Piramal Pharma posts net loss of Rs 99 crore in Q1FY24

economictimes.indiatimes.com:

Piramal Pharma on Friday reported a net loss of Rs 99 crore in Q1FY24 on higher finance cost and expenses. The company reported a net loss of Rs 109 crore in the corresponding quarter of the previous year. Revenue from operation rose 18% year-on-year (YoY) to Rs 1749 crore in Q1FY24.

EBITDA rose 92% YoY to Rs 171 crore, while EBITDA margins expanded 400 basis points to 10%. The contract research and manufacturing serivces (CDMO) revenues rose 17% YoY to Rs 898 crore led by order inflow momentum and strong execution in Q1FY24. The complex hospital generics segment grew 22% YoY to Rs 617 crore and India consumer health business gained 13% to Rs 239 crore.

The finance cost rose 90% YoY to Rs 119 crore and other expenses rose 15% to Rs 494 crore. Piramal Pharma plans to use the proceeds of the proposed rights issue of Rs 1050 crore which will begin next week, towards debt repayment and deleveraging the balance sheet by reducing interest cost from H2FY24. “We had a positive start to the new financial year with healthy revenue growth and improvement in our EBITDA margins," said Nandini Piramal, chairperson, Piramal Pharma.