MUMBAI, India, Nov. 9, 2022 /PRNewswire/ -- Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceutical company, today announced its consolidated results for the second quarter (Q2) and half ( S1) which ended on September 30, 2022.
Key Highlights for the First Half of Fiscal Year 2023 (H1FY23)
Nandini Piramal, Chairman of Piramal Pharma Limited, explained: "We are announcing our first post-split results as an independent and focused pharmaceutical company. Over the past 10 years, we have made several strategic decisions that have helped nurture and scale our business and establish Piramal Pharma (PPL) as a leading global pharmaceutical player.
For the quarter and a half year ending September 2022, our business has delivered resilient performance despite multiple internal and external challenges. We expect to deliver a much better performance in the second half of the current fiscal year. We have historically had a higher sales and earnings bias in the second half of the year and this year is no different.
We have the vision of growing all of our businesses to a significant scale in the medium term and we have strong growth levers for each of them. We continue to make investments to drive growth in these businesses."
Note: FY23 Second Quarter Financials are not strictly comparable to FY22 Second Quarter and FY23 First Quarter. Similarly, H1FY23 Financials are also not strictly comparable to H1FY22.
The Hon. NCLT, on August 12, 2022, approved the scheme consisting of the spin-off of the pharmaceutical business of Piramal Enterprises Ltd (PEL) into Piramal Pharma Ltd. and the merger of PPL's wholly-owned subsidiaries, Hemmo Pharmaceuticals Pvt Ltd (HPPL ) and Convergence. Chemical Pvt Ltd (CCPL) itself with a designated date of April 1, 2022.
Consequently, the financial statements of PPL were prepared giving effect to the plan as of April 1, 2022.
The financial statements of CCPL and HPPL, wholly owned subsidiaries, have been combined as if the merger had occurred on April 1, 2021 or from the date the Company acquired control of these subsidiaries, whichever is later.
Prior to the spin-off, PPL had entered into an agreement with PEL for the continued sale by PEL of products under government tenders, which were obtained on behalf of PEL, until the obligations of these tenders were fully met. The deal also included the sale of PPL's consumer (OTC) products through PEL's CFA network until all necessary licenses, registrations, and permits were fully transferred to PPL's name.
Under the scheme, the spin-off of the pharmaceutical company was considered an uncommon control transaction and was accounted for as a business combination under Ind-AS 103 in PPL's financial statements on April 1, 2022. Consequently, the Financial results for the quarter and six months ended September 22 are not comparable with corresponding prior periods. Comparable financial data is available on slide #32 of the period's investor presentation.
All closing inventory as of March 31, 2022 at PEL, with respect to such transactions, included the margin item charged by PPL to PEL at arm's length. Since the spin-off is effective April 1, 2022, the opening inventory transferred to PPL at fair value (provisional) under IND-AS included the margin element and the same was charged to P
The one-time, non-recurring impact on EBITDA of this inventory margin in the Q1FY23 financial statements is INR 68Cr.
About Piramal Pharma Ltd:
Piramal Pharma Limited (PPL, NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceutical company, offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities in 15 global facilities and a distribution network in more than 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract manufacturing and development organization; Piramal Critical Care (PCC), a Complex Hospital Generics company, and the India Consumer Healthcare company that sells over-the-counter products. PPS provides end-to-end development and manufacturing solutions through a globally integrated network of facilities across the lifecycle of medicines for innovative and generic companies. PCC's portfolio of complex hospital products includes inhalation anesthetics, intrathecal therapies for spasticity and pain management, injectable analgesics and anesthetics, injectable anti-infectives and other therapies. The Indian Consumer Healthcare business is among the leading players in India in the self-care space, with established brands in the Indian consumer healthcare market. In addition, PPL has a joint venture with Allergan, a leader in ophthalmology in the Indian formulation market. In October 2020, the company received a growth equity investment from the Carlyle Group.
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