Piramal Pharma Records Net Loss Of Rs 99 Cr In Q1FY24

Piramal Pharma on Thursday announced its consolidated results for the first quarter that ended on 30th June 2023. The pharmaceutical company has recorded gross sales worth Rs 1,749 crores for the quarter that ended in June 2023, an 18 per cent rise over the same quarter in the previous year.

The sales were driven by a broad base performance across all three businesses – CDMO, Complex Hospital Generic (CHG) and India Consumer Healthcare (ICH), the company said in a statement. 

Piramal Pharma recorded a net loss of Rs 99 crore in Q1FY24 against a net loss of Rs 109 crore recorded in the corresponding quarter of the previous year.

The pharma company recorded a 55 per cent decrease quarter on quarter in EBITDA which stood at Rs 171 crores against Rs 376 crores recorded in the previous quarter. EBITDA margin in Q1FY24 was 10 per cent compared to 6 per cent in Q1FY23, driven by healthy revenue growth and cost optimization measures.

Nandini Piramal, Chairperson, Piramal Pharma said, “We had a positive start to the new financial year with healthy revenue growth and improvement in our EBITDA margins. Our CDMO business is also witnessing continued order inflows, especially for our differentiated offerings and innovation-related work."

She added, "Our Inhalation Anesthesia portfolio is seeing a healthy demand and our India Consumer Healthcare business is delivering good growth driven by power brands. We continue to maintain our best-in-class quality track record and are also taking multiple initiatives in the area of ESG to grow our business responsibly."

The company's stock was trading 1.51 per cent lower at Rs 104.15 per scrip on Friday as of 11:39 on BSE.