Piramal Pharma posts good Q3 results; stock hits 52-week high
At around 10:07 a.m., shares of Pirala Pharma traded 3.78 per cent or Rs 5.25, higher at Rs 144.25 apiece. Meanwhile, its market capitalisation stood at Rs 19,083.53 crore at around the same time.
Piramal Pharma share price: Shares of Piramal Pharma clocked a 52-week high on the BSE on Wednesday (January 31) after the company posted good Q3FY24 results.
At around 10:07 a.m., shares of Pirala Pharma traded 3.78 per cent or Rs 5.25, higher at Rs 144.25 apiece. Meanwhile, its market capitalisation stood at Rs 19,083.53 crore at around the same time.
How did Piramal Pharma perform in Q3?
The pharmaceutical company posted its Q3 results post-market hours on Tuesday and recorded a consolidated net profit of Rs 10 crore for the quarter under review against a loss of Rs 90 crore a year ago. The revenue for the third quarter stood at Rs 1,959 crore against Rs 1,716 crore in the corresponding quarter of the previous fiscal, up 14 per cent YoY.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter ended December 31 stood at Rs 268 crore against Rs 87 crore, up 3.08 times. The margin of the company stood at 13.6 per cent from 5.1 per cent year-on-year (YoY).
“We continue to build on our improved performance in FY24 with 14 per cent 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," said Nandini Piramal, Chairperson, of Piramal Pharma Limited.
Nandini Piramal added that on the sustainability front, the company has set significant reduction targets for scope 1, 2, and 3 GHG emissions by FY2030.
"We are also working on multiple initiatives in the areas of water conservation, responsible waste disposal, gender diversity, employee safety, sustainable supply chain, and community development," she said.
Further, the management expects continued momentum in Q4 and the end of the financial year.
Piramal Pharma share price: Past performance
In a year, shares of Piramal Pharma have gained over 40 per cent against the Nifty 50's rise of over 22 per cent.
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