New Delhi: Piramal Enterprises Ltd on Monday reported a 31.66% rise in its consolidated net profit to Rs404.08 crore for the quarter ended 31 December 2016, on account of improved top-line performance.
The company had posted a net profit after non-controlling interest and share of profit (loss) of associates and joint ventures of Rs306.91 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a BSE filing.
Consolidated total income from operations also rose to Rs2,341.74 crore for the quarter under consideration as against Rs1,786.01 crore for the same period year ago.
Piramal Enterprises chairman Ajay Piramal said, “In line with our strategic roadmap, this quarter witnessed new acquisitions, foray into new business segments and robust performance across existing businesses”. The company remains committed to overall business strategy of efficiently allocating capital towards growing both organically and inorganically..., he added.
“Strong profitability was mainly on account of improved top-line performance, partly offset by increase in interest expense, depreciation and higher tax rate,” Piramal Enterprises said.
The company’s global pharma business acquired a portfolio of intrathecal spasticity and pain management drugs from Mallinckrodt LLC in Jan 2017. It also acquired a portfolio of five injectable anaesthesia & pain management products from Janssen in October 2016, it added.
The financial services business announced its plan to enter the retail housing finance, it added. Financial services business launched flexi lease rental discounting for completed commercial assets, the company said.