Piramal Pharma Ltd

Piramal Pharma Ltd

₹ 130 -1.66%
04 Mar 4:01 p.m.
About

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]

Key Points

Business units [1]
(1) Contract Development and Manufacturing Operations (CDMO)
The company operates out of 13 CDMO sites with major presence in North America (4), Europe(2) and India (7). It is amongst the Top 3 CDMO players in India and the 13th largest Globally with capabilities across drug substance and drug product. It works with ~500 CDMO customers globally.
The CDMO business offers Drug discovery, drug development and commercial manufacturing. 46% of molecules are in Phase-3 development. It has an integrated offering form Pre-clinical to commercialization stage covering all requirements of innovators.
In Q3FY24, company received its first integrated anti-body drug conjugate (ADC) order involving monoclonal antibodies. Three sites were involved in this – Lexington, Grangemouth and Yapan.[2]

  • Market Cap 17,245 Cr.
  • Current Price 130
  • High / Low 149 / 61.6
  • Stock P/E
  • Book Value 58.6
  • Dividend Yield 0.00 %
  • ROCE 1.98 %
  • ROE -2.76 %
  • Face Value 10.0

Pros

Cons

  • Company has low interest coverage ratio.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,578 1,539 2,131 1,482 1,720 1,716 2,164 1,749 1,911 1,959
1,381 1,314 1,733 1,465 1,547 1,629 1,812 1,617 1,646 1,690
Operating Profit 197 226 398 17 173 87 351 132 266 268
OPM % 12% 15% 19% 1% 10% 5% 16% 8% 14% 14%
34 170 97 92 50 98 32 53 68 43
Interest 49 50 57 62 83 95 104 119 110 106
Depreciation 138 147 165 162 166 164 184 174 185 186
Profit before tax 44 198 273 -115 -26 -74 95 -107 40 19
Tax % 16% 18% 25% 5% -42% -22% 47% 8% 87% 48%
37 163 204 -109 -37 -90 50 -99 5 10
EPS in Rs -0.28 -0.68 0.38 -0.75 0.04 0.08
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 TTM
6,315 6,559 7,082 7,782
4,887 5,609 6,453 6,765
Operating Profit 1,428 950 629 1,018
OPM % 23% 14% 9% 13%
230 319 272 196
Interest 163 198 344 439
Depreciation 545 586 677 729
Profit before tax 949 485 -120 47
Tax % 12% 22% -55%
835 376 -186 -33
EPS in Rs -1.41 -0.25
Dividend Payout % 0% 18% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 10%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -2%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 70%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: -3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 995 1,186 1,193 1,323
Reserves 4,610 5,511 5,580 6,435
3,025 4,128 5,637 4,534
2,047 1,781 1,893 2,483
Total Liabilities 10,677 12,605 14,303 14,776
6,105 6,879 7,469 8,049
CWIP 627 1,172 1,419 989
Investments 123 267 639 278
3,822 4,286 4,777 5,459
Total Assets 10,677 12,605 14,303 14,776

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023
598 766 484
-4,464 -1,737 -1,334
3,977 794 818
Net Cash Flow 110 -177 -32

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023
Debtor Days 91 99 93
Inventory Days 218 207 227
Days Payable 163 153 161
Cash Conversion Cycle 147 153 159
Working Capital Days 78 115 124
ROCE % 7% 2%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
34.78% 34.78% 34.78% 35.02% 35.02%
41.29% 39.28% 35.01% 32.37% 32.51%
5.26% 4.98% 5.48% 8.01% 9.68%
18.27% 20.57% 24.32% 24.21% 22.41%
0.39% 0.39% 0.39% 0.38% 0.38%
No. of Shareholders 2,29,9602,41,3592,77,2703,00,6062,92,312

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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