Piramal Pharma Ltd
Piramal Pharma Limited (PPL) is part of the Piramal group of companies. The company operates through 3 major segments
(1) Contract development and manufacturing organisations (CDMO), (2) Complex hospital generics (critical care), and (3) consumer healthcare (OTC).
Company entered Pharma space back in 1988 with acquisition of Nicholas Laboratories and grew through a series of Mergers & Acquisitions[1] and various organic initiatives. In 2010 the Domestic formulations business was sold to Abott for $3.7 billion[2] and Diagnostic Services was sold to Super Religare Laboratories (SRL)[3]
- Market Cap ₹ 34,430 Cr.
- Current Price ₹ 260
- High / Low ₹ 308 / 114
- Stock P/E 53.6
- Book Value ₹ 52.9
- Dividend Yield 0.04 %
- ROCE 8.25 %
- ROE 6.48 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 4.91 times its book value
- Company has a low return on equity of 5.31% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|
2,939 | 3,340 | 3,443 | 4,390 | 4,897 | |
2,320 | 2,864 | 3,345 | 3,772 | 3,977 | |
Operating Profit | 619 | 476 | 98 | 618 | 920 |
OPM % | 21% | 14% | 3% | 14% | 19% |
216 | 209 | 334 | 202 | 229 | |
Interest | 5 | 57 | 116 | 107 | 100 |
Depreciation | 144 | 165 | 192 | 205 | 210 |
Profit before tax | 687 | 462 | 124 | 508 | 840 |
Tax % | 17% | 20% | 44% | 23% | |
572 | 368 | 70 | 391 | 643 | |
EPS in Rs | 0.53 | 2.96 | 4.84 | ||
Dividend Payout % | 0% | 18% | 0% | 4% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 14% |
TTM: | 32% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -11% |
TTM: | 674% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | 116% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 5% |
Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|
Equity Capital | 995 | 1,186 | 1,193 | 1,323 | 1,323 |
Reserves | 3,106 | 3,937 | 4,068 | 5,389 | 5,694 |
174 | 1,164 | 1,649 | 1,177 | 1,457 | |
1,482 | 1,083 | 1,131 | 1,662 | 1,549 | |
Total Liabilities | 5,757 | 7,371 | 8,042 | 9,551 | 10,023 |
1,627 | 2,439 | 2,602 | 2,612 | 2,915 | |
CWIP | 121 | 405 | 417 | 533 | 254 |
Investments | 1,592 | 1,630 | 1,747 | 1,708 | 2,964 |
2,417 | 2,897 | 3,277 | 4,697 | 3,890 | |
Total Assets | 5,757 | 7,371 | 8,042 | 9,551 | 10,023 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|
35 | 249 | 72 | 358 | |
-4,383 | -1,165 | -435 | -635 | |
4,494 | 896 | 290 | 451 | |
Net Cash Flow | 146 | -19 | -73 | 175 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|
Debtor Days | 104 | 108 | 96 | 111 |
Inventory Days | 125 | 125 | 169 | 200 |
Days Payable | 174 | 151 | 157 | 192 |
Cash Conversion Cycle | 56 | 82 | 108 | 119 |
Working Capital Days | 39 | 112 | 135 | 129 |
ROCE % | 10% | 4% | 8% |
Documents
Announcements
-
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, As Amended ('SEBI Listing Regulations')-Issuance Of Corporate Guarantee
8 Nov - Issuance of corporate guarantee for GBP 30 million.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
29 Oct - Schedule of Analyst/Investor meetings announced.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 26 Oct
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
24 Oct - Audio recording of Q2 financial results conference call.
- Announcement under Regulation 30 (LODR)-Investor Presentation 23 Oct
Concalls
-
Oct 2024Transcript PPT
-
Sep 2024TranscriptNotesPPT
-
Jul 2024Transcript PPT REC
-
Jul 2024TranscriptNotesPPT
-
May 2024TranscriptPPTREC
-
May 2024Transcript PPT
-
Jan 2024TranscriptPPT
-
Jan 2024Transcript PPT
-
Jan 2024TranscriptNotesPPT REC
-
Oct 2023Transcript PPT
-
Oct 2023TranscriptNotesPPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT REC
-
May 2023TranscriptNotesPPT
-
Feb 2023TranscriptPPTREC
-
Jan 2023TranscriptNotesPPT
-
Nov 2022TranscriptPPT
Business units [1]
(1) Contract Development and Manufacturing Operations (CDMO)
The company operates out of 15 CDMO sites with major presence in North America (4), Europe(2) and India (9). It is amongst the Top 3 CDMO players in India and the 13th largest globally.
The company has ~500 CDMO customers as of FY24. [2]
The company is targeting more integrated projects, 40% of their new orders in FY24 were for integrated projects.
Revenue by Services[3]
Other Commercial Manufacturing - 50%
On-patent Commercial Manufacturing - 20%
Development - 26%
Discovery - 4%
84% of the revenues is earned from regulated markets like US, Europe and Japan. [4]