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Piramal Pharma Limited Announces Results for Q4 and FY2024
MUMBAI, India, May 10, 2024 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, today announced its standalone and consolidated results for the Fourth Quarter (Q4) and Full Year (FY) ended 31st March 2024.
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Consolidated Financial Highlights |
||||||
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(In INR Crores) |
||||||
|
Particulars |
Q4 FY24 |
Q4 FY23  |
YoY Growth |
FY24
|
FY23
|
YoY Growth |
|
Revenue from Operations |
2,552 |
2,164 |
18 % |
8,171 |
7,082 |
15 % |
|
CDMO |
1,649 |
1,281 |
29 % |
4,750 |
4,001 |
19 % |
|
Complex Hospital Generic (CHG) |
667 |
702 |
(5) % |
2,449 |
2,286 |
7 % |
|
India Consumer Healthcare (ICH) |
238 |
210 |
14 % |
985 |
874 |
13 % |
|
EBITDA# |
556 |
376 |
48 % |
1,372 |
853 |
61 % |
|
EBITDA Margin |
22 % |
17 % |
17 % |
12 % |
||
|
PAT (before exceptional item) |
132 |
50 |
163 % |
81 |
(180) |
NA |
|
Exceptional Item* |
(31) |
0 |
NA |
(63) |
(7) |
NA |
|
PAT (after exceptional item) |
101 |
50 |
102 % |
18 |
(186) |
NA |
|
# FY2023 EBITDA had one-time inventory margin impact of INR 68 Crores |
||||||
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* Q4 FY24 Exceptional item of INR 31 Crores towards non-cash write down of investment and license rights in relation to a certain third-party |
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Key Highlights for Q4 and FY2024
- Revenue from Operations grew by 18% YoY and 15% YoY in Q4FY24 and FY24 respectively, driven by healthy growth in our CDMO and ICH businesses
- EBITDA grew by 48% YoY and 61% YoY in Q4FY24 and FY24 respectively, primarily driven by revenue growth, operating leverage, cost optimization, and operational excellence initiatives
- Net Profit After Tax (before exceptional Items) more than doubled in Q4FY24 at INR 132 Crores compared to INR 50 Crores in Q4FY23
- Net Debt / EBITDA improved from 5.6x at the start of the financial year to 2.9x at the end of FY24
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY24 has been a strong year for the Company with all round improvement, mainly driven by our CDMO business that delivered a robust 19% YoY revenue growth. We saw significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment. Contributions from our innovation related work and differentiated offerings also increased in FY24. Capacity expansion at our Grangemouth facility for Antibody Drug Conjugate segment was commercialized and is seeing good customer interest.
In the Inhalation anesthesia business, we continue to maintain our leading position in Sevoflurane in the US market and are expanding our capacities to tap the growing demand in the ROW markets. Our India Consumer Healthcare business is also continuing to perform well with focus on better EBITDA margin.
During the year, we also showed a significant improvement in our profitability with EBITDA margin of 17% (Vs. 12% in FY23). All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives. Our Net Debt / EBITDA ratio also improved significantly, as we ended the financial year below 3x compared to 5.6x at the start of the year.”
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Key Business Highlights for Q4FY24 and FY24 |
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Contract Development and Manufacturing Organization (CDMO): – Strong Order Inflows: Despite challenging biotech funding environment, our new service order# inflows in FY24 were significantly higher compared to FY23, especially for commercial manufacturing of on-patent molecules – Innovation Related Work: Our share of CDMO revenues from Innovation related work increased from 45% in FY23 to 50% in FY24 – On-patent Commercial Manufacturing: Revenue from commercial manufacturing of on-patent molecules more than doubled to $116mn in FY24 compared to $52mn in FY23 – Differentiated Offerings: Revenue contribution from differentiated offerings increased from 37% in FY23 to 44% in FY24 – Integrated Projects: Over 40% of the service order book in FY24 was from integrated projects, highlighting customer preference for integrated service offerings – Improved Profitability in our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives – Best-in-class quality track record – Successfully cleared 36 regulatory inspections and over 170 customer audits in FY24
Complex Hospital Generics: – Strong Volume Growth: Witnessed strong volume growth in our inhalation anesthesia portfolio in the US and ROW markets, partly offset by lower market prices – Maintained our #1 Rank* in the US in terms of value market share in Sevoflurane. Also continue to be the leading company in intrathecal Baclofen in the US market – Expanding our capacities to meeting growing demand of Inhalation anesthesia products in the ROW markets. Also focus on improving output through greater operating efficiencies – Improved profitability in our CHG business during FY24 mainly led by cost optimization initiatives, yield improvement and better product and market mix – New Product Pipeline: Launched 4 new injectable products in FY24 in the US and Europe. Building a pipeline of 24 new products which are at various stages of development with current addressable market size of over $2bn
India Consumer Healthcare: – Power Brands comprising of Lacto Calamine, Littles, Polycrol, Tetmosol and I-range, registered YoY growth of 15% during Q4FY24 and 13% during FY24 – New Product Launches: 27 new products and 24 new SKUs launched during FY24. Over 150 new products and SKUs launched in the last three years – Improved EBITDA margin in FY24 driven by operating leverage – Promotional spends during FY24 was at 13% of ICH revenue vs 15% in FY23 – E-commerce grew at about 36% YoY in FY24, contributing 20% 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 *Source: IQVIA data |
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Consolidated Profit and Loss Statement |
||||||||
|
(In INR Crores) |
||||||||
|
Reported Financials |
||||||||
|
Particulars |
Quarterly |
Full Year |
||||||
|
Q4FY24 |
Q4FY23 |
YoY Change |
Q3FY24 |
QoQ |
FY24 |
FY23 |
YoY Change |
|
|
Revenue from Operations |
2,552 |
2,164 |
18 % |
1,959 |
30 % |
8,171 |
7,082 |
15 % |
|
Other Income |
26 |
25 |
8 % |
62 |
(57) % |
175 |
225 |
(22) % |
|
Total Income |
2,579 |
2,188 |
18 % |
2,020 |
28 % |
8,347 |
7,307 |
14 % |
|
Material Cost |
1,014 |
840 |
21 % |
675 |
50 % |
2,954 |
2,703 |
9 % |
|
Employee Expenses |
494 |
474 |
4 % |
524 |
(6) % |
2,030 |
1,896 |
7 % |
|
Other Expenses |
514 |
499 |
3 % |
491 |
5 % |
1,991 |
1,854 |
7 % |
|
EBITDA# |
556 |
376 |
48 % |
330 |
69 % |
1,372 |
853 |
61 % |
|
Interest Expenses |
114 |
104 |
10 % |
106 |
8 % |
448 |
344 |
30 % |
|
Depreciation |
196 |
184 |
6 % |
186 |
5 % |
741 |
677 |
9 % |
|
Profit Before Tax |
246 |
87 |
182 % |
38 |
553 % |
183 |
(168) |
NA |
|
Tax |
126 |
45 |
182 % |
9 |
1,264 % |
161 |
66 |
144 % |
|
Share of net profit of associates |
12 |
8 |
55 % |
14 |
(14) % |
59 |
54 |
9 % |
|
Net Profit after Tax (before exceptional item) |
132 |
50 |
163 % |
42 |
211 % |
81 |
(180) |
NA |
|
Exceptional item* |
(31) |
0 |
NA |
(32) |
NA |
(63) |
(7) |
NA |
|
Net Profit after Tax (after exceptional item) |
101 |
50 |
102 % |
10 |
902 % |
18 |
(186) |
NA |
|
# FY23 EBITDA had one-time inventory margin impact of INR 68 Crore |
||||||||
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*Q3FY24 – Related to non-recurring charges towards product recall triggered by a third-party supplier; Q4FY24 – Towards non-cash write |
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Consolidated Balance Sheet |
||
|
(In INR Crores) |
||
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Key Balance Sheet Items |
As at |
|
|
31-Mar-24 |
31-Mar-23 |
|
|
Total Equity |
7,911 |
6,774 |
|
Net Debt |
3,932 |
4,781 |
|
Total |
11,843 |
11,555 |
|
Net Fixed Assets |
9,106 |
8,887 |
|
Tangible Assets |
4,250 |
3,589 |
|
Intangible Assets including goodwill |
3,740 |
3,880 |
|
CWIP (including IAUD*) |
1,116 |
1,419 |
|
Net Working Capital |
2,339 |
2,307 |
|
Other Assets# |
398 |
361 |
|
Total Assets |
11,843 |
11,555 |
|
*IAUD – Intangible Assets Under Development |
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# Other Assets include Investments and Deferred Tax Assets (Net) |
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Q4 and FY2024 Earnings Conference Call
Piramal Pharma Limited will be hosting a conference call for investors / analysts on 13th May 2024 from 9:30 AM to 10:15 AM (IST) to discuss its Q4 and FY2024 Results.
The dial-in details for the call are as under:
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Event |
Location & Time |
Telephone Number |
|
Conference call on |
India – 09:30 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 – 12:00 AM (Eastern Time – New York) |
Toll free number 18667462133 |
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UK – 05:00 AM (London Time) |
Toll free number 08081011573 |
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Singapore – 12:00 PM (Singapore Time) |
Toll free number 8001012045 |
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Hong Kong – 12:00 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=9765638&linkSecurityString=3bb8d8359c |
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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: https://www.piramalpharma.com/, Facebook, Twitter, LinkedIn
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HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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