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Ajay Piramal, chairman of Piramal Enterprises
Ajay Piramal, chairman of Piramal Enterprises

Piramal Enterprises Q3 profit up 10% at 799 crore

  • Consolidated revenue from operations fell 3.10% to 3,168.61 crore during the quarter under review as against 3,269.97 crore in the same period a year ago
  • In financial services, the overall loan book stood at 46,370 crore, Piramal Enterprises said

Mumbai: Piramal Enterprises on Thursday reported a 10% rise in consolidated net profit at 799.39 crore for the quarter ended December 31, 2020. The company had posted a net profit of 724.19 crore in the corresponding period of previous fiscal, Piramal Enterprises said in a filing to the BSE.

Consolidated revenue from operations fell 3.10% to 3,168.61 crore during the quarter under review as against 3,269.97 crore in the same period a year ago.

"The Company delivered a resilient performance despite the global covid-19 impact. Pursuant to significantly strengthening our balance sheet, we are now progressing on the next round of major transformations across both Pharma and Financial Services businesses." Piramal Enterprises Chairman Ajay Piramal said.

"We are changing our Financial Services business model from one that is wholesale led to a well-diversified one; this also being one of the key objectives behind our bidding for DHFL. We are in parallel, making strides towards creating a large differentiated listed Pharma company, post the growth capital raise from The Carlyle Group, through both organic as well as inorganic investments. These are focused steps towards a shift from a multi-sector conglomerate structure into one with focused listed entities within the Pharma and Financial Services sectors," Piramal said.

Piramal's Committee of Creditors (CoC) submitted resolution plan for DHFL for a total consideration of 34,250 crore – upfront cash component of 14,700 crore (including cash on DHFL’s balance sheet) and a deferred component (NCDs) of 19,550 crore.

"As these two businesses march forward on their clearly defined strategic roadmaps, and believe that both have the potential to emerge as two strong companies that will have significant runway for value creation for all stakeholders" he added.

During the third quarter ended December 31, 2020, pharma delivered revenue of 1,373.64 crore, which is nearly 43% of Q1 FY20 revenue. In October, the company received 3,523.40 from Carlyle Group as proceeds from Pharma Fund raise, Piramal Enterprises said.

In financial services, the overall loan book stood at 46,370 crore, it added.

Shares of Piramal Enterprises closed at 1,633.25 per scrip on the BSE, up 0.68% from its previous close.

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