MUMBAI, India, May 25, 2023 /PRNewswire/ -- Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), today announced its consolidated results for the fourth quarter and fiscal year 23 ended March 31, 2023.
Q4 FY23 and FY23 highlights
Nandini Piramal, Chairman, Piramal Pharma Limited said, "In recent years, the fourth quarter has always been the strongest for the company in terms of revenue contribution and EBITDA margin. This year we have also seen a healthy rebound in our revenue and EBITDA margin in the fourth quarter compared to the previous three quarters of the year.
Our CDMO business, which had a difficult year, experienced a significant rebound in order bookings in the fourth quarter. Our portfolio of inhalational anesthesia products continues to see strong demand, so we are expanding our capabilities. Our Consumer Healthcare business in India is posting good growth, driven by our strongest brands.
We continue to maintain our quality record with satisfactory US FDA inspections: zero observations at the Riverview and Digwal facilities, and EIR at the Lexington and Sellersville facilities. We believe in the potential of our businesses and our main objective in the coming months will be to capture demand and execute them well, driving productivity through operational excellence and executing critical maintenance and growth capex."
Business highlights for Q4 and FY23
Contract Development and Manufacturing Organization (CDMO):
Complex Hospital Generics (CHG):
India Consumer Healthcare (ICH):
* EIR – Establishment Inspection Report
Note: The financial results of exercise 23 are not strictly comparable to those of exercise 22, respectively
The Hon'ble NCLT, on 12 Aug 22, approved the Composite Scheme of Agreement for the transfer by means of the spin-off of the pharmaceutical business of Piramal Enterprises Ltd (PEL) into Piramal Pharma Ltd. and the merger of the owned subsidiaries total of PPL Hemmo Pharmaceuticals Pvt Ltd (HPPL) and Convergence Chemical Pvt Ltd (CCPL) itself with a designated date of April 1, 22.
Accordingly, PPL's financial statements have been prepared taking into account the plan as of April 1, 2022.
The financial statements of CCPL and HPPL, wholly owned subsidiaries of PPL, have been combined as if the merger had occurred on April 1, 2021 or as of the date the company acquired control over these subsidiaries, whichever is the case. date was later.
Prior to the spin-off, PPL had entered into an agreement with PEL for the latter's continued sale of products pursuant to public bids obtained on PEL's behalf, until the obligations arising from such bids were fully fulfilled. The agreement also included the sale of PPL's over the counter (OTC) products through PEL's CFA (Carrying and Forwarding Agent) network until all necessary licenses, registrations and permits were transferred in full to PPL's name.
Under the plan, the spin-off of the pharmaceutical company has been treated as an uncommon control transaction and has been accounted for as a business combination under Ind-AS 103 in PPL's financial statements as of April 1, 2022. Consequently, the financial results for fiscal year 23 are not comparable with the corresponding prior period. Comparable financial data is shown in the following table.
In addition, all closing stock as of March 31, 22 at PEL, in respect of such transactions, included the margin element charged by PPL to PEL at arm's length. Since the spin-off is effective from April 1, 22, the opening inventory transferred to PPL at fair value (provisional) according to IND-AS included the margin element and the same has been charged to the income statement on the first quarter of the year 23 of the financial statements of PPL, in the sale of said products in PPL.
The one-time, non-recurring impact on EBITDA of this inventory margin in the 1Q FY23 financial statements is INR 68Cr.
Other assets include investments and deferred tax assets (net)
Fourth Quarter and FY2023 Results Conference Call
Piramal Pharma Limited will host an investor/analyst conference call on May 25, 2023 at 5:00 PM(IST) to discuss Q4 and FY2023 results.
The dialing details for the call are as follows:
About Piramal Pharma Ltd: Piramal Pharma Limited (PPL, NSE: PPLPHARMA) (BSE: 543635), offers a portfolio of differentiated products and services through its 17 global facilities that include end-to-end manufacturing and development capabilities and a global distribution network in more than 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization; Piramal Critical Care (PCC), a business of Complex Hospital Generics; and the India Consumer Healthcare business, which sells over-the-counter products. In addition, one of PPL's partner companies, Allergan India Private Limited, is a joint venture with AbbVie Inc. and has become one of the market leaders in the area of ophthalmic therapy. In addition, PPL has a minority investment in Yapan Bio. In October 2020, PPL received a 20% strategic growth investment from the Carlyle Group.
For more information, visit: https://www.piramal.com/pharma/, Facebook, Twitter, LinkedIn
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