Latest News

Piramal Pharma Limited Announces Results for Q4 and FY2024

Published

1 week ago

May 10, 2024

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 31^st 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
Particulars	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
Key Balance Sheet Items	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 13^th 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 13^th May, 2024	India – 09:30 AM IST	+91 22 6280 1461 / +91 22 7115 8320 (Primary Number)
	India – 09:30 AM IST	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

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

Latest News

Repurchases of shares by EQT AB during week 20, 2024

Published

31 mins ago

May 20, 2024

CISION (PR Newswire)

STOCKHOLM, May 20, 2024 /PRNewswire/ — Between 13 May 2024 and 17 May 2024 EQT AB (LEI code 213800U7P9GOIRKCTB34) (“EQT”) has repurchased in total 504,428 own ordinary shares (ISIN: SE0012853455).

The repurchases form part of the repurchase program of a maximum of 2,154,000 own ordinary shares for a total maximum amount of SEK 1,000,000,000 that EQT announced on 22 April 2024. The repurchase program, which runs between 23 April 2024 and 24 May 2024, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052.

EQT ordinary shares have been repurchased as follows:

Date:	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
13 May 2024	93,897	325.5542	30,568,562.72
14 May 2024	85,726	334.5773	28,681,973.62
15 May 2024	101,127	340.4761	34,431,326.57
16 May 2024	108,624	347.3181	37,727,081.29
17 May 2024	115,054	340.6818	39,196,803.82
Total accumulated over week 20/2024	504,428	338.2163	170,605,748.01
Total accumulated during the repurchase program	1,589,234	314.0822	499,150,095.37

All acquisitions have been carried out on Nasdaq Stockholm by Skandinaviska Enskilda Banken AB on behalf of EQT.

Following the above acquisitions and as of 17 May 2024, the number of shares in EQT, including EQT’s holding of own shares is set out in the table below.

	Ordinary shares	Class C shares¹	Total
Number of issued shares	1,245,048,412	881,555	1,245,929,967
Number of shares owned by EQT AB²	62,064,063	–	62,064,063
Number of outstanding shares	1,182,984,349	881,555	1,183,865,904

1) Carry one tenth (1/10) of a vote.
2) EQT AB shares owned by EQT AB are not entitled to dividends or carry votes at shareholders’ meetings.

A full breakdown of the transactions is attached to this announcement.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
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/repurchases-of-shares-by-eqt-ab-during-week-20–2024,c3984596

The following files are available for download:

https://mb.cision.com/Main/87/3984596/2808587.pdf	EQT – Repurchases of shares – Weekly press release
https://news.cision.com/eqt/i/eqt-ab-group,c3302138	EQT AB Group
https://mb.cision.com/Public/87/3984596/bffea608e29d3306.pdf	EQT Transactions w 20

View original content:https://www.prnewswire.co.uk/news-releases/repurchases-of-shares-by-eqt-ab-during-week-20-2024-302150319.html

Latest News

Merging Traditions with Fintech and Blockchain Innovations

Published

3 hours ago

May 20, 2024

Zoltan Tundik

Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations at MARE BALTICUM Gaming & TECH Summit

The financial industry is undergoing a seismic shift as fintech and blockchain technologies pave the way for unprecedented innovation and transformation. At the upcoming MARE BALTICUM Gaming & TECH Summit, a high-profile panel titled “Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations” will delve deep into this exciting evolution. This session will explore how established financial institutions are integrating these advanced technologies to revolutionize services, enhance security, and increase efficiency.

Moderator: Anna Agu

Leading the panel is Anna Agu, CEO and Managing Partner at Lex Law Office OU and Director at Lex Law Office LT UAB. With her extensive legal expertise in the fintech sector, Agu is perfectly positioned to guide the discussion, ensuring a thorough exploration of the delicate balance between maintaining traditional financial principles and embracing innovative technologies.

Panelists:

Merit Leib – Compliance Consultant at LEIB Regulatory & Compliance Risk Consulting
Astra Tikas – Founding Board Member of INO (Internet Native Organization)
Dr. Dean Rakic – Chief Scientist at Blockcontrol
Saulius Racevicius – Senior Associate of PSP Lab LLP and Board Member of the Fintech Hub LT
Evaldas Krampas – CEO at SpectroCoin and Head of Crypto Hub Lithuania

Why Attend?

The “Financial Evolution: Merging Traditions with Fintech and Blockchain Innovations” panel at the MARE BALTICUM Gaming & TECH Summit is a must-attend for professionals across the financial sector. Here’s why:

Gain Comprehensive Insights: Learn from top experts about the latest trends, challenges, and opportunities in fintech and blockchain.
Regulatory Perspectives: Understand the importance of compliance and how to navigate regulatory challenges effectively.
Technical Knowledge: Dive deep into the technical aspects of blockchain integration and learn about cutting-edge developments.
Practical Implementation: Gain practical insights into how traditional financial institutions are successfully integrating new technologies.
Networking Opportunities: Connect with industry leaders and peers who are driving innovation in finance.

Join Us

This panel provides a unique opportunity to stay ahead of the curve in the rapidly evolving financial landscape. Join us at the MARE BALTICUM Gaming & TECH Summit to explore how fintech and blockchain technologies are reshaping finance and what it means for the future. Engage with industry leaders, gain actionable insights, and network with peers at the forefront of financial innovation.

Secure your spot today and be part of this transformational journey. Don’t miss the chance to be involved in discussions that will shape the future of finance. See you at the MARE BALTICUM Gaming & TECH Summit!

The post Merging Traditions with Fintech and Blockchain Innovations appeared first on HIPTHER Alerts.

Latest News

Abu Dhabi: The Capital of Capital Sees a Record of 211% Surge in AUM at ADGM since Q1 2023

Published

4 hours ago

May 20, 2024

CISION (PR Newswire)

Assets under management have increased by 211% from Q1 2023 to Q1 2024,
107 asset and fund managers operating in ADGM, currently managing 137 funds.
The number of operational entities grew by 30%, and the workforce experienced a significant increase at the end of Q1 2024 compared to the same period last year.

ABU DHABI, UAE, May 20, 2024 /PRNewswire/ — ADGM, the international financial centre (IFC) of the UAE’s capital, continues its solid performance paving the way for another strong year as the fastest growing financial centre in the region, with a record-breaking start during the first quarter of 2024 marked by an increase of 211% in Assets Under Management (AUM) compared to the first quarter of the year 2023.

The growth trajectory of ADGM in Assets Under Management, coupled with a significant increase during Q1 2024 in the number of operational entities, the size of workforce and other elements of the IFC ecosystem, underscore the concerted efforts and strategic initiatives undertaken to strengthen its standing as a leading international financial centre, and reaffirms Abu Dhabi’s position as a global financial powerhouse and a destination of choice for regional and global entities.

Commenting on ADGM’s continued growth and strong performance, H.E. Ahmed Jasim Al Zaabi, Chairman of ADGM said, “Abu Dhabi once again affirms its position as the leading financial powerhouse of the MEASA region. ADGM’s unwavering commitment to excellence, demonstrated through its initiatives and achievements, continues to drive remarkable growth, attracting talent, businesses, and quality investments from across the globe. This year holds the promise of even greater growth for ADGM and its ecosystem, marking a significant stride towards achieving Abu Dhabi’s economic goals and ambitions.”

Abu Dhabi: The Region’s Premier Financial Hub for Asset Management

ADGM’s asset management sector began 2024 with vigour, witnessing an unprecedented influx of global asset managers establishing operations in the IFC, and pushing the surge in the size of Assets Under Management within ADGM during the first three months of the year 2024 to unprecedented figures reaching a growth of 211% compared to the same period of 2023. By the end of March 2024, the number of fund and asset managers operating in ADGM reached 107, managing 137 funds.

The attractiveness of ADGM as a holistic financial hub which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in ongoing increase in the number and diversity of prominent regional and global firms establishing in ADGM. By the end of March 2024, the total number of operational entities in ADGM increased by 30% compared to the same period last year, to reach 1950 including 291 financial services entities.

Abu Dhabi’s Liveability Sparks ADGM’s Workforce Surge

ADGM’s workforce has grown to over 25 thousand individuals, working on Al Maryah Island, as more talented individuals choose Abu Dhabi as their destination to live, work, and thrive.

Abu Dhabi’s appeal extends beyond its business opportunities, it has been ranked as the best and safest city to live in the region offering a high quality of life with world-class amenities and infrastructure. Out of Abu Dhabi, ADGM is further enhancing its attractiveness as a preferred destination for professionals and investors alike.

In its 2024 Outlook, a comprehensive survey conducted among the ADGM community provides insight into the promising prospects for ADGM as a preferred destination. A total of 70.81% of companies anticipate expanding their workforce in ADGM during 2024, with 29.93% expecting significant increases and 40.88% planning moderate growth in staffing. This collective optimism reflects Abu Dhabi’s robust economic health and the strong confidence within the business community in the conducive business environment of the IFC.

Managing a Seamless Migration of Reem Island Businesses

2024 is the year of transitioning businesses on Al Reem Island for ADGM, which is progressing smoothly and is well underway with several initiatives being announced and implemented during Q1 2024 to support the businesses migration process.

In addition to a series of awareness sessions and focus group meetings organised by the RA of ADGM for representatives of businesses on Al Reem Island, ADGM launched its information centre in Shams Boutik Mall, in Al Reem Island.

The launch of the centre was followed by ADGM’s first community event on Al Reem Island. The community event provided a platform for ADGM to unveil a new incentive initiative tailored exclusively for businesses based on Al Reem Island, operating in non-financial and retail sectors. Under this incentive initiative, eligible businesses on the island will be relieved from any fees associated with acquiring an ADGM commercial licence until October 31, 2024.

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