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Piramal Enterprises surges after strong Q4 results

Capital Market 

Piramal Enterprises rose 9.75% to Rs 2,864 at 15:25 on after consolidated net profit rose 61.06% to Rs 310.96 crore on 45.82% rise in net sales to Rs 2450.93 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P Sensex was up 123.26 points, or 0.41% to 30,311.41.

On the BSE, 1.63 lakh shares were traded in the counter so far, compared with average daily volumes of 20,715 shares in the past one quarter. The stock had hit a high of Rs 2,941.90 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 2,651.10 so far during the day. The stock hit a 52-week low of Rs 1,215 on 13 May 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 16.62% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 47.24% as against Sensex's 6.54% rise.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

Piramal Enterprises said strong profitability was mainly on account of improved performance across business segments and lower research and development (R&D) expenses.

The company has delivered a strong revenue performance with growth across all three business segments. Revenue from pharma business rose 31% to Rs 1214 crore in Q4 March 2017 over Q4 March 2016. Income from financial services rose 81% to Rs 999 crore in Q4 March 2017 over Q4 March 2016. Revenues from information management business grew by 8.8% to Rs 227 crore in Q4 March 2017 over Q4 March 2016, primarily driven by the provider and payer business units.

The company's total loan book grew by 87% to Rs 24400 crore in the year ended March 2017 compared with Rs 13048 crore the year ended March 2016.

On a consolidated basis, the company's net profit rose 38.42% to Rs 1252.33 crore on 34.10% rise in net sales to Rs 8503.65 crore in the year ended March 2017 over the year ended March 2016.

Piramal Enterprises is one of India's large diversified companies, with a presence in pharmaceuticals, healthcare information management and financial services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 15:27 IST