Piramal Pharma Limited Announces Consolidated Results for Q2 and H1 FY2023

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MUMBAI, India, Nov. 9, 2022 /PRNewswire/ -- Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended 30^th September 2022.

Key Highlights for H1FY23

• Revenue from Operation grew by 11% to INR 3,202 Cr. versus INR 2,889 Cr. in H1FY22
• CDMO business grew by 12% YoY
• Complex Hospital Generic business grew by 11% YoY
• India Consumer Healthcare business grew by 12% YoY
• Normalized EBITDA in H1FY23 was INR 376 Cr. with EBITDA margin of 12%
• Capital Expenditure for H1FY23 was INR 427 Cr.
• Successfully cleared 22 regulatory inspections and 111 customer audits in H1FY23
• Released Piramal Pharma Sustainability Report FY 2021-22

Nandini Piramal, Chairperson, Piramal Pharma Limited said, "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 half year 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 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 a vision to grow all our businesses to 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."

Note: Q2FY23 financials are strictly not comparable to Q2FY22 and Q1FY23. Similarly, H1FY23 financials are also not strictly comparable to H1FY22

The Hon'ble NCLT, on 12^th Aug'22, approved the composite scheme of demerger of the Pharma business from Piramal Enterprises Ltd (PEL) into Piramal Pharma Ltd. and amalgamation of PPL's wholly owned subsidiaries Hemmo Pharmaceuticals Pvt Ltd (HPPL) and Convergence Chemical Pvt Ltd (CCPL) into itself with an appointed date of 1^st Apr'22.

Accordingly, the financial statements of PPL have been prepared giving effect to the scheme from 1^st Apr'2022.

Financial statements of CCPL and HPPL, wholly owned subsidiaries have been combined as if the amalgamation had occurred on 1^st April, 2021 or from the date on which the Company acquired control over these subsidiaries, whichever is later.

Prior to the demerger, PPL had entered into an arrangement with PEL for continued onward sale by PEL, of products under Government tenders, that were obtained in the name of PEL, till obligations under these tenders were fully met. The agreement also included sale of PPL's Consumer products (OTC) through PEL's CFA network till all requisite licenses, registrations, permits were fully transferred in the name of PPL.

In accordance with the scheme the demerger of pharma undertaking has been considered as non-common control transaction and accounted as Business combination as per Ind-AS 103 in the financial statements of PPL w.e.f 1^st Apr'22. Accordingly, the financial results for the Quarter and six months ended Sep'22 are not comparable with corresponding previous periods.  Comparable financials are available on slide no 32 of the Investor presentation for the period.

All the closing inventory as on 31^st Mar'22 at PEL, in respect of such transactions included the margin element charged by PPL to PEL on arm's length basis. Since the demerger is effective 1^st Apr'22, the opening inventory transferred to PPL at fair value (provisional) as per IND-AS included the margin element and the same has been charged to the P&L in Q1FY23 of PPL financial statements, on sale of such products in PPL. 

The one-time, non-recurring impact on EBITDA of this inventory margin in Q1FY23 financial statements is INR 68Cr.

About Piramal Pharma Ltd:

Piramal Pharma Limited (PPL, NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceuticals company, offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a 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. PPS offers end-to-end development and manufacturing solutions through a globally integrated network of facilities across the drug life cycle to innovators and generic companies. PCC's complex hospital product portfolio includes inhalation anesthetics, intrathecal therapies for spasticity and pain management, injectable pain and anesthetics, injectable anti-infectives, and other therapies. The Indian Consumer Healthcare business is among the leading players in India in the self-care space, with established brands in the Indian consumer healthcare market. In addition, PPL has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market. In October 2020, the company received a growth equity investment from the Carlyle Group.

For more information visit: https://www.piramal.com/pharma/, Facebook, Twitter, LinkedIn 

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