Piramal Pharma's Bottomline Turns Green, Revenue Rises By 11% YoY In Q2 Results

Indian drugmaker Piramal Pharma on Friday declared its quarterly results for the quarter that ended on September 30 2023, the company's revenue from operation grew by 11 per cent year on year (YoY) to Rs 1,911 crore in quarter two of the financial year 2024 (Q2FY24) against Rs 1,749 crore in Q2FY23.

Piramal Pharma's bottomline finally turned green this quarter with Rs 5 crore profit after tax (PAT) against a loss of Rs 37 crore in Q2FY23 and Rs 99 crore loss in Q1FY24.  

EBITDA grew by 44 per cent YoY and in Q2FY24 to Rs 315 crore against Rs 219 crore in Q2FY23 - this company said was driven by healthy revenue growth and cost optimisation measures.

The company's total expenses grew by 6.3 per cent in the September quarter to Rs 1,646 crore against Rs 1,547 crore in Q2FY24. 

Piramal Pharma said in a statement said that it successfully completed the rights issue of Rs1,050 crore with subscription of 128 per cent. The pharmaceutical company's net debt as on 30th September 2023 is Rs 3,823 crore – reduction of Rs 958 crore since 31st March 2023.

On the sustainability front the company informed that it has taken a target to reduce Scope 1 and Scope 2  emissions by 42 per cent by FY2030 (with baseline of FY2022). 

Piramal Pharma's stock closed in green on Firday up by 3.23 per cent at Rs 92.55 on BSE.