Piramal Pharma, one of the prominent names in the pharmaceutical industry, has announced a remarkable performance for the fourth quarter of the fiscal year 2024, registering a significant surge in profitability. The company reported a staggering 102% year-on-year increase in Profit After Tax (PAT), reaching Rs 101.27 crore. This remarkable growth was underpinned by an 18% increase in consolidated revenue from operations, amounting to Rs 2,552.36 crore.
The robust growth in PAT was primarily attributed to the stellar performance of Piramal Pharma’s Contract Development and Manufacturing Organization (CDMO) business, bolstered by its differentiated offerings and capacity expansion initiatives. On a sequential basis, the company’s profit soared more than nine-fold, accompanied by a notable 30.31% increase in revenue.
The Earnings before Interest, Tax, Appreciation, and Amortisation (EBITDA) witnessed a substantial surge of 48% year-on-year, reaching Rs 556 crore, reflecting Piramal Pharma’s strong operational performance and strategic initiatives.
Commenting on the exceptional results, Nandini Piramal, Chairperson of Piramal Pharma, expressed satisfaction with the company’s robust performance in FY24. She highlighted the pivotal role played by the CDMO business, which delivered a robust 19% year-on-year revenue growth. Piramal emphasized the significant increase in order inflows, particularly for on-patent commercial manufacturing, amidst challenging biotech funding conditions. Furthermore, contributions from innovation-related work and differentiated offerings witnessed a notable uptick in FY24.
Piramal Pharma’s capacity expansion endeavors, notably at its Grangemouth facility for the Antibody Drug Conjugate segment, have been successfully commercialized and are witnessing substantial customer interest. The company’s three business segments demonstrated higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives.
For the full fiscal year FY24, Piramal Pharma posted a commendable 15% year-on-year increase in revenue, achieving a significant turnaround in PAT to Rs 8171 crore and Rs 81 crore, respectively. The EBITDA witnessed a remarkable surge of 61% to Rs 1,372 crore.
Piramal Pharma’s steadfast commitment to innovation, operational excellence, and strategic expansion initiatives has positioned it as a formidable player in the pharmaceutical industry, poised for sustained growth and value creation.
