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Motilal Oswal Report
Piramal Pharma Ltd. delivered better-than-expected operational performance in Q2 FY25 fueled by superior traction in the contract development manufacturing organisation segment (59% of sales). Following earnings deterioration in FY23/FY24, Piramal Pharma is exhibiting healthy recovery in H1 FY25.
Considering the advancement in clinical development of certain CDMO projects, the company is investing $80 million to double its sterile fill-finish capacities at the Lexington site.
We trim our FY25/FY26/FY27 estimates by 6%/3%/4% to factor in:
higher financial leverage, and
ongoing supply-chain issues in the injectable pain management segment.
Compared to 15%/37% YoY revenue/Ebitda growth for H1 FY25, we expect 11%/15% YoY growth in revenue/Ebitda to Rs 50 billion/Rs 9 billion in H2 FY25.
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