Consolidated revenue from operations advanced 1.83% to ₹3,402 crore during the quarter under review as against ₹3,341 crore for the corresponding quarter of previous fiscal
Piramal Enterprises on Thursday reported a consolidated net loss of ₹510 crore for the quarter ended 31 March 2021. The company had posted a net loss of ₹1702.59 crore for the same quarter last year, Piramal Enterprises said in a filing to the BSE.
Consolidated revenue from operations advanced 1.83% to ₹3,402 crore during the quarter under review as against ₹3,341 crore for the corresponding quarter of previous fiscal.
During the fourth quarter ended March 31, 2021, pharma delivered revenue of ₹1,923 crore, up 19% of Q4 FY20 revenue. In October, the company completed acquisition of 49% remaining stake in Convergence Chemicals, Piramal Enterprises said.
In financial services, the overall loan book stood at ₹44,668 crore, it added.
Significantly, the company said shareholders' equity increased by 29 per cent to ₹35,139 crore in the last two years while net debt reduced by 45 per cent or ₹24,968 crore. It also raised more than ₹51,000 crore of long-term funds in the past two years.
Chairman Ajay Piramal said the company's steady performance reflects strong resilience during a phase of prolonged macro-economic challenges.
"Over the last two years, we have significantly strengthened our balance sheet and continue to transform our financial services business model from largely wholesale-led to a more diversified one across wholesale and retail financing"
This transformation will also be augmented by impending inorganic initiative with DHFL, that is currently undergoing regulatory process. About the DHFL acquisition, the resolution plan received approvals from the RBI in February 2021 and Competition Commission of India (CCI) in April 2021.
"Pursuant to the capital raise during the year in our pharma business, we have accelerated investments in both organic and inorganic growth initiatives," said Piramal.
Significantly, the company said shareholders' equity increased by 29% to ₹35,139 crore in the last two years while net debt reduced by 45% or ₹24,968 crore. It also raised more than ₹51,000 crore of long-term funds in the past two years.
"In the last one year, we have also made further progress towards creating two separate listed entities. I am confident that these businesses will emerge as two strong companies, each with a long runway for growth."
The board of directors has recommended a dividend of ₹33 per share for FY21. The total dividend payout will be ₹788 crore.
Shares of Piramal Enterprises gained 0.17% to close at ₹1694.60 on Wednesday on the BSE, while the benchmark index, Sensex lost 0.96% to close at 48690.80 points.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!