Piramal Pharma Soars with Quadrupled Profits and Strategic Expansion

Piramal Pharma reported a significant increase in net profit for Q2, driven by growth in its CDMO and CHG businesses. With a USD 80 million expansion at its Lexington facility and other strategic moves, the company aims to sustain growth. Shares rose 11.74% on positive performance.

Piramal Pharma on Thursday announced a remarkable surge in its consolidated net profit, reporting a four-fold increase to Rs 23 crore for the second quarter ended September. This figure marks a significant jump from the Rs 5 crore net profit achieved in the July-September quarter of the previous fiscal year.

The company, known for its pharmaceutical prowess, attributed the robust growth to its Contract Development and Manufacturing Organization (CDMO) business. Chairperson Nandini Piramal highlighted the innovation-related projects and on-patent commercial revenues as key growth drivers.

Amidst this growth, Piramal Pharma outlined an ambitious USD 80 million expansion plan for its Lexington facility, projecting completion by fiscal year 2027. The company is also expanding its portfolio and enhancing its consumer healthcare presence, signaling a strategic shift towards sustained, long-term profitability. Piramal Pharma's shares saw a noticeable increase, trading 11.74% higher at Rs 242.15 on BSE.

(With inputs from agencies.)