Piramal Pharma Reports Over Fourfold Surge in Q2 Net Profit to Rs 23 Crore, Announces Expansion Plans
Revenue from operations rose to Rs 2,242 crore in the second quarter as compared with Rs 1,911 crore in the year-ago period, Piramal Pharma said.
Written By : Farhat Nasim
Published On 2024-10-24 11:05 GMT | Update On 2024-10-24 11:05 GMT
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New Delhi: Piramal Pharma announced on Thursday a more than fourfold rise in consolidated net profit, reaching Rs 23 crore for the second quarter ending in September. In comparison, the Mumbai-based company had recorded a net profit of Rs 5 crore during the same July-September period in the previous fiscal year.
Revenue from operations rose to Rs 2,242 crore in the second quarter as compared with Rs 1,911 crore in the year-ago period, Piramal Pharma said in a statement.
"We continue our momentum of delivering healthy revenue growth accompanied by YoY EBITDA margin expansion. This has been primarily driven by consistent growth in our CDMO business which has witnessed a good pick-up in innovation-related work and on-patent commercial revenues," Piramal Pharma Chairperson Nandini Piramal said.
To sustain this growth momentum and to capitalise on rising demand for sterile fill-finish capabilities, the company has announced a USD 80 million expansion plan at the Lexington facility which is expected to be completed by the FY27 end, she added.
"In our CHG (complex hospital generics) business, we are witnessing steady volume growth in inhalation anesthesia products in the US and emerging markets," Piramal said.
Capacity expansion at Dahej (Gujarat) and Digwal (Telangana) is underway to capture growth opportunities in the RoW markets, she added.
The company is also investing in portfolio expansion 'building a portfolio of differentiated and specialty products to drive long-term profitable growth, she said.
In the ICH (India consumer healthcare) business, the company continues to see robust growth in power brands and e-commerce sales, she noted.
For the business segment, the company plans to widen its reach by transitioning from a pharmacy-dominant structure to an omnichannel consumer healthcare company.
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