Key Highlights for Q3FY25/9MFY25
- Revenue from Operations grew by 14% YoY for 9MFY25, primarily driven by high-teen growth in the CDMO business
- EBITDA grew by 20% YoY for 9MFY25, supported by operating leverage, cost optimisation initiatives and superior revenue mix
- Net-Debt to EBITDA ratio maintained at 2.8x
- Best-in-Class Quality Track Record - No pending observation at any of our US FDA inspected sites
- Significant Step Towards Sustainable Operations - Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This will eliminate ~24,000 tCO2e 1 GHG 2 emissions annually accounting for about 17% of our total emissions
Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY25 so far has been a steady year for the Company with revenue growth of 14% and EBITDA growing at 20%. Our CDMO business continues to deliver robust performance with 18% revenue growth along with EBITDA margin improvement in 9MFY25. This performance was largely led by innovation related work. Our CHG business registered an early-teen revenue growth during the quarter on the back of strong volume growth in our Inhalation Anesthesia portfolio. In our ICH business, power brands continue to register about 19% growth.
The quarter also marked a significant milestone in our journey towards sustainable manufacturing with the conversion of coal-fired steam boiler at our Digwal facility to operate on biomass briquettes. This will significantly reduce our GHG emissions - underscoring our unwavering commitment towards the planet.”
Key Business Highlights for Q3 and 9M FY25
Contract Development and Manufacturing Organization (CDMO):
- CDMO business delivered high-teen revenue growth for 9MFY25 driven by continued traction in the on-patent commercial manufacturing and generic API business
- Timely capacity expansions and targeted BD 1 efforts resulting in YoY growth in RFPs, however customer decision making is prolonged
- Continued YoY improvement in EBITDA Margin driven by better revenue mix and initiatives towards better procurement strategies, cost optimisation and operational excellence
- Maintained our best-in-class quality track record with successful clearance of 365 regulatory inspections (including 45 US FDA inspections) and over 1,800 customer audits since FY2012
- Converted the coal-fired steam boiler at our Digwal facility to operate on biomass briquettes, a carbon-neutral fuel source. This is expected to eliminate ~24,000 tCO2e GHG emissions annually, accounting for about 17% of total emissions
- Biotech Funding – CY2024 funding improved over CY2023, enough to replenish biotech cash burn but not enough to accelerate R&D spends
Complex Hospital Generics (CHG):
- Inhalation Anesthesia (IA) sales in the US tracking healthy volume growth driven by order wins for Sevoflurane and Isoflurane
- Capacity expansion at Dahej and Digwal underway to capture IA opportunities in the RoW markets. Seeing month-on-month increase in production output
- Maintain our #1 Rank in the US in Sevoflurane (40%+ market share 1 ) and in Intrathecal Baclofen (70%+ market share 1 ). Mitigo (intrathecal morphine sulphate) also delivered encouraging growth during the quarter
- Maintaining EBITDA Margins – Cost optimization initiatives in the areas of sourcing, manufacturing, distribution, and operational excellence, showing results
India Consumer Healthcare (ICH):
- ICH business delivered double-digit revenue growth in Q3 and 9MFY25 amidst tepid consumer demand in the industry
- Power Brands grew at 19% YoY during 9MFY25, driven by robust performance in Little’s, Polycrol and CIR. Power Brands contributed to 48% of total ICH sales [Excluding i-range, which was impacted by regulatory price control, growth in power brands was about 26% for 9MFY25]
- Added 16 new products and 23 new SKUs in 9MFY25
- Launched our new media campaign with Mrunal Thakur for Lacto Calamine
- E-commerce sales grew at over 40% YoY in Q3FY25 and contributed 20% to ICH sales. Present on more than 20 E-commerce platforms
Piramal Pharma Limited will be hosting a conference call for investors / analysts on 29 th January 2025 from 5:30 PM to 6:15 PM (IST) to discuss its Q3 and 9M FY25 Results.
The dial-in details for the call are as under:
1. Tonnes of carbon dioxide equivalent; 2. Green House Gas;
1. As per IQVIA data
