Consolidated Financial Highlights | ||||||
(In INR Crores) | ||||||
Particulars | Q3 FY24 | Q3 FY23 | YoY Growth | 9M FY24 | 9M FY23 | YoY Growth |
Revenue from Operations | 1,959 | 1,716 | 14 % | 5,619 | 4,918 | 14 % |
CDMO | 1,134 | 1,010 | 12 % | 3,101 | 2,720 | 14 % |
Complex Hospital Generic (CHG) | 576 | 514 | 12 % | 1,782 | 1,584 | 13 % |
| 252 | 226 | 12 % | 747 | 664 | 13 % |
EBITDA | 330 | 170 | 94 % | 815 | 478# | 71 % |
EBITDA Margin | 17 % | 10 % | 15 % | 10 % | ||
PAT (after exceptional item) | 10 | (90) | NA | (83) | (237) | NA |
PAT (before exceptional item) * | 35 | (90) | NA | (59) | (231) | NA |
(In INR Crores) | ||||||
# 9M FY2023 EBITDA had one-time inventory margin impact of INR * Q3 FY24 Exceptional item of
|
Key Highlights for Q3 and 9M FY2024
- Revenue from Operations grew by 14% YoY both in Q3FY24 and 9MFY24, driven by double digit growth across all the three businesses
- EBITDA grew by 94% YoY and 71% YoY in Q3FY24 and 9MFY24 respectively, primarily driven by operating leverage, reduction in raw material cost & energy prices, cost optimization, and operational excellence initiatives
- Net Debt / EBITDA ratio has improved over the last three quarters on account of healthy growth in EBITDA and repayment of debt from the proceeds of the recently concluded Rights Issue
- Sustainability - Taken a target to reduce Scope 1 and Scope 2 emissions by 42% by FY30 (with baseline of FY22), which is in accordance with 1.50 C trajectory suggested by SBTi. Further we have also taken a target to reduce Scope 3 emissions by 25% by FY30 (with baseline of FY22)
On the sustainability front, we have taken significant reduction targets for our Scope 1, 2 and 3 GHG emissions by FY2030. We are also working on multiple initiatives in the areas of water conservation, responsible waste disposal, gender diversity, employee safety, sustainable supply chain and community development.
We look forward to continuing our momentum in Q4 and end the financial year on a positive note."
Key Business Highlights for Q3FY24 and 9MFY2
- Continued momentum with significant YoY growth in new orders* in 9M FY2024 vs 9M FY2023, more specifically in commercial manufacturing of on-patent molecules
- Recent order inflows have had higher quotient of innovation related work with good demand for our differentiated offerings
- During the quarter we received our first integrated anti-body drug conjugate (ADC) order involving monoclonal antibodies. Three sites involved – Lexington, Grangemouth and Yapan
- Continue to see improvement in profitability of our CDMO business driven by revenue growth, favorable revenue mix, normalization of raw material cost and cost optimization initiatives
- MHRA (
UK ) inspection of the newly commissioned multipurpose state-of-the-art ADC manufacturing facility at Grangemouth is scheduled forFebruary 2024 - Maintained our quality track record – All our recently audited facilities by the
US FDA have an EIR. Also, successfully closed over 140 customer audits in 9M FY2024 - Key challenges include partial recovery in biotech funding environment and clinical / regulatory attrition at customer end
Complex Hospital Generics (CHG):
- Volume growth in the inhalation anaesthesia portfolio in the US market, partly offset by lower market prices
- Increasing traction in our inhalation anaesthesia portfolio in the non-US markets
- Expanding our capacities to meeting growing demand of inhalation anaesthesia products. Also focus on improving output through greater operating efficiencies
- Improvement in profitability during Q3 and 9M FY2024 mainly led by cost optimization initiatives, yield improvement and better product and market mix
- Launched 3 new injectable products in Q3 FY2024 in the US and
Europe . Building a pipeline of 25 new products which are at various stages of development with current addressable market size of over$2bn - Key challenges include geopolitical risk, adverse currency movement (presence in over 100 countries), price erosion / lower realizations due to higher competition, and third-party development and supply chain risk in the injectable portfolio
- YoY improvement in EBITDA margin in 9MFY24 driven by operating leverage
- 6 new products and 3 new SKUs launched during Q3 FY2024. Over 100 new products launched between FY21 to FY24
- Continued to invest in media and trade spends to drive growth in power brands. Promotional spends during 9M FY2024 was at 13% of ICH revenue
- Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 12% YoY in 9MFY24 and contributed to 41% of ICH sales
- E-commerce grew at about 17% YoY in Q3 FY2024, contributing 16% 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
Consolidated Profit and Loss Statement | ||||||||
(In INR Crores) Reported Financials | ||||||||
Particulars | Quarterly | Nine Months | ||||||
Q3FY24 | Q3FY23 | YoY Change | Q2FY24 | QoQ Change | 9MFY24 | 9MFY23 | YoY Change | |
Revenue from Operations | 1,959 | 1,716 | 14 % | 1,911 | 3 % | 5,619 | 4,918 | 14 % |
Other Income | 62 | 83 | (25) % | 49 | 25 % | 149 | 201 | (26) % |
Total Income | 2,020 | 1,799 | 12 % | 1,961 | 3 % | 5,768 | 5,119 | 13 % |
Material Cost | 675 | 625 | 8 % | 638 | 6 % | 1,940 | 1,864 | 4 % |
Employee Expenses | 524 | 492 | 6 % | 516 | 2 % | 1,535 | 1,423 | 8 % |
Other Expenses | 491 | 511 | (4) % | 492 | 0 % | 1,478 | 1,355 | 9 % |
EBITDA | 330 | 170 | 94 % | 315 | 5 % | 815 | 478 | 71 % |
Interest Expenses | 106 | 95 | 12 % | 110 | (4) % | 334 | 240 | 39 % |
Depreciation | 186 | 164 | 13 % | 185 | 1 % | 544 | 492 | 11 % |
Profit Before Tax | 38 | (89) | NA | 20 | 84 % | (63) | (255) | NA |
Tax | 9 | 17 | (44) % | 35 | (73) % | 35 | 22 | 64 % |
Share of net profit of associates | 14 | 16 | (10) % | 19 | (27) % | 47 | 47 | 2 % |
Net Profit after Tax | 42 | (90) | NA | 5 | 744 % | (51) | (230) | NA |
Exceptional item* | (32) | 0 | NA | 0 | NA | (32) | (7) | NA |
Net Profit after Tax after exceptional item | 10 | (90) | NA | 5 | 101 % | (83) | (237) | NA |
Net Profit after Tax before exceptional item | 35 | (90) | NA | 5 | 594 % | (59) | (231) | NA |
# 9M FY23 EBITDA had one-time inventory margin impact of *Related to non-recurring charges towards product recall triggered by a third-party supplier
|
Q3 and 9M FY2024 Earnings Conference Call
The dial-in details for the call are as under:
Event | Location & Time | Telephone Number |
Conference call on | +91 22 6280 1461 / +91 22 7115 8320 (Primary Number) | |
1 800 120 1221 (Toll free number) | ||
(Eastern Time – | Toll free number 18667462133 | |
(London Time) | Toll free number 08081011573 | |
(Singapore Time) | Toll free number 8001012045 | |
(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=2184854&linkSecurityString=cc1d80a24 |
About
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
For more information visit: www.piramaI.com/pharmaI Twitter.
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