Piramal Enterprises' Q3 net profit up 21%

Diversified conglomerate Piramal Enterprises on Tuesday reported an increase of 21 per cent in its consolidated net profit for the third quarter of 2017-18 financial year.

According to the company, its net profit during the quarter under review increased to Rs 490 crore from Rs 404 crore reported for the corresponding period of the previous fiscal.

Further, the consolidated revenues grew by 22 per cent to Rs 2,858 crore from Rs 2,342 crore in Q3 2016-17.

"We continue to deliver strong performance since last many quarters. The consistency in our performance is an outcome of the robustness of our business model and sharp focus on quality, compliance, legal and risk mitigation across our businesses," said Ajay Piramal, Chairman, Piramal Enterprises.

"Nearly Rs 7,000 crore of capital, which we are in the process of raising from existing and new top quality global and domestic investors, will play an instrumental role in achieving ambitious growth plans across our businesses operating in Financial Services and Pharmaceutical sectors."

Piramal added: "Our loan book continued to grow at an impressive pace at 68 per cent to Rs 38,036 crore while maintaining a healthy asset quality with gross NPA (non performing asset) of 0.4 per cent."

--IANS

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