Ajay Piramal-led Piramal Enterprises Ltd (PEL) reported a 15.3% increase in its net profit to ₹554 crore for the September ended quarter on the back of a robust performance in its pharma and healthcare business.
The Mumbai-based diversified conglomerate, which has businesses across financial services, pharma, real estate, among others, saw its revenue jump 18% to ₹3603.56 crore during the reporting quarter.
“Our diversified business model has enabled us to deliver resilient performance during this quarter, despite continued liquidity tightening in the NBFC (non-banking financial company) sector," Piramal said in a statement.
PEL’s pharma business grew 19% to ₹1316 crore, while its India consumer products vertical sustained its strong recovery with revenue growth of 39% to ₹112 crore during the September quarter, the company said. Besides, revenue of healthcare insights and analytics grew 14% to ₹333 crore.
"Pharma and healthcare insights businesses continue to consistently deliver strong performance quarter on quarter, acting as a natural hedge and bringing stability to the company’s performance, even in the most volatile market environment," he said.
During the reporting quarter, PEL’s financial services grew 13% to ₹1,954 crore. The company’s total loan book as of September stood at ₹53,055 crore. Its housing finance loan book grew three fold to ₹6,393 crore.