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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) |
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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 % |
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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 |
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# 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 |
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(In INR Crores) |
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Reported Financials |
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Particulars |
Quarterly |
Full Year |
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Q4FY24 |
Q4FY23 |
YoY Change |
Q3FY24 |
QoQ |
FY24 |
FY23 |
YoY Change |
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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) % |
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Total Income |
2,579 |
2,188 |
18 % |
2,020 |
28 % |
8,347 |
7,307 |
14 % |
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Material Cost |
1,014 |
840 |
21 % |
675 |
50 % |
2,954 |
2,703 |
9 % |
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Employee Expenses |
494 |
474 |
4 % |
524 |
(6) % |
2,030 |
1,896 |
7 % |
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Other Expenses |
514 |
499 |
3 % |
491 |
5 % |
1,991 |
1,854 |
7 % |
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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 |
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# 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 |
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(In INR Crores) |
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Key Balance Sheet Items |
As at |
|
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31-Mar-24 |
31-Mar-23 |
|
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Total Equity |
7,911 |
6,774 |
|
Net Debt |
3,932 |
4,781 |
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Total |
11,843 |
11,555 |
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Net Fixed Assets |
9,106 |
8,887 |
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Tangible Assets |
4,250 |
3,589 |
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Intangible Assets including goodwill |
3,740 |
3,880 |
|
CWIP (including IAUD*) |
1,116 |
1,419 |
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Net Working Capital |
2,339 |
2,307 |
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Other Assets# |
398 |
361 |
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Total Assets |
11,843 |
11,555 |
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*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 |
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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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