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Motilal Oswal Report
With Securities and Exchange Board of India approval in place, the listing of de-merged Piramal Pharma Ltd. from Piramal Enterprises Ltd. is today
Piramal Pharma has a differentiated business model, comprising contract development and manufacturing (59% of FY22 sales), complex hospital generics (30% of FY22 sales), and India consumer products (11% of FY22 sales).
While Piramal Pharma has been facing business headwinds over the past 15-18 months, we expect-
resource hiring to revive the CDMO business and
the easing of Covid-related restrictions to drive the complex hospital generics segment.
Piramal Pharma has exhibited superior execution, driving 48% YoY growth in India consumer products segment sales.
We expect an Ebitda compound annual growth rate of 26% over FY22-24, led by 10%/12% sales CAGR in the CDMO/complex hospital generics segment and strong operating leverage.
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