13 May , 2024 By : Debdeep Gupta
Piramal Pharma shares zoomed 10 percent in opening trade and hit a 52-week high of Rs 166.70 on May 13 as investors cheered for the drugmaker's solid all-around performance in the January-March quarter.
At 09.49 am, shares of Piramal Pharma were trading at Rs 163.95 apiece on the NSE. Trading volumes were sharply high in the counter as two crore shares changed hands on the exchange so far, significantly more than the one-month daily traded average of 61 lakh shares.
The company's net profit for the quarter under review surged over two-fold to Rs 132 crore, up from Rs 50 crore in the year-ago period. However, this bottom line included a one-time exceptional item of Rs 31 crore, excluding which, the net profit doubled on an annual basis.
The drugmaker's revenue from operations grew by 18 percent on year to Rs 2,552 crore, driven by healthy growth in its CDMO (Contract Development & Manufacturing Organisation) and India consumer healthcare businesses.
The CDMO business, which makes up 65 percent of the company's total sales delivered a 28 percent revenue growth to Rs 1,650 crore. The India consumer healthcare segment, which accounts for 9 percent of the overall sales, delivered 16 percent year-on-year revenue growth of Rs 240 crore.
"We saw a 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," said Nandini Piramal, Chairperson, of Piramal Pharma.
Moreover, the company's operational performance also improved significantly as the EBITDA margin swelled up to 22 percent in January-March, up from 17 percent in the year-ago period.
"All our three businesses delivered higher EBITDA margins through operating leverage, cost optimization, and operational excellence initiatives," Piramal added.
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