Piramal Pharma reports consolidated net loss of Rs 90 crore in Q3

Piramal Pharma on Thursday reported a net loss of Rs 90 crore on a consolidated basis for the third quarter ended December 31, 2022.

The Mumbai-based company had reported a net profit of Rs 163 crore in the October-December quarter of last fiscal.

Revenue from operations stood at Rs 1,716 crore for the third quarter, while the same was at Rs 1,539 crore in the year-ago period.

The company said the third quarter results were not comparable to the same period last year as the NCLT in August 12, 2022 approved the composite scheme of demerger of the pharma business from Piramal Enterprises Ltd (PEL) into Piramal Pharma Ltd.

The NCLT also approved amalgamation of Piramal Pharma's wholly-owned subsidiaries Hemmo Pharmaceuticals and Convergence Chemical into itself with an appointed date of April 1, 2022.

Accordingly, the financial statements of Piramal Pharma have been prepared giving effect to the scheme from April 1, 2022.

"Based on our recent increase in customer engagements and continued inflows of RFPs (Request for Proposals), we believe that the demand for CDMO services, especially for our differentiated offerings remain strong," Piramal Pharma Chairperson Nandini Piramal noted.

Further, the company's India consumer healthcare business is delivering growth driven by power brands and investment in e-commerce channels is also yielding good results, she added.

"We believe in the potential of our business and in-line with our aim to grow, the board has approved the recommendation to allot equity shares for an amount not exceeding Rs 1,050 crore, subject to receipt of requisite regulatory approvals, market conditions and other considerations," Piramal stated.

Shares of the company were trading 10.07 per cent down at Rs 89.30 apiece on the BSE .