Interim report
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(Rs. in Crores) Particulars Three months ended December 31,2024 Three months ended September 30, 2024 Corresponding Three months ended December 31,2023 Year to date figures for the current period ended December 31,2024 Year to date figures for the previous period ended December 31,2023 For the previous year ended March 31, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 1,248.32 1,284.39 1,024.14 3,595.91 2,864.81 4,390.11 Other income (Net) 24.70 106.38 33.11 167.84 148.87 202.06 Total Income 1,273.02 1,390.77 1,057.25 3,763.75 3,013.68 4,592.17 Expenses Cost of materials consumed 474.23 380.22 444.94 1,260.21 1,128.03 1,545.55 Purchases of stock-in-trade 174.42 232.81 171.21 583.67 479.05 624.91 Changes in inventories of finished goods, stock-in-trade and work-in- progress (117.13) (71.41) (120.72) (320.89) (197.36) (61.62) Employee benefits expense 173.55 176.72 150.56 537.23 461.05 613.93 Finance costs 29.17 29.95 17.42 84.00 79.44 107.10 Depreciation and amortisation expense 55.46 53.61 51.56 160.92 152.76 205.26 Other expenses (Net) 323.91 313.16 252.62 911.83 765.76 1,049.42 Total Expenses 1,113.61 1,115.06 967.59 3,216.97 2,868.73 4,084.55 Profit before tax 159.41 275.71 89.66 546.78 144.95 507.62 Tax Expense Current tax-(including prior year taxes) 40.83 61.63 17.50 129.89 25.24 112.48 De ferred tax (Net) (0.22) 4.02 (2.18) 2.76 1.57 3.92 Total tax expense 40.61 65.65 15.32 132.65 26.81 116.40 Profit after tax 118.80 210.06 74.34 414.13 118.14 391.22 Other Comprehensive Income / (Loss) (OCI), net of tax expense A. Items that will not be reclassified to profit or loss Remeasurement of post employment benefit plans (1.05) (0.04) 0.16 (6.54) (5.95) (5.05) Income tax impact on above 0.27 0.01 (0.04) 1.65 1.50 1.27 B. Items that will be subsequently reclassified to profit or loss Deferred gains/(loss) on cash flow hedge (3.68) (1.42) 2.55 (4.06) 3.04 (0.64) Income tax impact on above 0.93 0.35 (0.65) 1.02 (0.77) 0.16 Total Other Comprehensive Income/(Loss), net of tax expense (3.53) (1.10) 2.02 (7.93) (2.18) (4.26) Total Comprehensive Income, net of tax expense 115.27 208.96 76.36 406.20 115.96 386.96 Paid-up Equity Share Capital (Face Value of Rs. 10/- each) 1,323.58 1,323.14 1,322.95 1,323.58 1,322.95 1,322.95 Other Equity 5,389.12 Earnings Per Equity Share (EPS) (Face Value of Rs. 10/- each) (restated, not annualised for the quarters) a) Basic EPS for the period/year (Rs.) 0.90 1.59 0.56 3.13 0.93 3.05 b) Diluted EPS for the period/year (Rs.) 0.90 1.59 0.56 3.11 0.93 3.05 See accompanying notes to the unaudited standalone financial results PIRAMAL PHARMA LIMITED Piramal Ananta, Agastya Corporate Park, Opposite Fire Brigade, Kamani Junction, LBS Marg, Kurla (West), Mumbai – 400 070 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2024 Piramal Pharma Lim.it~d CIN: LN297).ffi2020PLC33359~ R,e¢i!n,d Offii:e. Gr. Flr. Pinm.21 Anmt;a, Ag:i..~"ll Corporate Pll!c, Opp Fi:re Brip:le, K.am.ani JIIDcii.oo, LBS l\W'1, Kmb. (\\'e!t), Mumbai - 400'.)70 hldiJ. T--911:~ 3802 3000 .• 4000; Em11il: !iw"eholdt,n.pp1p°;pll3m•Lcom -- lk Piramal 'J¥ Pharma Limited
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Notes:- 1 2 3 4 For PIRAMAL PHARMA LIMITED Nandini Piramal January 28, 2025, Mumbai Chairperson The unaudited standalone financial results for the three and nine months ended December 31, 2024 have been reviewed by the Audit Committee and approve db yt h e Board of Directors of the Company at their meeting held on January 28, 2025. The Statutory auditors of the Company have carried out a limited review of these results. The unaudited standalone financial Results of the company for the three and nine months ended December 31, 2024 have been prepared in accordance with t he recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read w ith relevant rules issued thereunder and other accounting principles generally accepted in India. The Company operates in only one segment and hence segment disclosure is not applicable. Previous period's/ year's figures have been regrouped/reclassified, wherever necessary. Piramal Phann.a Limited cm: U429n.fii1020PLC33S592 R.e,gi.nered Offke: G-. Fir. Pir.m..u ~ Agh-1}.i. Corpor.i.t.i! Pilk, Opp Fire Brig.ck, K..m:i...wi Jucu::ti.on., LBS 11.Y.ii;, Kmh. (\\,'ed.), 1-fumb,ill-400070 India T-91 22 3S02 3000 • 4000; Email: dw-ehold.i!ri.ppl,p;pir.11:n.al..cam pnralpbm..com l,k Piramal ~ Pharma Limited
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Deloitte Haskins & Sells LLP Chartered Accountants Cornrnerz Ill, 30th & 31st floors International Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Murnbai-400 063 Maharashtra, India INDEPENDENT AUDITOR 'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF PIRAMAL PHARMA LIMITED 1. We have reviewed the accompanying Stat ement of Standalon e Unaudited Financia l Results of PIRAMAL PHARMA LIMITED ("the Com pany"), for th e quarter and nine months ended December 31 , 2024 ("the Statement "), being submitte d by the Company pursu ant to the requirement of Regula t ion 33 of the SEBI ( Listing Obligat ions and Disclosu re Require ments) Regulatio ns, 2015, as amend ed (" the Listi ng Regulations "). 2. Thi s Statement, which is the responsi bility of the Company 's Management and app roved by the Company's Board of Directors, has been prep ared in accordance with the recog nition and measurement prin ciples laid down in the Indian Accounting Standard 34 "Inte rim Finan cial Reporting" {"Ind AS 34"), prescribed und er Sect ion 133 of the Companies Act, 2013 read with relevant rules issued thereunder and othe r accounting principles generally accepted in Indi a and in com pliance with Regulation 33 of the Listing Regulations. Our respons ibility is to express a conclus ion on the Stateme nt based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interi m Financial Information Perfor med by the Independent Audi tor of the Entity', issued by the Institute of Chartered Accounta nts of India (!CAI). A review of interim financia l informati on consist s of maki ng inquirie s, primarily of the Company's personn el respons ible for financial and account ing matter s, and app lying analytical and other review procedu res. A review is substantially less in scope than an aud it conducted in accordance with Standards on Auditing specified under section 143(10) of the Compan ies Act, 2013 and consequently does not enable us to obta in assurance that we would become aware of all sign ifica nt matters that might be identi fie d in an audit . Accordingly, we do not exp ress an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attent ion that causes us to bel ieve that t h e accompany ing Stat em ent, prepared in accordance with the recogniti on and meas urem ent principles laid down in the aforesaid Indian Accoun t ing Standard and othe r accoun tin g .principles generally accep ted in Ind ia, has not disclosed the information required to be disclosed in terms of Regulat ion 33 of the SEBI (Listing Obligatio ns and Disclosure Requirements) Regulation s, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material mis stateme nt. Place: Mum bai Date: January 28, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm' s Registrat ion No. 117366 W/ W-100018) /1/f ~ !t/,,_ /~ v·f~ Mehul Parekh ( Partner ) (Membersh ip No. 121513) (UDIN :.2s 12l.512>P>fv1LFE~51-0 I ) Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg. Elphinstone Road (West), Murnbai-400 013, Maharashtra, Ind ia. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP ident ification No: AAB-8737
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(Rs. in Crores) Particulars Three months ended December 31, 2024 Three months ended September 30, 2024 Corresponding Three months ended December 31, 2023 Year to date figures for current period ended December 31, 2024 Year to date figures for previous period ended December 31,2023 For the Previous year ended March 31, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 2,204.22 2,241.75 1,958.57 6,397.11 5,618.80 8,171.16 Other Income (Net) 12.13 61.11 61.51 92.78 149.01 175.39 Total Income 2,216.35 2,302.86 2,020.08 6,489.89 5,767.81 8,346.55 Expenses Cost of Materials Consumed 805.44 575.14 627.63 1,852.06 1,576.75 1,976.83 Purchase of Stock-in-Trade 161.06 394.77 227.93 870.60 739.71 1,175.77 Changes in inventories of finished goods, work-in-progress and stock-in-trade (160.67) (173.44) (180.41) (445.99) (376.85) (198.60) Employee benefits expense 556.24 559.53 523.78 1,695.46 1,535.35 2,029.50 Finance Costs 103.31 107.64 105.88 317.91 334.27 448.49 Depreciation and amortisation expense 196.81 192.22 186.32 573.58 544.44 740.57 Other Expenses (Net) 504.41 544.14 491.27 1,541.14 1,477.51 1,991.40 Total Expenses 2,166.60 2,200.00 1,982.40 6,404.76 5,831.18 8,163.96 Profit/(Loss) before share of net profit of associates, exceptional items and tax 49.75 102.86 37.68 85.13 (63.37) 182.59 Share of net profit of associates 17.05 17.26 13.95 56.71 47.45 59.49 Profit/(Loss) after share of net profit of associates before exceptional item and tax 66.80 120.12 51.63 141.84 (15.92) 242.08 Exceptional items (Refer Note 4) - - (32.27) - (32.27) (62.79) Profit/(Loss) after share of net profit of associates and before tax 66.80 120.12 19.36 141.84 (48.19) 179.29 Tax Expense (1) Current Tax (including prior year taxes) 71.98 94.27 33.37 216.31 84.42 185.35 (2) Deferred Tax, net (8.86) 3.26 (24.12) (12.10) (49.16) (23.88) Total Tax Expense 63.12 97.53 9.25 204.21 35.26 161.47 Net Profit/(Loss) after tax 3.68 22.59 10.11 (62.37) (83.45) 17.82 Other Comprehensive Income/(Loss) (OCI), net of tax expense A. Items that will not be subsequently reclassified to profit or loss (a) Remeasurement of Post Employment Benefit Plans (1.05) (0.04) 0.16 (6.54) (5.95) (5.05) Income Tax (expense)/ credit on above 0.27 0.01 (0.04) 1.65 1.50 1.27 B. Items that will be subsequently reclassified to profit or loss (a) Deferred gains / (losses) on cash flow hedge (3.68) (1.42) 2.55 (4.06) 3.04 (0.64) (b) Exchange differences on translation of foreign operations 9.09 58.78 42.60 66.91 82.18 62.67 (c) Share of other comprehensive income/ (expense) of associates accounted for using the equity method - - - - - 0.22 Income Tax (expense)/ credit on above 10.44 (2.37) (1.44) 7.92 (1.83) (1.75) Total Other Comprehensive Income (OCI) for the period, net of tax expense 15.07 54.96 43.83 65.88 78.94 56.72 Total Comprehensive Income/(Loss) for the period 18.75 77.55 53.94 3.51 (4.51) 74.54 Profit/ (Loss) for the period attributable to: -Owners of the company 3.68 22.59 10.11 (62.37) (83.45) 17.82 -Non- Controlling Interest - - - - - - Other Comprehensive Income for the period attributable to: -Owners of the company 15.07 54.96 43.83 65.88 78.94 56.72 -Non- Controlling Interest - - - - - - Total Comprehensive Income/ (Loss) for the period attributable to: -Owners of the company 18.75 77.55 53.94 3.51 (4.51) 74.54 -Non- Controlling Interest - - - - - - Paid-up Equity Share Capital (Face Value of Rs. 10/- each) 1,323.58 1,323.14 1,322.95 1,323.58 1,322.95 1,322.95 Other Equity 6,588.42 Earnings Per Equity Share (EPS) (Face Value of Rs. 10/- each) (not annualised for the quarters) a) Basic EPS for the period/year (Rs.) 0.03 0.17 0.08 (0.47) (0.66) 0.14 b) Diluted EPS for the period/year (Rs.) 0.03 0.17 0.08 (0.47) (0.66) 0.14 See accompanying notes to the unaudited Consolidated financial results PIRAMAL PHARMA LIMITED Piramal Ananta, Agastya Corporate Park, Opposite Fire Brigade, Kamani Junction, LBS Marg, Kurla (West), Mumbai – 400 070 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2024 tk Piramal ~ Pharma Limit ed
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Notes : 1 Standalone Information: (Rs. in Crores) Three months ended December 31, 2024 Three months ended September 30, 2024 Corresponding Three months ended December 31, 2023 Year to date figures for current period ended December 31, 2024 Year to date figures for previous period ended December 31,2023 For the Previous year ended March 31, 2024 1,273.02 1,390.77 1,057.25 3,763.75 3,013.68 4,592.17 159.41 275.71 89.66 546.78 144.95 507.62 118.80 210.06 74.34 414.13 118.14 391.22 2 3 4 a) b) 5 6 For PIRAMAL PHARMA LIMITED Nandini Piramal Chairperson January 28, 2025, Mumbai The group operates in only one segment and hence segment disclosure is not applicable. Previous year's figures have been regrouped/reclassified, wherever necessary. In the Consolidated Financial Results , 'Exceptional items' in previous year include : In May 2021, Piramal Critical Care B.V, a step-down wholly owned subsidiary of the company had partnered with a US based company claiming to have proprietary development, regulatory and manufacturing know-how to implement solutions for certain infusible pharmaceuticals. The arrangement involved an investment of Rs. 16.47 Crores, in the company through share warrants and convertible notes and an exclusive, irrevocable, and perpetual license for sale of two products valued at Rs. 44.82 Crores. While one of the products has been launched successfully; considering the inadequacy of progress on the other product and the changed market scenario, the group had, during the quarter ended March 31, 2024, made a provision of Rs 30.52 Crores, towards the Equity investment and partial license rights and was classified as an exceptional item. During the quarter ended December 31, 2023, a step-down wholly-owned subsidiary (“Piramal Critical Care Inc”) of Piramal Pharma Limited (“the Company”) had received an intimation from its supplier citing quality and sterility issues identified at its manufacturing facility. The supplier t hen initiated recall of the said pharmaceutical products. The subsidiary provided multiple opportunities to the supplier to pay for the recalled/unsold products along with other associated costs. Since the supplier has not paid for the same, a formal insolvency proceeding has been initiated under Section 9 of the Insolven cy and Bankruptcy Code, 2016 (“IBC”) against the supplier before the Ahmedabad Bench of the National Company Law Tribunal on November 21, 2023. Owing to the above matter, the subsidiary had created a provision towards claims against the supplier amounting to Rs. 32.27 Crores which was classifi ed as an exceptional item. During the quarter ended June 30, 2024, the corporate insolvency resolution process has started and Interim Resolution Professional (IRP) have been appointed by National Company Law Tribunal. The IRP has been confirmed as the Resolution Professional in the first Committee of Creditors meeting hel d on July 10, 2024. Particulars 1. Total Income 2. Profit before tax 3. Profit after tax The unaudited consolidated financial results for the three months and nine months ended December 31, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on January 28, 2025. The Statutory auditors of the Company have carried out a limited review of these results. The unaudited consolidated financial results of the group for the three months and nine months ended December 31, 2024 has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. 1k Piramal ~ Pharm a Limited
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz 111, 30th & 37 st f loors Internatio nal Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Mumbai-40 0 063 Maharashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RES UL TS TO THE BOARD OF DIRECTORS OF PIRAMAL PHARMA LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of PIRAMAL PHARMA LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associates for the quarter and nine months ended December 31, 2024 (''the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles gen erally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enabl e us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by t he SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the entities as mentioned in Appendix 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in whic h it is to be disclosed, or that it contains any material misstatement. Regd. O ,ce: One International Center, Tower 3. 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), MumbaiA 00 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 6. We did not review the interim financial information / financial results of eleven subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total revenues of Rs. 1,251.94 crores and Rs 3,467.62 crores for the quarter and nine months ended December 31, 2024, total net loss after tax of Rs. 96.95 crores and Rs 333.31 crores for the quarter and nine months ended December 31, 2024, total comprehensive loss of Rs 90.65 crores and Rs 275. 98 crores for the quarter and nine months ended December 31, 2024, as considered in the Statement. These interim financial information/ financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subs idiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above . Our conclusion on the Statement is not modified in respect of this matter. 7. The consolidated unaudited financial results includes the interim financial information of nine subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. 33.40 crores and Rs 116.78 crores for the quarter and nine months ended December 31, 2024, total loss after tax of Rs. 22.23 crores and Rs 64.02 crores for the quarter and nine months ended December 31, 2024 and total comprehensive loss of Rs. 40.96 crores and Rs 85.28 crores for the quarter and nine months ended December 31, 2024, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax and total comprehensive income of Rs. 3.69 crores and Rs 6.04 crores for the quarter and nine months ended December 31, 2024, as considered in the Statement, in respect of one associate, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group. Our Conclusion on the Statement is not modified in respect of our reliance on the inter im financial information certified by the Management . Place: Mumbai Date: January 28, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm 's Registration No. 117366W / W- 100018) ~ , ... Partner (Membership No. 121513) <uD1N: 25121s130rviLF~rzA-002)
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Deloitte Haskins & Sells LLP ANNEXURE I TO THE INDEPENDENT AUDITOR'S REVIEW REPORT (Referred to in paragraph 4 under Independ ent Auditor's Review Report of even date) Parent Piramal Pharma Limited List of Subsidiaries 1. Piramal Dutch Holding s N.V. 2. Piram al Critica l Care Italia , S.P.A 3. Piramal Critical Care Deutschland GmbH 4. Piramal Critical Care B.V. 5. Piramal Healthcare (Canada) Limited 6. Piramal Critical Care Limit ed 7. Piramal Critical Care South Africa (Pty) Ltd 8. Piramal Critical Care Pty. Ltd 9. Piramal Healthcare UK Limited 10. Piramal Healthcare Pension Trustees Limi ted 11. Piramal Health care Inc 12 . Piramal Critical Care Inc 13. Pira mal Pharma Inc 14. PPL Pharma Inc. (erstwhile "PEL Pharma LLC") 15. Pirama l Pharma Solutions Inc 16. Ash Stevens LLC 17. Piramal Pharma Soluti ons (Dutch) B.V. 18. PPL Healthcare LLC (erstwhile "PEL Health care LLC") 19. Piramal Pharma II Private Limited 20. Piramal Critical Care Single Member PC 21. Piramal Pharma Limit ed Employee Welfare Trust List of Associates 1. Abbvie Therapeutics India Private Limited (erstwhile "Allergan India Private Limited ") .2. Yapan Bio Private Limited