On 8 February, Piramal Pharma Ltd announced its consolidated results for the third quarter (Q3) and nine months (9M) ended 31 December, 2022. Revenue for 9M FY23 amounted to INR 4,918 Crore (1 Crore is equivalent to ten million Rupees).

Key highlights for Q3 FY23 and 9M FY23 are:

• Revenue from operation grew by 11% year-on-year in Q3 FY23 and 9M FY23.
• EBITDA margin for Q3 FY23 and 9M FY23 was 10%, a figure impacted by higher operating expenses, including raw material costs, energy prices, wage inflation and marketing costs.
• Successfully cleared 29 regulatory inspections, including US FDA, and 155 customer audits in 9M FY23.
• New capabilities included capacity expansion gone live at Ahmedabad Piramal Discovery Solutions, peptide facility at Turbhe (India) and Riverview (USA).

Nandini Piramal, Chairperson, Piramal Pharma, said, “Based on our recent increase in customer engagements and continued inflows of Request for Proposals (RFPs), we believe that the demand for CDMO services, especially for our differentiated offerings remain strong. We continue to maintain our quality track record with successful US FDA inspection at our Riverview facility.

“In our Complex Hospital Generic business, the Inhalation Anaesthesia portfolio is seeing a healthy demand. Further, our India Consumer Healthcare business is delivering growth driven by power brands. Investment in e-commerce channel is also yielding good results. We believe in the potential of our business and in-line with our aim to grow, the Board has approved the recommendation to allot equity shares for an amount not exceeding INR 1,050 Crore subject to receipt of requisite regulatory approvals, market conditions and other considerations.”