Piramal Pharma (PPLPHARMA) Q3 24/25 earnings summary

Executive summary

• Revenue grew 14% year-over-year for the nine months of FY25, with EBITDA up 20%, driven by CDMO, Complex Hospital Generics, and India Consumer Healthcare segments, supported by operating leverage and innovation-related work.

• CHG saw 14% revenue growth for the quarter, led by strong U.S. inhalation anesthesia volumes and key tender renewals.

• ICH power brands grew 19%, with e-commerce sales up 40% and new product launches supporting momentum.

• Net debt-to-EBITDA ratio maintained at 2.8x, with a strong compliance record and zero pending U.S. FDA observations.

• Sustainability initiatives included converting the Digwal facility to biomass fuel, expected to cut 24,000 tons of CO2 emissions annually, about 17% of total emissions.

Financial highlights

• Q3FY25 revenue from operations rose 13% year-over-year to ₹2,204 crore; 9MFY25 revenue up 14% to ₹6,397 crore.

• EBITDA for Q3FY25 increased 6% year-over-year to ₹350 crore; 9MFY25 EBITDA up 20% to ₹977 crore.

• Adjusted margins improved year-over-year, with gross margins around 64%-65% for the nine-month period.

• Net profit after tax was ₹4 crore in Q3FY25 and a net loss of ₹62 crore for 9MFY25, reflecting non-operational items.

• Around 40 new products and SKUs launched this year, fueling overall growth.

Outlook and guidance

• Q4 is historically the strongest quarter, especially for CDMO, and this trend is expected to continue.

• Guidance reiterated for mid-teens growth in revenue and EBITDA for FY25, with meaningful PAT improvement.

• FY30 aspiration to double revenues to $2 billion with 25% margins and high-teens growth, targeting over 3x EBITDA growth and early teens PAT margins.