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Piramal Enterprises, which straddles finance, pharma and healthcare segments, posted a 21% rise in net profit at Rs 4.9 billion in third quarter ended December 2017 (Q3FY18) mainly on account of improved operational performance. However, growth in profits was partly offset by increase in tax expenses. It had posted a net profit of Rs 4.04 billion in October-December 2016 (Q3FY17). Ajay Piramal, chairman, PEL said the consistency in performance is outcome of robust business model, sharp focus on quality, compliance, legal and risk mitigation across businesses. The income from financial services rose by 46% at Rs 13.16 billion for Q3FY18 from Rs 9.02 billion in Q3FY17.
The growth in income was primarily driven by increase in size of loan book, which grew by 68% over last year to Rs 380.36 billion, company said in a statement today.The disbursement in housing finance business, for which company got a licence in August 2017, stood at Rs 4.91 billion at end of December 2017. The tally of sanctioned but not disbursed loans was Rs 6.8 billion at end of December 2017. The pharma segment showed a 7% growth in revenues at Rs 10.22 billion from Rs 9.54 billion in Q3FY17. For healthcare insight and analytics, the revenues for the quarter were almost flat at Rs 4.68 billion in Q3FY18 from Rs 4.64 billion in Q3FY17. Shares of Piramal Enterprises were trading at Rs 2,783.40 per scrip on BSE, down 0.62% from the previous close.