Piramal Pharma to invest Rs 330 crores in capital expenditure for H2 FY24, focusing on commercialising the hospital generics pipeline over the next five years.
Launching 100+ products in the last three years, Piramal Pharma targets Rs 1000 Crores this year for consumer health business.
Despite challenges, FY2023 saw an 8% YoY growth, reaching Rs 7,082 crore. H1 FY24 witnessed a recovery with 14% growth.
According to the company’s annual report, FY2023 was a challenging year marked by rising interest rates, geopolitical uncertainty, post-pandemic demand-supply volatility, and a significant rise in energy prices. External factors significantly influenced Piramal Pharma's financial performance.
Throughout the year, the company's revenue from operations experienced a noteworthy 8% YoY growth, reaching Rs 7,082 crore.
"After a challenging FY22 and FY23, the current fiscal year is about recovery and turnaround for the business.
Piramal Pharma Limited’s revenue from operations grew by 14% in H1 FY24. The company is focusing on organic growth, cost control, and operational excellence,” said Piramal.
“PPL has also successfully cleared over 40 regulatory inspections and 300 customer audits since FY23. In August 2023, PPL closed its rights issue and paid off Rs 950 crore in debt,” she said, adding that PPL has also undertaken capacity extensions across Turbhe (India), Grangemouth (UK), and Riverview (US) sites, which are now witnessing healthy customer demands.
