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Piramal Pharma Limited Announces Results for Q2 and H1 FY25
MUMBAI, India, Oct. 23, 2024 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals and wellness company, today announced its standalone and consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30th September 2024.
Consolidated Financial Highlights |
||||||
(in ₹ Cr. or as stated) |
||||||
Particulars |
Q2FY25 |
Q2FY24 |
YoY |
H1FY25 |
H1FY24 |
YoY |
Revenue from Operations |
2,242 |
1,911 |
17 % |
4,193 |
3,660 |
15 % |
CDMO |
1,324 |
1,068 |
24 % |
2,381 |
1,967 |
21 % |
CHG |
643 |
589 |
9 % |
1,274 |
1,206 |
6 % |
ICH |
277 |
256 |
8 % |
541 |
495 |
9 % |
EBITDA |
403 |
315 |
28 % |
627 |
485 |
29 % |
EBITDA Margin |
18 % |
16 % |
– |
15 % |
13 % |
– |
Share of Net Profit of Associates |
17 |
19 |
(10) % |
40 |
33 |
18 % |
PAT |
23 |
5 |
350 % |
(66) |
(94) |
NM |
PAT Margin |
1 % |
0 % |
– |
(2) % |
(3) % |
– |
Key Highlights for Q2FY25
- Revenue from Operations grew by 17% YoY, primarily driven by robust growth in CDMO business
- EBITDA grew by 28% YoY with EBITDA margin of 18%, a YoY improvement of about 150bps, driven by operating leverage, cost optimization initiatives and superior revenue mix
- Released our FY2024 Sustainability Report. The report follows GRI standards and is aligned with SASSB and UNGC frameworks. It also highlights our commitment to reduce our GHG1 emissions in-line with SBTi’s2 1.5o decarbonization pathway
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “We continue our momentum of delivering healthy revenue growth accompanied by YoY EBITDA margin expansion. This has been primarily driven by consistent growth in our CDMO business which has witnessed a good pick-up in innovation related work and on-patent commercial revenues. To sustain this growth momentum and to capitalize on rising demand for sterile fill-finish capabilities, we have announced a US$80Mn expansion plan at our Lexington facility which is expected to get complete by end FY27. In our CHG business, we are witnessing steady volume growth in Inhalation Anesthesia products in the US and Emerging Markets. In our ICH business, we continue to see a robust growth in our power brands and e-commerce sales.
During the quarter, we released our Sustainability Report for FY24 under the theme, ‘Building Resilience for a Sustainable Tomorrow’, highlighting our progress on the sustainability initiatives.
Over the long term, we remain committed to achieving our financial goals of US$2 bn revenue with 25% EBITDA margin and 1x net debt / EBITDA by FY30.”
1. Green House Gas; 2. Science Based Target initiative
Key Business Highlights for Q2 and H1 FY25 |
Contract Development and Manufacturing Organization (CDMO): – Market outlook – Biotech funding improved over previous years but remains uneven across months. Regulatory changes and supply chain diversification driving increase in customer enquiries and visits, but decision making by customers remains delayed – Targeted Business Development efforts resulting in steady inflow of new orders – YoY improvement in demand in our generic API business – Operating leverage and cost optimization initiatives yielding continued YoY improvement in EBITDA margins – Maintained our quality track record with receipt of EIR for our PPDS facility (India) with Zero Form – 483 observations and NAI designation – Customer led US$80Mn expansion planed in Lexington to more than double our capacity to capture rising demand for Sterile Fill-Finish capabilities
Complex Hospital Generics (CHG): – Good volume growth in inhalation anesthesia portfolio in the US and emerging markets – Capacity expansion at Dahej and Digwal underway to capture growth opportunity in the RoW markets – Investing in portfolio expansion – Building portfolio of Differentiated and Specialty products to drive long term profitable growth – Working on multiple cost optimization and productivity enhancement initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence to maintain our healthy EBITDA margin in this business
India Consumer Healthcare (ICH): – Added 9 new products and 13 new SKUs to our portfolio during H1FY25 – Continue to invest in media and trade spends to drive growth in Power Brands. Power Brands grew by 18% YoY in Q2 and H1 FY25 and contributed to 48% of ICH sales – Growth in i-range adversely impacted due to regulator mandated price reductions – E-commerce grew by over 30% YoY in Q2 and H1 FY25. Focus on improving the profitability of this channel through pricing, mix and investment optimization – Plan to widen our reach – Transition from a Pharmacy-dominant to an Omni-channel consumer healthcare company. Establish winning NPDs from online channel to offline, with general trade and modern trade ready SKUs
|
Consolidated Profit and Loss Statement |
||||||||
(in ₹ Cr. or as stated) |
||||||||
Particulars |
Quarterly |
Half Yearly |
||||||
Q2FY25 |
Q2FY24 |
YoY |
Q1FY25 |
QoQ Change |
H1FY25 |
H1FY24 |
YoY |
|
Revenue from Operations |
2,242 |
1,911 |
17 % |
1,951 |
15 % |
4,193 |
3,660 |
15 % |
Other Income |
61 |
49 |
24 % |
20 |
213 % |
81 |
88 |
(8) % |
Total Income |
2,303 |
1,961 |
17 % |
1,971 |
17 % |
4,274 |
3,748 |
14 % |
Material Cost |
796 |
638 |
25 % |
674 |
18 % |
1,471 |
1,264 |
16 % |
Employee Expenses |
560 |
516 |
8 % |
580 |
(3) % |
1,139 |
1,012 |
13 % |
Other Expenses |
544 |
492 |
11 % |
493 |
10 % |
1,037 |
986 |
5 % |
EBITDA |
403 |
315 |
28 % |
224 |
80 % |
627 |
485 |
29 % |
Interest Expenses |
108 |
110 |
(2) % |
107 |
1 % |
215 |
228 |
(6) % |
Depreciation |
192 |
185 |
4 % |
185 |
4 % |
377 |
358 |
5 % |
Share of Net Profit of Associates |
17 |
19 |
(10) % |
22 |
(23) % |
40 |
33 |
18 % |
Profit Before Tax |
120 |
40 |
204 % |
(45) |
NM |
75 |
(68) |
NM |
Tax |
98 |
35 |
182 % |
44 |
124 % |
141 |
26 |
442 % |
Net Profit after Tax |
23 |
5 |
350 % |
(89) |
NM |
(66) |
(94) |
NM |
Exceptional item |
– |
– |
– |
– |
– |
– |
– |
– |
Net Profit after Tax after Exceptional Item |
23 |
5 |
350 % |
(89) |
NM |
(66) |
(94) |
NM |
Consolidated Balance Sheet |
||
(in ₹ Cr. or as stated) |
||
Key Balance Sheet Items |
As at |
|
30-Sep-24 |
31-Mar-24 |
|
Total Equity |
7,907 |
7,911 |
Net Debt |
4,235 |
3,932 |
Total |
12,143 |
11,843 |
Net Fixed Assets |
9,096 |
9,106 |
Tangible Assets |
4,298 |
4,250 |
Intangible Assets including goodwill |
3,669 |
3,740 |
CWIP (including IAUD*) |
1,130 |
1,116 |
Net Working Capital |
2,651 |
2,339 |
Other Assets# |
396 |
398 |
Total Assets |
12,143 |
11,843 |
*IAUD – Intangible Assets Under Development; # Other Assets include Investments and Deferred Tax Assets (Net) |
Q2FY25/H1FY25 Earnings Conference Call
Piramal Pharma Limited will be hosting a conference call for investors / analysts on 24th October 2024 from 5:00 PM to 5:45 PM (IST) to discuss its Q2 and H1 FY25 Results.
The dial-in details for the call are as under:
Event |
Location & Time |
Telephone Number |
Conference call on |
India – 05:00 PM IST |
+91 22 6280 1461 / +91 22 7115 8320 (Primary Number) |
1 800 120 1221 (Toll free number) |
||
USA – 07:30 AM (Eastern Time – New York) |
Toll free number 18667462133 |
|
UK – 12:30 PM (London Time) |
Toll free number 08081011573 |
|
Singapore – 07:30 PM (Singapore Time) |
Toll free number 8001012045 |
|
Hong Kong – 07:30 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 – 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. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.
For more information, visit: Piramal Pharma | LinkedIn
* Includes one facility via PPL’s minority investment in Yapan Bio
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Fintech PR
China’s AIMA brand electric motorbike is now in Bangladesh
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
Fintech PR
China Telecom Gulf Officially Launches in Saudi Arabia for Business
HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.
In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.
Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.
China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.
During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.
The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.
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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html
Fintech PR
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
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