Piramal Pharma Ltd reported a significant improvement in its financial performance for the first quarter that ended on June 30, 2024, with a consolidated net loss of Rs 88.64 crore. This is an improvement compared to the net loss of Rs 98.58 crore in the same quarter of the previous fiscal year, as stated in a regulatory filing by the company.
The company experienced a notable increase in consolidated revenue from operations, which stood at Rs 1,951.14 crore for the quarter. This is a marked improvement from the Rs 1,748.85 crore reported in the corresponding quarter of the previous year. This rise in revenue indicates a robust growth trajectory and a positive response to the company’s offerings in the market.
Despite the improved revenue figures, total expenses for the quarter were also higher, amounting to Rs 2,038.16 crore. This represents an increase from the Rs 1,908.66 crore recorded in the same period last year. The rise in expenses can be attributed to various factors including increased operational costs and investments in expanding business segments.
Nandini Piramal, Chairperson of Piramal Pharma, commented on the results, highlighting the company’s steady all-round performance at the start of the financial year. She expressed satisfaction with the sustained order inflows in the company’s Contract Development and Manufacturing Organisation (CDMO) business, particularly for on-patent commercial manufacturing. This indicates strong market demand and the company’s ability to secure significant contracts.
Additionally, Nandini Piramal pointed out the growing demand for Piramal Pharma’s differentiated offerings. There has been an increase in customer inquiries and visits, signaling heightened interest and potential future business. This growing interest could be a result of the company’s continuous efforts in enhancing and diversifying its product portfolio to meet market needs.
In the Complex Hospital Generics (CHG) business segment, the company’s planned expansion for its inhalation anesthesia portfolio is progressing well and is expected to be commercialized by the fiscal year 2026 (FY26). This expansion is anticipated to strengthen the company’s position in the market and contribute to future revenue growth.
Overall, Piramal Pharma’s performance in the first quarter reflects a positive trend with higher sales and controlled losses compared to the previous year. The company’s focus on expanding its product offerings and entering new market segments appears to be paying off. The management’s strategic initiatives and continuous efforts to drive growth and operational efficiency are expected to further enhance the company’s financial performance in the upcoming quarters.
SOURCE:
BUSINESS STANDARD
