Express Pharma

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

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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
  • Integration of recent acquisitions on track

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)

  • 10 new products and 11 new SKUs launched in H1FY23
  • Continue to invest in media and trade spends to drive growth in power brands
  • Power brands – Lact