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(In INR Crores) |
|||
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Key Balance Sheet Items |
As at |
||
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30-Sep-23 |
31-Mar-23 |
||
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Total Equity |
7,758 |
6,773 |
|
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Net Debt |
3,823 |
4,781 |
|
|
Total |
11,581 |
11,555 |
|
|
Net Fixed Assets |
9,038 |
8,887 |
|
|
Tangible Assets |
4,691 |
4,441 |
|
|
Intangible Assets including goodwill |
4,347 |
4,446 |
|
|
Net Working Capital |
2,148 |
2,307 |
|
|
Other Assets# |
395 |
361 |
|
|
Total Assets |
11,581 |
11,555 |
|
# Other Assets include Investments and Deferred Tax Assets (Net)
Q2 and H1 FY2024 Earnings Conference Call
Piramal Pharma Limited will be hosting a conference call for investors / analysts on 30th October 2023 from 9:00 AM to 9:45 AM (IST) to discuss its Q2 and H1 FY2024 Results.
The dial-in details for the call are as under:
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Event |
Location & Time |
Telephone Number |
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Conference call on 30th October, 2023 |
India – 9:00 AM IST |
+91 22 6280 1461 / +91 22 7115 8320 (Primary Number) |
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1 800 120 1221 (Toll free number) |
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USA – 11:30 PM (Eastern Time – New York) |
Toll free number 18667462133 |
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UK – 3:30 AM (London Time) |
Toll free number 08081011573 |
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Singapore – 11:30 AM (Singapore Time) |
Toll free number 8001012045 |
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Hong Kong – 11:30 AM (Hong Kong Time) |
Toll free number 800964448 |
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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=7 279153&linkSecurityString=28e77c0997 |
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About Piramal Pharma Ltd:
Piramal Pharma Limited (PPL), (NSE: PPLPHARMA) (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, Allergan India Private Limited is a JV with AbbVie Inc. and 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: www.piramaI.com/pharma I Linkedin I Facebook I Twitter
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
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