Piramal Pharma Q4 net profit zooms to ₹101 crore, decalres dividend

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Piramal Pharma Ltd on Friday (May 10) reported a 102.1% year-on-year (YoY) jump in net profit at ₹101.3 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Piramal Pharma posted a net profit of ₹50.1 crore, the company said in a regulatory filing. The company’s revenue from operations increased by 18%% to ₹2,552.4 crore as against ₹2,163.6 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 50.9% to ₹529.9 crore in the fourth quarter of this fiscal over ₹351.2 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 20.8% in the reporting quarter as compared to 16.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. Net debt or EBITDA improved from 5.6x at the start of the financial year to 2.9x at the end of FY24.

The board of directors has recommended a final dividend of ₹0.11 per equity share of ₹10 each for the financial year ended March 31, 2024, which will be paid or dispatched after the 4th Annual General Meeting, subject to the approval of shareholders of the company.

Nandini Piramal, Chairperson, Piramal Pharma, said, “FY24 has been a strong year for the company with all-round improvement, mainly driven by our CDMO business that delivered a robust 19% YoY revenue growth.

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We saw a significant increase in order inflows, especially for on-patent commercial manufacturing, amidst a difficult biotech funding environment. Contributions from our innovation-related work and differentiated offerings also increased in FY24.”

The results came after the close of the market hours. Shares of Piramal Pharma Ltd ended at ₹150.30, up by ₹2.25, or 1.52% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow