Gradual revival in overall performance

Company
11 Mar 2024
5 Min read 
  • Piramal Pharma reported lower-than-expected performance in 3QFY24 due to higher operating expenses.
  •  The company is focusing on improving sales in its key segments: CDMO, CHG, and ICP.
  •  Revenue grew 14% YoY in 3QFY24, with CDMO and CHG segments showing growth.
  •  The company expects high-teens YoY revenue growth in 2HFY24.
  •  Earnings estimate for FY24 reduced by 3% due to higher expenses, but estimates for FY25/FY26 remain unchanged.
  •  Valuation based on SOTP basis with a TP of INR165.
  •  Expect 12% sales CAGR in CDMO segment, 14% sales CAGR in CHG segment, and 11% sales CAGR in ICP segment over FY24-26.
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