Piramal Pharma swings into black with Rs 10 cr net profit in Q3

New Delhi: Piramal Pharma on Wednesday swung into the black by reporting a consolidated net profit of Rs 10 crore for the third quarter ended December 2023.

The Mumbai-based drug firm had reported a net loss of Rs 90 crore in the October-December period of the last fiscal.

Its revenue from operations rose to Rs 1,959 crore for the third quarter against Rs 1,716 crore in the year-ago period, Piramal Pharma said in a regulatory filing.

"We continue to build on our improved performance in FY24 with 14 per cent year-on-year (YoY) revenue growth in the third quarter, along with a significant improvement in EBITDA margin," Piramal Pharma Chairperson Nandini Piramal said.

The company's contract development and manufacturing business is delivering healthy growth, with robust order inflows, especially for differentiated offerings and innovation-related work, she added.

"We look forward to continuing our momentum in Q4 and ending the financial year on a positive note," Piramal noted.

Shares of the company ended 3.74 per cent up at Rs 144.20 apiece on BSE.