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Piramal Pharma Limited Announces Results for Q4 and FY2024

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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.

 

 

Consolidated Financial Highlights

(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

* 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
product no longer being commercialized

 

 

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.”     

 

Key Business Highlights for Q4FY24 and FY24

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

 

 

Consolidated Profit and Loss Statement

(In INR Crores)

Reported Financials 

Particulars

Quarterly

Full Year

Q4FY24

Q4FY23

YoY  Change

Q3FY24

QoQ 
Change

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

*Q3FY24 – Related to non-recurring charges towards product recall triggered by a third-party supplier; Q4FY24 – Towards non-cash write
down of investment and license rights in relation to a certain third-party product no longer being commercialized

 

 

Consolidated Balance Sheet

  (In INR Crores)

   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

# Other Assets include Investments and Deferred Tax Assets (Net)

 

 

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:

Event

Location & Time

Telephone Number

Conference call on
13th May, 2024

India – 09:30 AM IST

+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)

1 800 120 1221 (Toll free number)

USA – 12:00 AM

(Eastern Time – New York)

Toll free number

18667462133

UK – 05:00 AM

(London Time)

Toll free number

08081011573

Singapore – 12:00 PM

(Singapore Time)

Toll free number

8001012045

Hong Kong – 12:00 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 –https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9765638&linkSecurityString=3bb8d8359c 

 

 

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

Logo: https://mma.prnewswire.com/media/1855206/Piramal_Pharma_Limited_Logo.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/piramal-pharma-limited-announces-results-for-q4-and-fy2024-302142540.html

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United Payment secures e-money licence in Azerbaijan

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United Payment Secures E-Money Licence from Central Bank of Azerbaijan

Fintech company United Payment has proudly announced that it has secured an e-money licence from the Central Bank of Azerbaijan. This significant milestone marks United Payment as the first Turkish company to receive such a licence from the Azerbaijani central bank. With this approval, United Payment, which has been serving the region since 2021, can now offer enhanced capabilities including account opening, electronic money solutions, virtual POS services, and national and international money transactions within the legal framework.

Expanding Regional Presence

Beyond Azerbaijan, United Payment is active in Georgia, Romania, England, and Turkey. The new e-money licence will enable the company to further promote financial inclusion, expand digital payment channels, and advance cashless payment solutions in the region. As part of its expansion, United Payment is set to begin offering payment services through the Turan mobile application.

Strategic Development Goals

United Payment aims to provide comprehensive financial solutions to a diverse clientele, including banks, multinational corporations, small and medium-sized enterprises (SMEs), municipalities, and other fintech companies. The firm is dedicated to broadening access to financial instruments and enhancing financial inclusion in the regions it operates.

According to United Payment officials, the new e-money licence will not only allow the company to continue its operations in Azerbaijan but also expand its service offerings. Given the strong social and economic ties between Turkey and Azerbaijan, United Payment aims to solidify its market position in Azerbaijan. The company plans to offer a variety of services under regulatory compliance, including opening payment accounts, electronic and cash collections, credit collections, transactions with payment cards and similar systems, QR payments, money transfers, and e-money account services.

Source: thepaypers.com

The post United Payment secures e-money licence in Azerbaijan appeared first on HIPTHER Alerts.

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AXA named as an Official Partner of UEFA Women’s EURO 2025

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AXA has proudly announced its support for the UEFA Women’s EURO 2025 as an Official Partner, furthering its sponsorship programme initiated in 2020. The prestigious event will take place in Switzerland from July 2 to 27, 2025.

Commitment to Women’s Football

This partnership underscores AXA’s dedication to promoting women’s football, building on its long-term support for the sport. Since 2020, AXA has been the main sponsor of the AXA Women’s Super League and the AXA Women’s Cup in Switzerland. By investing in women’s football, AXA aims to bolster women’s sports and promote its brand ethos, “Know You Can,” encouraging self-belief among its customers.

Statements from AXA Leaders

Fabrizio Petrillo, CEO of AXA Switzerland, expressed his enthusiasm, saying, “I’m so excited to support UEFA Women’s EURO 2025 together with other European AXA companies as a main sponsor. We are sending a strong signal and making a contribution to ensure that the players and fans can experience a great event and further strengthen women’s football. I’m looking forward to a fantastic summer of football in 2025!”

Volunteering Opportunities

The partnership includes more than just financial support. AXA employees will have the opportunity to volunteer during the tournament as part of the UEFA Women’s EURO 2025 Volunteer Programme, playing a crucial role in the event’s success.

Guy-Laurent Epstein, UEFA Marketing Director, commented, “AXA is a dedicated supporter of women’s football in Switzerland, so we are thrilled to partner with them for what will be an unforgettable UEFA Women’s EURO 2025. We look forward to working together to make this the can’t-miss event of next summer while also strengthening women’s football in the host country and throughout Europe.”

Enhancing Visibility for Female Players

Andreea Prange, Head of Customer Experience & Strategy at AXA Switzerland, added, “Promoting women’s football is a topic I hold dear to my heart. That’s why I’m delighted that AXA, as a partner of the UEFA Women’s EURO 2025, is also committed to increasing the visibility of female players at the international level.”

Tournament Details

Doris Keller, Tournament Director of UEFA Women’s EURO 2025, stated, “AXA, a long-time supporter and partner of women’s football in Switzerland and globally, is a perfect fit to become a global partner of UEFA Women’s EURO 2025. We look forward to collaborating with AXA on the UEFA Women’s EURO 2025 Volunteer Programme, as the 2,500 volunteers will play a highly essential and valuable role throughout the tournament welcoming everyone to the host country.”

The UEFA Women’s EURO 2025 will feature 16 teams competing in eight Swiss cities, attracting an estimated 500 million viewers worldwide and offering over 700,000 tickets for fans to attend the matches live.

Partnership Duration

The partnership between AXA and UEFA will continue until the end of August 2025. The financial terms of the sponsorship remain confidential.

Source: fintech.global

The post AXA named as an Official Partner of UEFA Women’s EURO 2025 appeared first on HIPTHER Alerts.

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Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact

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REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change. 

“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.

For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”

In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing. 

Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform. 

The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.

Guðmundur Kristjánsson (GK)Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.” 

On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”

Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/lucinity-wins-the-microsoft-partner-awards-for-2024-for-partner-of-the-year—iceland-and-sustainability-and-social-impact-302156888.html

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