Piramal Pharma Limited experienced a surge in its stock value, climbing nearly 6% during Monday’s morning session following the release of its Q2 FY23 financial report. The company reported a remarkable 11% year-on-year rise in consolidated revenue from operations, totaling ₹1,911 crore, driven by outstanding performance across all its business segments.
In this quarter, Piramal Pharma’s contract development and manufacturing organization (CDMO) witnessed substantial growth, with a 14% year-on-year revenue increase. This impressive surge was attributed to a surge in orders, particularly for innovative offerings and specialized projects. Additionally, capacity expansion for inhalation anesthesia products is underway, capitalizing on robust global market demand.
The complex hospital generics (CHG) division also displayed noteworthy progress, boasting a 5% year-on-year increase in revenue. This growth was fueled by a healthy surge in volume sales of inhalation anesthesia (IA) products. On the domestic front, the India consumer healthcare (ICH) business reported a substantial 13% year-on-year rise in revenue, reflecting steady growth driven by the company’s power brands.
Nandini Piramal, Chairperson of Piramal Pharma Limited, expressed optimism about the company’s future prospects. She stated that the positive trend observed in Q2 FY23 is expected to continue, with a particularly strong outlook for Q4. Piramal highlighted the successful completion of a rights issue during the quarter, with the proceeds utilized to reduce the company’s debt burden significantly.
Piramal Pharma’s solid financial performance, coupled with its strategic debt reduction initiatives, has bolstered investor confidence. As the company forges ahead into the second half of FY24, it remains poised for sustained growth and a robust year-end performance.
