Piramal Pharma posts Q2 net loss of Rs 37 cr, revenue grows to Rs 1,720 cr

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Piramal Pharma on Wednesday reported a consolidated net loss of Rs 37 crore for the second quarter ended September, as against a net profit of Rs 37 crore in the year-ago period.

However, the company's revenue from operations grew to Rs 1,720 crore during the July-September quarter, from Rs 1,578 crore in the corresponding period of the previous fiscal.

Nandini Piramal, Chairperson, Piramal Pharma Limited said, "We announce our first results post demerger as an independent and focused pharma company. Over the last 10 years, we have made several strategic choices that have helped nurture and scale our business and establish Piramal Pharma (PPL) as a leading global pharmaceuticals player."

"For the quarter and half year ended September 2022, our business has delivered a resilient performance despite multiple internal and external challenges. We expect to deliver a much improved performance in the second half of the current financial year," she added.

The National Company Law Tribunal (NCLT) had on August 12 this year approved the composite scheme of demerger of the pharma business from Piramal Enterprises Ltd into Piramal Pharma Ltd, and amalgamation of Piramal Pharma's wholly-owned subsidiaries Hemmo Pharmaceuticals Pvt Ltd and Convergence Chemical Pvt Ltd into itself.