Mumbai, India | January 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.
| 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.”
| 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 o 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 |
| 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 |