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Piramal Pharma expects demand for contract development and manufacturing services to be strong, its Chairperson Nandini Piramal said, after the company declared its results for the third quarter ended December 31, 2022.
The company’s revenues from operation stood at ₹1,716 crore in Q3 FY23, as compared to ₹1,539 in the same period last year. It posted a loss of ₹90 crore in the quarter under review, as compared to a profit after tax of 163 crore last year. The company said its performances in the two quarters were not comparable since it did not include certain transactions. Piramal Pharma shares on the BSE were down -10 percent, at ₹89.15 at 12.28 pm on Thursday.
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On the basis of a recent increase in customer engagements and continued inflows of Request for Proposals (RFPs), “we believe that the demand for CDMO (contract development and manufacturing organisation) services, especially for our differentiated offerings, remain strong,” said Piramal, adding that they maintained their quality track record with a successful US regulatory inspection of their Riverview facility.
The CDMO segment revenues stood at ₹1,021 crore in Q3 FY23, compared to 897 crore in the same period last year. Its complex hospital generics segment posted revenues of ₹514 crore in the said quarter, compared to ₹486 crore last year. And the Indian consumer healthcare business stood at ₹214 crore in the said quarter, compared to ₹157 crore in the corresponding quarter last year.
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Reviewing these segments, Ms Piramal said, the inhalation anesthesia portfolio was seeing a healthy demand, in the complex hospital generic business. The Indian consumer healthcare business was being driven by their power brands, she said, adding that the investment in e-commerce channels was also yielding good results. The power brands included Littles, Lacto Calamine, Polycrol, and Tetmosol.
The company’s Board has also approved a recommendation to allot equity shares for an amount not exceeding ₹1,050 crore, subject regulatory approvals, market conditions, etc, the company said.
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