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Piramal Group’s chairman Ajay Piramal. (MINT_PRINT)
Piramal Group’s chairman Ajay Piramal. (MINT_PRINT)

Piramal Enterprises Q2 profit rises 14% to 628.31 crore

  • The Pharma Business recorded a healthy improvement in both revenue growth and profitability
  • Consolidated revenue from operations of the company stood at 3,301.84 crore for the quarter

Ajay Piramal-led Piramal Enterprises on Wednesday reported a 13.95% increase in its consolidated net profit to 628.31 crore for the quarter ended on September 30, 2020, driven by robust sales in the pharma segment.

The company had posted a net profit of 551.37 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a regulatory filing. Consolidated revenue from operations of the company stood at 3,301.84 crore for the quarter against 3,270.50 crore for the year-ago quarter.

"We have delivered a resilient performance with net profit of 1,124 crore for H1 FY21, despite adverse global environment. Continuing to focus on strengthening our balance sheet, over the past year, we brought in 18,000 crore of capital and reduced our net debt-to-equity ratio to below 1x."

The Pharma Business recorded a healthy improvement in both revenue growth and profitability. It also completed the 20% growth investment by The Carlyle Group - which is an affirmation of the robustness of the business model and consistency in performance, Piramal said. "Both businesses are now at an inflection point, where we see a good runway for strong performances in the mid to long-term." he added.

In Financial Services, "we saw early signs of recovery across the key sectors that we lend to. Progressing on the stated strategy of diversifying the loan book, we will be launching our multi-product retail lending platform in November 2020," he added.

Shares of Piramal Enterprises dropped by 1.3% to close at 1,282.05 on BSE, whose benchmark index declined by 1.48%.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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