Revenue from operations grew by 14.14% year on year to Rs 1,958.57 crore during the quarter, on the back of double digit growth across all the three businesses.

The company's revenue from contract development and manufacturing organization (CDMO) was at Rs 1,134 crore (up 12% YoY), complex hospital generics (CHG) stood at Rs 576 crore (up 12% YoY) and India consumer healthcare (ICH) came in at Rs 252 crore (up 12% YoY) during the period under review.

The drug maker posted a profit before exceptional item and tax of Rs 37.68 crore in Q3 FY24 as against a pre-tax loss before exceptional item of Rs 89.21 crore recorded in Q3 FY23.

During the quarter, the company said that the exceptional items of Rs 32.27 crore is related to non-recurring charges towards product recall triggered by its third-party supplier.

EBITDA stood at Rs 330 crore in the December quarter, registering a growth of 94% from Rs 170 crore recorded in Q3 FY23. The surge in the EBITDA was primarily driven by operating leverage, reduction in raw material cost & energy prices, cost optimization, and operational excellence initiatives

EBITDA margin improved to 17% in Q3 FY24 as compared to 10% reported in the same period a year ago.

Net Debt / EBITDA ratio has improved over the last three quarters on account of healthy growth in EBITDA and repayment of debt from the proceeds of the recently concluded rights issue, the firm added.

On 9-months basis, the company’s consolidated net profit narrowed to Rs 83.45 crore in 9M FY24 as against Rs 236.57 crore reported in 9M FY23.

Nandini Piramal, chairperson of Piramal Pharma, said, “We continue to build on our improved performance in FY24 with 14% YoY revenue growth in Q3 along with a significant improvement in EBITDA margin. Our CDMO business is delivering healthy growth with robust order inflows, especially for differentiated offerings and innovation related work.

Our Inhalation Anesthesia portfolio is registering good volume growth in our key market of US and is also seeing increasing traction in ROW markets. Our India Consumer Healthcare business is delivering steady growth driven by our power brands and contribution from new product launches.”

Piramal Pharma (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 17 global facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business; and the India Consumer Healthcare business, selling over-the-counter products.

The counter hit 52-week high of Rs 149 in today’s intraday session.