Piramal Pharma Limited Announces Results for Q3 and 9M FY25USA - EnglishUSA - FrançaisItalia - ItalianoUSA - EnglishUSA - DeutschEspaña - español

MUMBAI, India, Jan. 29, 2025 — Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals and wellness company, today announced its standalone and consolidated results for the Third Quarter (Q3) and Nine Months (9M) ended 31st December 2024.

Consolidated Financial Highlights

(in ₹ Cr. or as stated)

Particulars

Q3FY25

Q3FY24

YoY Growth

9MFY25

9MFY24

YoY Growth

Revenue from Operations

2,204

1,959

13 %

6,397

5,619

14 %

CDMO

1,278

1,134

13 %

3,659

3,101

18 %

CHG

654

576

14 %

1,928

1,782

8 %

ICH

278

252

10 %

819

747

10 %

EBITDA

350

330

6 %

977

815

20 %

EBITDA Margin

16 %

17 %

15 %

15 %

Share of Net Profit of Associates

17

14

22 %

57

47

20 %

Net Profit After Tax

4

10

(64) %

(62)

(83)

NM

Key Highlights for Q3FY25/9MFY25

• Revenue from Operations grew by 14% YoY for 9MFY25, primarily driven by high-teen growth in the CDMO business
• EBITDA grew by 20% YoY for 9MFY25, supported by operating leverage, cost optimization initiatives and superior revenue mix
• Net-Debt to EBITDA ratio maintained at 2.8x
• Best-in-Class Quality Track Record - No pending observation at any of our US FDA inspected sites
• Significant Step Towards Sustainable Operations - Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This will eliminate ~24,000 tCO2e1 GHG2 emissions annually accounting for about 17% of our total emissions

Nandini Piramal, Chairperson, Piramal Pharma Limited said, "FY25 so far has been a steady year for the Company with revenue growth of 14% and EBITDA growing at 20%. Our CDMO business continues to deliver robust performance with 18% revenue growth along with EBITDA margin improvement in 9MFY25. This performance was largely led by innovation related work. Our CHG business registered an early-teen revenue growth during the quarter on the back of strong volume growth in our Inhalation Anesthesia portfolio. In our ICH business, power brands continue to register about 19% growth.

The quarter also marked a significant milestone in our journey towards sustainable manufacturing with the conversion of coal-fired steam boiler at our Digwal facility to operate on biomass briquettes. This will significantly reduce our GHG emissions - underscoring our unwavering commitment towards the planet."

1. Tonnes of carbon dioxide equivalent; 2. Green House Gas

Key Business Highlights for Q3 and 9M FY25

Contract Development and Manufacturing Organization (CDMO)****:

• CDMO business delivered high-teen revenue growth for 9MFY25 driven by continued traction in the on-patent commercial manufacturing and generic API business
• Timely capacity expansions and targeted BD1 efforts resulting in YoY growth in RFPs, however customer decision making is prolonged
• Continued YoY improvement in EBITDA Margin driven by better revenue mix and initiatives towards better procurement strategies, cost optimization and operational excellence
• Maintained our best-in-class quality track record with successful clearance of 365 regulatory inspections (including 45 US FDA inspections) and over 1,800 customer audits since FY2012
• Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This is expected to eliminate ~24,000 tCO2e GHG emissions annually, accounting for about 17% of total emissions
• Biotech Funding – CY2024 funding improved over CY2023, enough to replenish biotech cash burn but not enough to accelerate R&D spends Complex Hospital Generics (CHG):
• Inhalation Anesthesia (IA) sales in the US tracking healthy volume growth driven by order wins for Sevoflurane and Isoflurane
• Capacity expansion at Dahej and Digwal underway to capture IA opportunities in the RoW markets. Seeing month-on-month increase in production output
• Maintain our #1 Rank in the US in Sevoflurane (40%+ market share1) and in Intrathecal Baclofen (70%+ market share1). Mitigo (intrathecal morphine sulphate) also delivered encouraging growth during the quarter
• Maintaining EBITDA Margins – Cost optimization initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence, showing results India Consumer Healthcare (ICH):
• ICH business delivered double-digit revenue growth in Q3 and 9MFY25 amidst tepid consumer demand in the industry
• Power Brands grew at 19% YoY during 9MFY25, driven by robust performance in Little's, Polycrol and CIR. Power Brands contributed to 48% of total ICH sales
• Excluding i-range, which was impacted by regulatory price control, growth in power brands was about 26% for 9MFY25
• Added 16 new products and 23 new SKUs in 9MFY25
• Launched our new media campaign with Mrunal Thakur for Lacto Calamine
• E-commerce sales grew at over 40% YoY in Q3FY25 and contributed 20% to ICH sales. Present on more than 20 E-commerce platforms

1. As per IQVIA data

Consolidated Profit and Loss Statement

(in ₹ Cr. or as stated)

Particulars

Quarterly

Nine Months

Q3FY25

Q3FY24

YoY Change

9MFY25

9MFY24

YoY Change

Revenue from Operations

2,204

1,959

13 %

6,397

5,619

14 %

Other Income

12

62

(80) %

93

149

(38) %

Total Income

2,216

2,020

10 %

6,490

5,768

13 %

Material Cost

806

675

19 %

2,277

1,940

17 %

Employee Expenses

556

524

6 %

1,695

1,535

10 %

Other Expenses

504

491

3 %

1,541

1,478

4 %

EBITDA

350

330

6 %

977

815

20 %

Interest Expenses

103

106

(2) %

318

334

(5) %

Depreciation

197

186

6 %

574

544

5 %

Share of Net Profit of Associates

17

14

22 %

57

47

20 %

Profit Before Tax

67

52

29 %

142

(16)

NM

Tax

63

9

582 %

204

35

479 %

Net Profit after Tax

4

42

(91) %

(62)

(51)

NM

Exceptional item

(32)

NM

(32)

NM

Net Profit after Tax after Exceptional Item

4

10

(64) %

(62)

(83)

NM

Q3FY25/9MFY25 Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 29th January 2025 from 5:30 PM to 6:15 PM (IST) to discuss its Q3 and 9M FY25 Results.

The dial-in details for the call are as under:

Event

Location & Time

Telephone Number

Conference call on 29th January, 2025

India – 05:30 PM IST

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

1 800 120 1221 (Toll free number)

USA – 07:00 AM (Eastern Time – New York)

Toll free number 18667462133

UK – 12:00 PM (London Time)

Toll free number 08081011573

Singapore – 08:00 PM (Singapore Time)

Toll free number 8001012045

Hong Kong – 08:00 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 – 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.

For more information, visit: Piramal Pharma | LinkedIn

** Includes one facility via PPL's minority investment in Yapan Bio.*

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