PPLPHARMA · Healthcare
Piramal Pharma Ltd. reported revenue of ₹2,754 cr for January to March 2025, +7.9% on the year and +24.9% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹9,151 cr, +12.0% on the four before.
Operating profit (EBITDA) was ₹561 cr, a margin of 20.4%, −39 bps on the year and +505 bps on the quarter. Over the last 8 quarters the margin has ranged from 7.5% to 20.8%, averaging 14.7%. Operating costs grew +8.4%, faster than revenue at +7.9%, so operating profit grew less than sales.
Net profit was ₹154 cr, +51.6% on the year and +4,071.2% on the quarter, with earnings per share of ₹1.16. Profit before other income, one-offs and tax fell 2.3%, so 54 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹91.1 cr, +424.3% on the four before.
On earnings per share of ₹0.69 over the last four quarters, the stock at ₹197.46 trades at 286.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +51.6% on the year; profit before other income, exceptional items and tax −2.3%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,959 cr | ₹2,552 cr | ₹1,951 cr | ₹2,242 cr | ₹2,204 cr | ₹2,754 cr | ₹1,934 cr | ₹2,044 cr | ₹2,140 cr | ₹2,752 cr | ₹2,270 cr | ₹2,617 cr |
| YoY | — | — | +12% | +17% | +13% | +8% | −1% | −9% | −3% | −0% | +17% | +28% |
| EBITDA margin | 13.7% | 20.8% | 10.5% | 15.2% | 15.3% | 20.4% | 5.5% | 7.8% | 9.1% | 16.7% | 8.6% | 13.3% |
| Other income, % of PBT | 223% | 3% | — | 65% | 44% | 21% | — | — | — | −270% | — | 66% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 48% | 55% | — | — | — | 44% | — | — | — | — | — | — |
| Net profit | ₹10.1 cr | ₹101 cr | −₹88.6 cr | ₹22.6 cr | ₹3.7 cr | ₹154 cr | −₹81.7 cr | −₹99.2 cr | −₹136 cr | −₹8.8 cr | −₹69.4 cr | ₹5.0 cr |
| YoY | — | — | — | +352% | −64% | +52% | — | −539% | −3,801% | −106% | — | — |
| Core profit YoY | — | — | — | — | — | −2% | — | −403% | −382% | −26% | — | — |
| EPS | ₹0.08 | ₹0.77 | −₹0.67 | ₹0.17 | ₹0.03 | ₹1.16 | −₹0.61 | −₹0.75 | −₹1.02 | −₹0.07 | −₹0.52 | ₹0.04 |
| Flags | 1 | · | ✓ | 1 | ✓ | 1 | 1 | 2 | 2 | 2 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Piramal Pharma Ltd. reported revenue of ₹2,754 cr (+7.9% on the year) and net profit of ₹154 cr (+51.6% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −2.3% on the year, against +51.6% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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