Piramal Pharma Limited Announces Results for Q4 and FY2024
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 % |
|
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 |
||||||
* Q4 FY24 Exceptional item of INR |
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 INR50 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
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
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 |
- 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 - Differentiated Offerings: R evenue 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
- 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: |
Consolidated Profit and Loss Statement |
||||||||
(In INR Crores) |
||||||||
Reported Financials |
||||||||
Particulars |
Quarterly |
Full Year |
||||||
Q4FY24 |
Q4FY23 |
YoY Change |
Q3FY24 |
QoQ |
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 |
||||||||
*Q3FY24 - Related to non-recurring charges towards product recall triggered by a third-party supplier; Q4FY24 - Towards non-cash write |
Consolidated Balance Sheet |
||
(In INR Crores) |
||
Key Balance Sheet Items |
As at |
|
|
|
|
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 |
|
2,339 |
2,307 |
Other Assets# |
398 |
361 |
Total Assets |
11,843 |
11,555 |
*IAUD – |
||
# Other Assets include Investments and Deferred Tax Assets (Net) |
Q4 and 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=9765638&linkSecurityString=3bb8d8359c |
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
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