Piramal Enterprises Q1 profit up 11% at Rs 496 cr; revenue at Rs 2,937 cr

Piramal Enterprises on Thursday reported a 10.57 per cent rise in consolidated net profit at Rs 495.56 crore for the quarter ended June 30, 2020.

The company had posted a net profit of Rs 448.17 crore in the corresponding period of previous fiscal, Piramal Enterprises said in a filing to the BSE.

Consolidated revenue from operations stood at Rs 2,937.34 crore during the quarter under review as against Rs 3,186.82 crore in the same period a year ago, it added.

"We have delivered a resilient performance in Q1 with 11 per cent YoY net profit growth to Rs 496 crore during the quarter, we substantially enhanced our liquidity position and strengthened our balance sheet," Piramal Enterprises Chairman Ajay Piramal said.

Despite the slowdown caused by the global pandemic, the company signed an agreement with global investment firm Carlyle to raise strategic growth investment of $490 million in Piramal Pharma.

These re-affirm the inherent robustness of the businesses, he added.

"In financial services, we have made significant progress on our key strategic priorities as we continue to build our multi-product, tech-enabled retail lending platform, as well as to increase granularity in the wholesale portfolio," Piramal said.

"With clearly defined growth roadmaps in place for both our businesses, we are now at an inflection point to deliver sustainable long-term performance," he added.

During the first quarter ended June 30, 2020, pharma delivered revenue of Rs 1,038 crore, which is nearly 90 per cent of Q1FY20 revenue, despite global Covid-19 pandemic impact, Piramal Enterprises said.

In financial services, the overall loan book stood at Rs 51,265 crore, it added.

Shares of Piramal Enterprises were trading at Rs 1,361.20 per scrip on the BSE, down 4.36 per cent from its previous close.