Piramal Enterprises Q4 net profit rises 61% to Rs 311 crore

Piramal Enterprises Q4 profit rises mainly on account of robust growth in all verticals


Piramal Enterprises on Friday also appointed Ajay Piramal’s son Anand Piramal non-executive director.
Piramal Enterprises on Friday also appointed Ajay Piramal’s son Anand Piramal non-executive director.

New Delhi: Piramal Enterprises Friday reported a 61.06% growth in consolidated net profit at Rs 310.96 crore for the fourth quarter ended March, mainly on account of robust growth in all verticals. The company also appointed Ajay Piramal’s son Anand Piramal non-executive director.

The company had posted a net profit after non-controlling interest, share of profit or loss of associates and joint ventures of Rs193.07 crore for the same period a year ago, Piramal Enterprises said in a filing to the BSE.

Consolidated total income also rose to Rs2,548.96 crore for the quarter under consideration as against Rs1,742.79 a year ago.

For the all of 2016-17, net profit stood at Rs1,252.33 crore, up from Rs 904.74 crore in 2015-16.

Total income also rose to Rs8,780.50 crore for 2016-17, as against Rs 6,633.14 crore in the year-ago period.

Chairman Ajay Piramal said: “Strong growth across all businesses during the quarter enabled us to deliver the best quarterly performance over the last few years.”

The board on Friday also approved raising of funds up to Rs 5,000 crore through issue of equity shares and/or convertible securities.

In a separate filing, the company said it board has recommended dividend of Rs 21 per share of face value of Rs 2 for the financial year ended March.

The stock closed at Rs 2,609.45 on the BSE, up 2.83% from its previous close.

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