Piramal Pharma trades lower by over 2% after Q1 earnings

EBITDA margin for the June quarter grew to 10 percent up from 6 percent in Q1FY23.

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Shares for Piramal Pharma lost over 2 percent despite the company narrowing its losses for the June quarter.

Revenue from operations for Piramal Pharma grew 18 percent on-year in Q1FY24, driven by broad-base performance across all three businesses – Contract Development and Manufacturing Organization (CDMO), Complex Hospital Generics (CHG) and India Consumer Health (ICH). Healthy revenue growth and cost optimisation helped the EBITDA margin rise to 10 percent from 6 percent a year back.

The company’s net loss declined on-year to Rs 98.6 crore, down from Rs 109.10 crore recorded last fiscal.

“Historically, our H2 has been better than H1, both in terms of revenue and profitability. We are working to leverage our good start to the financial year and continuing this momentum to deliver a healthy YoY performance for the rest of the year,” Chairperson Nandini Piramal said in a post-earnings note.

The company believed in the growth potential of the business and is accordingly executing its strategic priorities to create shareholder value.

As of 10:40am, the stock was trading at 103.15, down 2.45 percent from the last close. The trading volume stood at 3,931,424.

On July 27, Piramal Pharma announced that its rights issue, approved earlier in 2023, would be open for subscription from August 8 to August 16. The company has fixed entitlement ratio for the rights issue at 5:46.

Mumbai- based Piramal Pharma Limited (PPL) offers a portfolio of products and services through end-to-end manufacturing capabilities. It has 15 global facilities and a global distribution network in over 100 countries.