Piramal Enterprises Q1 net profit up 43% to Rs 247.46 crore

The firm had posted a net profit of Rs 172.93 crore during the April-June quarter of FY17

Diversified group Piramal Enterprises today reported a 43.09% jump in its consolidated net profit at Rs 247.46 crore for the quarter ended June 30, mainly on account of higher income.

The company had posted a net profit of Rs 172.93 crore during the April-June quarter of the previous financial year, Piramal Enterprises said in a BSE filing.

Total consolidated income from operations also rose to Rs 2,337.91 crore during the quarter under review as against Rs 1,829.23 crore in the same period a year ago, up 27.80%.

"We continue to maintain the strong focus on quality, compliance and risk mitigation across our businesses. We remain committed to deliver improved business performance and create sustainable long term value for all our stakeholders," Piramal Enterprises Chairman Ajay Piramal said.

During the quarter, pharma segment delivered revenues of Rs 917.85 crore, as compared to Rs 872.18 crore in Q1 FY2017.

Revenue growth from healthcare marginally declined to Rs 251.98 crore, during the quarter as against Rs 269.28 crore in the year-ago period, primarily due to shifting of existing business for the quarter to the next quarter and shift in timing of renewal of few annual contracts, the company said.

Income from financial services was 70.9% higher at Rs 1,084.24 crore during the quarter as against Rs 634.76 crore.

The stock was trading at Rs 2,957.50 on BSE up at 0.28%.