Piramal Pharma announces consolidated results for Q2 and H1 FY2023

Revenue from operation grew by 11 per cent to Rs 3,202 crore versus Rs 2,889 crore in H1FY22

By EP News Bureau On Nov 9, 2022

Piramal Pharma today announced its consolidated results for the second quarter (Q2) and half year (H1) ending 30th September, 2022.

In a statement, the company mentioned the HIFY23 highlights as follows:

Revenue from operation grew by 11 per cent to Rs 3,202 crore versus Rs 2,889 crore in H1FY22 — CDMO business grew by 12 per cent YoY, complex hospital generic business grew by 11 per cent YoY and India consumer healthcare business grew by 12 per cent YoY
Normalised EBITDA in H1FY23 was Rs 376 crore with EBITDA margin of 12 per cent
Capital expenditure for H1FY23 was Rs 427 crore
Successfully cleared 22 regulatory inspections and 111 customer audits in H1FY23

In addition, the key business highlights for Q2 and H1 FY2023 are:

Contract Development and Manufacturing Organisation (CDMO)

Witnessing continued strong inflows of Request For Proposal (RFP) and increase in customer audits, however experiencing slower decision making by the customers due to macro-economic pressures
Undertaking judicious price increases, cost optimisation and operational excellence measures to offset inflationary pressures
Maintaining the best-in-class quality track record – successfully cleared over 20 regulatory inspections and over 100 customer audits in H1FY23
Executing growth CAPEX as per plan – have already announced growth CAPEX of $157mn to be completed over the next 18-24 months
Developing alternate vendors and building resilient supply chain to counter supply chain disruptions

Complex Hospital Generics (CHG)

Strong Inhalation Anesthesia (IA) sales in the US market with continued volume growth driving market share gains
Adding IA capacities in India to serve the growing demand from non-US markets
Intrathecal portfolio in the US continued to command leading market share
Extensive pipeline of new products consisting of 37 SKUs at various stages of development
Launched three products during H1FY23 including a Pre-Filled Syringe (PFS) in Germany. Eight SKUs expected to be launched in various targetted markets in Q3FY23 based on tender calendar

India Consumer Healthcare (ICH)