Revenue from operations grew by 17.97% year on year (YoY) to Rs 2,552.36 crore during the quarter, , driven by healthy growth in our CDMO and ICH businesses.
The company's revenue from contract development and manufacturing organization (CDMO) was at Rs 1,649 crore (up 29% YoY), complex hospital generics (CHG) stood at Rs 667 crore (down 5% YoY) and India consumer healthcare (ICH) came in at Rs 238 crore (up 14% YoY) during the period under review.
The drug maker posted a profit before exceptional item and tax of Rs 258 crore in Q4 FY24, higher than Rs 94.89 crore recorded in same quarter last year.
During the quarter, the company made a provision, classified as an exceptional item of Rs 30.52 crore, towards the equity investment and partial license rights.
EBITDA stood at Rs 556 crore in the March quarter, registering a growth of 48% YoY primarily driven by revenue growth, operating leverage, cost optimization, and operational excellence initiatives.
EBITDA margin improved to 22% in fourth quarter of FY24 as compared to 17% reported in the same period a year ago.
Net Debt / EBITDA ratio has improved to 2.9x during the quarter as compared to 5.6x posted in corresponding quarter previous year.
On full year basis, the company recorded consolidated net profit of Rs 17.82 crore in FY24 as against net loss of Rs 186.46 crore reported in FY23. Revenue from operations rose 15.39% YoY to Rs 8,171.16 crore in FY24.
Nandini Piramal, chairperson of Piramal Pharma, said, “FY24 has been a strong year for the company with all round improvement, mainly driven by our CDMO business that delivered a robust 19% YoY revenue growth. We saw significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment.
Contributions from our innovation related work and differentiated offerings also increased in FY24. Capacity expansion at our Grangemouth facility for antibody drug conjugate segment was commercialized and is seeing good customer interest. In the Inhalation anesthesia business, we continue to maintain our leading position in Sevoflurane in the US market and are expanding our capacities to tap the growing demand in the ROW markets.
Our India Consumer Healthcare business is also continuing to perform well with focus on better EBITDA margin. During the year, we also showed a significant improvement in our profitability with EBITDA margin of 17% (Vs. 12% in FY23). All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives. Our Net Debt / EBITDA ratio also improved significantly, as we ended the financial year below 3x compared to 5.6x at the start of the year.”
Piramal Pharma (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 17 global facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business; and the India Consumer Healthcare business, selling over-the-counter products.
The scrip rose 1.52% to close at Rs 150.30 on Friday, 10 May 2024.