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 – Lacto Calamine, Littles, Polycrol, Tetmosol and I-range, grew by 40 per cent YoY in H1FY23
- Power brands constitute 42 per cent of total ICH sales in H1FY23
- E-commerce contributes 15 per cent of total business and grew by more than 40 per cent YoY in H1FY23
- Key brands Littles and Lacto Calamine delivered robust growth of 67 per cent and 45 per cent respectively in H1FY23 YoY driven by new launches and excellent traction in e-commerce
- Wide distribution reach across 200,000 outlets and over 12,000 organised retail stores. Also, presence across all leading e-platforms
- Launched an exclusive D2C platform, Wellify.in for all the health and wellness brand offerings