BackPiramal Enterprises Q3 net profit up 23% at ₹603 crore
Piramal Enterprises December quarter net profit up mainly on account of strong performance in financial services and pharma businessesThe company had posted a net profit of ₹490.47 crore in October-December 2017
PremiumNew Delhi: Piramal Enterprises on Monday reported 23 per cent rise in consolidated net profit at ₹603.27 crore for December quarter 2018, mainly on account of strong performance in financial services and pharma businesses.
The company had posted a net profit of ₹490.47 crore in October-December 2017, Piramal Enterprises said in a filing to BSE.
Consolidated revenue from operations stood at ₹3,489.08 crore in the reported quarter as against ₹2,858.36 crore in the same period a year ago.
"We continue to consistently deliver strong performance during the quarter, despite volatile business environment," Chairman Ajay Piramal said.
Revenue was up 22 per cent to ₹3,489 crore and net profit grew 23 per cent to ₹603 crore, led by growth across financial services and pharma businesses, he added.
"Our group's credibility, robust track record and balance sheet strength enabled us to get enough liquidity from banks and mutual funds, despite tightened liquidity for the sector over the last few months. We grew our overall loan book by 45 per cent for the quarter to ₹55,255 crore," Piramal said.
Net sales for financial services stood at ₹1,841 crore for December quarter 2018-19 as against ₹1,316 crore in the same period a year ago.
Pharma business including global pharma and India consumer products was at ₹1,156 crore for the reported quarter. It was ₹1,022 crore in October-December 2017.
The company has been delivering over 20 growth in revenues and net profit, consistently over past 14 quarters, Piramal Enterprises said.
Shares of Piramal Enterprises were trading at ₹2,166.80 per scrip on BSE, down 5.66 per cent from the previous close.
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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