Piramal Pharma reports y-o-y loss in Q2FY23; Records after-tax losses of Rs 37.3 crore | The Financial Express

Piramal Pharma reports y-o-y loss in Q2FY23; Records after-tax losses of Rs 37.3 crore

Meanwhile, the revenue from Operation grew by 11 percent to INR 3,202 Crore versus INR 2,889 Crore in H1FY22.

Piramal Pharma reports y-o-y loss in Q2FY23; Records after-tax losses of Rs 37.3 crore
Pfizer said it will now offer a total of 500 products, as quoted by Reuters. (File)

Piramal Pharma Limited on Wednesday announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) that ended 30th September 2022. The pharma company has reported a year-on-year loss in the second quarter.

According to the company’s statement, it has reported after-tax losses of Rs 37.3 crore in the quarter, as against after-tax profit of Rs 36.6 crore a year earlier. Sequentially, the losses narrowed from Rs 109 crore. Meanwhile, Ebitda was down 12 percent to Rs 173 crore, compared with the forecast of Rs 197 crore. Moreover, Ebitda margin stood at 10% against 12.5%.

Meanwhile, the revenue from Operation grew by 11 percent to INR 3,202 Crore versus INR 2,889 Crore in H1FY22. According to the company, the India Consumer Healthcare business grew by 12 percent YoY.

“We announce our first results post demerger as an independent and focused pharma company. Over the last 10 years, we have made several strategic choices that have helped nurture and scale our business and establish Piramal Pharma (PPL) as a leading global pharmaceuticals player. For the quarter and a half year that ended September 2022, our business has delivered a resilient performance despite multiple internal and external challenges. We expect to deliver a much-improved performance in the second half of the current financial year. Historically we have had a greater skew of sales and profits in the second half of the year and this year is no different. We have the vision to grow all our businesses to a significant scale over the medium term and have strong growth levers in place for each of them. We continue to make investments to drive growth in these businesses,” Nandini Piramal, Chairperson, Piramal Pharma Limited said in a statement.

The pharma major also reported strong Inhalation Anesthesia (IA) sales in the US market with continued volume growth driving market share gains. The company launched three products during H1FY23 including a Pre-Filled Syringe (PFS) in Germany and eight SKUs expected to be launched in various targeted markets in Q3FY23 based on a tender calendar.

In India Consumer Healthcare (ICH), the company added 10 new products and 11 new SKUs launched in H1FY23. According to the company, its key brands, Littles and Lacto Calamine delivered robust growth of 67 percent and 45 percent respectively in H1FY23 YoY driven by new launches and excellent traction in e-commerce.

According to reports, after splitting off from Piramal Enterprises Ltd. and going public on Oct. 19, the Mumbai-based drugmaker announced its first quarterly earnings today.

ALSO READ | Piramal Pharma releases its Sustainability Report FY21–22 to present its performance on ESG parameters

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First published on: 09-11-2022 at 11:09 IST