On Thursday, Piramal Pharma announced their financial results for the third quarter of the fiscal year which ended on December 31, 2022. The company reported a consolidated net loss of 90 crore Rupees.

This news was in contrast to the company’s performance in the same quarter of the previous fiscal year. During the October to December period of the previous year, Piramal Pharma recorded a net profit of 163 crore Rupees.

In terms of revenue, the company generated 1,716 crore Rupees from its operations during the third quarter of this fiscal year. This is compared to the revenue of 1,539 crore Rupees that the company earned in the same quarter of the previous fiscal year.

The company stated that the results of the third quarter cannot be compared to the results of the same period in the previous year because, on August 12, 2022, the National Company Law Tribunal approved the plan to separate the pharmaceutical business of Piramal Enterprises Limited into a separate entity called Piramal Pharma Limited.

Additionally, the National Company Law Tribunal also approved the merging of two wholly-owned subsidiaries of Piramal Pharma, Hemmo Pharmaceuticals and Convergence Chemical, into Piramal Pharma itself, with the designated date for the merger being April 1, 2022.

As a result of the above approval, the financial statements of Piramal Pharma have taken into account the effects of the separation plan as of April 1, 2022.

The Chairperson of Piramal Pharma, Nandini Piramal, stated that based on the recent growth in customer interactions and the ongoing receipt of Request for Proposals, they are of the belief that the demand for contract development and manufacturing organization (CDMO) services, particularly for their unique offerings, remains strong.

Furthermore, Nandini Piramal also mentioned that the India consumer healthcare division of the company is experiencing growth driven by their top-performing brands, and their investment in e-commerce channels is also producing favorable outcomes.

Piramal declared that they have faith in the potential of their business and, in accordance with their goal of growth, the board has approved the proposal to issue equity shares with a total value not exceeding Rs 1,050 crore, pending receipt of necessary regulatory approvals, market conditions, and other relevant factors.