Piramal Pharma announces consolidated results for Q2 and H1 FY2023

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