Piramal Pharma Q4FY23 Results: Profit tumbles 75.4% on-year to Rs 50.11 crore; CDMO biz sees order pickup

Piramal Pharma posted its fiscal fourth quarter profit at Rs 50.11 crore, down 75.4 per cent as against Rs 204.06 crore in the corresponding quarter of last year. It posted revenue from operations at Rs 2,163.58 crore, up 1.5 per cent in comparison to Rs 2,131.36 crore in the fourth quarter of FY22. The company’s EBITDA stood at Rs 351.3 crore. “Over the recent years, Q4 has always been the strongest quarter for the Company in terms of revenue contribution and EBITDA margin. This year as well, we have seen a healthy pickup in our Q4 revenues and EBITDA margin compared to the previous three quarters of the financial year,” said Nandini Piramal, Chairperson, Piramal Pharma Limited. The company’s expenses during the quarter increased to Rs 2,100.97 crore from Rs 1,955.62 crore even as the expenses was down 1 per cent from Rs 2,209.50 crore to Rs 2,188.08 crore in Q4FY23. 

In terms of business verticals performance, Piramal Pharma’s Contract Development and Manufacturing Organization (CDMO), Piramal Pharma said that the segment witnessed significant pickup in order bookings in Q4 compared to the previous three quarters. “The orders received during Q4 were a healthy mix of on-patent and generic product development and manufacturing,” it said. 

In the Complex Hospital Generics (CHG) vertical, Inhalation Anesthesia portfolio continued to see a strong demand in the US and non-US markets. “We are accordingly expanding our capacities at Digwal and Dahej. Intrathecal portfolio in the US continued to command leading market share. For Injectable Pain Management, growth in FY23 was impacted by supply constraints at our CMO,” the company said.

Further, Piramal Pharma’s India Consumer Healthcare (ICH) business is delivering good growth driven by its power brands. The company launched 26 new products and 37 new SKUs in FY23 and the new products launched since April 2020 contributed to 18 per cent of total ICH sales in FY23. “Power Brands – Littles, Lacto Calamine, Polycrol, Tetmosol and I-range, grew by 37 per cent YoY in FY23 and contributed to 42 per cent of ICH sales. E-commerce grew by more than 40 per cent YoY in FY23 and contributed 16 per cent to ICH revenues,” it said. 

Going forward, Piramal Pharma said that the focus over the next few months will be on capturing demand and executing them well, driving productivity through operational excellence and executing critical maintenance and growth capex.