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Piramal Pharma Limited Announces Consolidated Results for Q3 and 9M FY2024
MUMBAI, India, Jan. 30, 2024 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635), a leading global pharmaceuticals company, today announced its standalone and consolidated results for the Third Quarter (Q3) and Nine Months (9M) ended 31st December 2023.
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Consolidated Financial Highlights |
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(In INR Crores) |
||||||
|
Particulars |
Q3  FY24 |
Q3 FY23 |
YoY Growth |
9M FY24 |
9M FY23 |
YoY Growth |
|
Revenue from Operations |
1,959 |
1,716 |
14 % |
5,619 |
4,918 |
14 % |
|
CDMO |
1,134 |
1,010 |
12 % |
3,101 |
2,720 |
14 % |
|
Complex Hospital Generic (CHG) |
576 |
514 |
12 % |
1,782 |
1,584 |
13 % |
|
India Consumer Healthcare (ICH) |
252 |
226 |
12 % |
747 |
664 |
13 % |
|
EBITDA |
330 |
170 |
94 % |
815 |
478# |
71 % |
|
EBITDA Margin |
17 % |
10 % |
15 % |
10 % |
||
|
PAT (after exceptional item) |
10 |
(90) |
NA |
(83) |
(237) |
NA |
|
PAT (before exceptional item) * |
35 |
(90) |
NA |
(59) |
(231) |
NA |
|
(In INR Crores) |
||||||
|
# 9M FY2023 EBITDA had one-time inventory margin impact of INR 68 Crores * Q3 FY24 Exceptional item of Rs.32 Crores is related to non-recurring charges towards product recall triggered by our third-party supplier
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Key Highlights for Q3 and 9M FY2024
- Revenue from Operations grew by 14% YoY both in Q3FY24 and 9MFY24, driven by double digit growth across all the three businesses
- EBITDA grew by 94% YoY and 71% YoY in Q3FY24 and 9MFY24 respectively, primarily driven by operating leverage, reduction in raw material cost & energy prices, cost optimization, and operational excellence initiatives
- Net Debt / EBITDA ratio has improved over the last three quarters on account of healthy growth in EBITDA and repayment of debt from the proceeds of the recently concluded Rights Issue
- Sustainability – Taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY30 (with baseline of FY22), which is in accordance with 1.50 C trajectory suggested by SBTi. Further we have also taken a target to reduce Scope 3 emissions by 25% by FY30 (with baseline of FY22)
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We continue to build on our improved performance in FY24 with 14% YoY revenue growth in Q3 along with a significant improvement in EBITDA margin. Our CDMO business is delivering healthy growth with robust order inflows, especially for differentiated offerings and innovation related work. Our Inhalation Anesthesia portfolio is registering good volume growth in our key market of US and is also seeing increasing traction in ROW markets. Our India Consumer Healthcare business is delivering steady growth driven by our power brands and contribution from new product launches.
On the sustainability front, we have taken significant reduction targets for our Scope 1, 2 and 3 GHG emissions by FY2030. We are also working on multiple initiatives in the areas of water conservation, responsible waste disposal, gender diversity, employee safety, sustainable supply chain and community development.
We look forward to continuing our momentum in Q4 and end the financial year on a positive note.”
Key Business Highlights for Q3FY24 and 9MFY2
Contract Development and Manufacturing Organization (CDMO):
- Continued momentum with significant YoY growth in new orders* in 9M FY2024 vs 9M FY2023, more specifically in commercial manufacturing of on-patent molecules
- Recent order inflows have had higher quotient of innovation related work with good demand for our differentiated offerings
- During the quarter we received our first integrated anti-body drug conjugate (ADC) order involving monoclonal antibodies. Three sites involved – Lexington, Grangemouth and Yapan
- Continue to see improvement in profitability of our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives
- MHRA (UK) inspection of the newly commissioned multipurpose state-of-the-art ADC manufacturing facility at Grangemouth is scheduled for February 2024
- Maintained our quality track record – All our recently audited facilities by the US FDA have an EIR. Also, successfully closed over 140 customer audits in 9M FY2024
- Key challenges include partial recovery in biotech funding environment and clinical / regulatory attrition at customer end
Complex Hospital Generics (CHG):
- Volume growth in the inhalation anaesthesia portfolio in the US market, partly offset by lower market prices
- Increasing traction in our inhalation anaesthesia portfolio in the non-US markets
- Expanding our capacities to meeting growing demand of inhalation anaesthesia products. Also focus on improving output through greater operating efficiencies
- Improvement in profitability during Q3 and 9M FY2024 mainly led by cost optimization initiatives, yield improvement and better product and market mix
- Launched 3 new injectable products in Q3 FY2024 in the US and Europe. Building a pipeline of 25 new products which are at various stages of development with current addressable market size of over $2bn
- Key challenges include geopolitical risk, adverse currency movement (presence in over 100 countries), price erosion / lower realizations due to higher competition, and third-party development and supply chain risk in the injectable portfolio
India Consumer Healthcare (ICH):
- YoY improvement in EBITDA margin in 9MFY24 driven by operating leverage
- 6 new products and 3 new SKUs launched during Q3 FY2024. Over 100 new products launched between FY21 to FY24
- Continued to invest in media and trade spends to drive growth in power brands. Promotional spends during 9M FY2024 was at 13% of ICH revenue
- Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 12% YoY in 9MFY24 and contributed to 41% of ICH sales
- E-commerce grew at about 17% YoY in Q3 FY2024, contributing 16% 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
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Consolidated Profit and Loss Statement |
||||||||
|
(In INR Crores) Reported Financials |
||||||||
|
Particulars |
Quarterly |
Nine Months |
||||||
|
Q3FY24 |
Q3FY23 |
YoY Change |
Q2FY24 |
QoQ Change |
9MFY24 |
9MFY23 |
YoY Change |
|
|
Revenue from Operations |
1,959 |
1,716 |
14 % |
1,911 |
3 % |
5,619 |
4,918 |
14 % |
|
Other Income |
62 |
83 |
(25) % |
49 |
25 % |
149 |
201 |
(26) % |
|
Total Income |
2,020 |
1,799 |
12 % |
1,961 |
3 % |
5,768 |
5,119 |
13 % |
|
Material Cost |
675 |
625 |
8 % |
638 |
6 % |
1,940 |
1,864 |
4 % |
|
Employee Expenses |
524 |
492 |
6 % |
516 |
2 % |
1,535 |
1,423 |
8 % |
|
Other Expenses |
491 |
511 |
(4) % |
492 |
0 % |
1,478 |
1,355 |
9 % |
|
EBITDA |
330 |
170 |
94 % |
315 |
5 % |
815 |
478 |
71 % |
|
Interest Expenses |
106 |
95 |
12 % |
110 |
(4) % |
334 |
240 |
39 % |
|
Depreciation |
186 |
164 |
13 % |
185 |
1 % |
544 |
492 |
11 % |
|
Profit Before Tax |
38 |
(89) |
NA |
20 |
84 % |
(63) |
(255) |
NA |
|
Tax |
9 |
17 |
(44) % |
35 |
(73) % |
35 |
22 |
64 % |
|
Share of net profit of associates |
14 |
16 |
(10) % |
19 |
(27) % |
47 |
47 |
2 % |
|
Net Profit after Tax |
42 |
(90) |
NA |
5 |
744 % |
(51) |
(230) |
NA |
|
Exceptional item* |
(32) |
0 |
NA |
0 |
NA |
(32) |
(7) |
NA |
|
Net Profit after Tax after exceptional item |
10 |
(90) |
NA |
5 |
101 % |
(83) |
(237) |
NA |
|
Net Profit after Tax before exceptional item |
35 |
(90) |
NA |
5 |
594 % |
(59) |
(231) |
NA |
|
# 9M FY23 EBITDA had one-time inventory margin impact of Rs.68 Crore *Related to non-recurring charges towards product recall triggered by a third-party supplier
|
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Q3 and 9M FY2024 Earnings Conference Call
Piramal Pharma Limited will be hosting a conference call for investors / analysts on 31st January 2024 from 5:00 PM to 5:45 PM (IST) to discuss its Q3 and 9M 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 |
India – 05:00 PM 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 – 06:30 AM (Eastern Time – New York) |
Toll free number 18667462133 |
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UK – 11:30 AM (London Time) |
Toll free number 08081011573 |
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Singapore – 07:30 PM (Singapore Time) |
Toll free number 8001012045 |
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Hong Kong – 07:30 PM (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=2184854&linkSecurityString=cc1d80a24 |
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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: www.piramaI.com/pharma 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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https://news.cision.com/eqt/i/eqt-ab-group,c3285895 |
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.”
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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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