Piramal Enterprises clocks 23 pc rise in Q3 profit to Rs 603 cr

Piramal Enterprises on Monday reported 23 per cent rise in consolidated net profit at Rs 603.27 crore for December quarter 2018, mainly on account of strong performance in financial services and pharma businesses.

The company had posted a net profit of Rs 490.47 crore in October-December 2017, Piramal Enterprises said in a filing to BSE.

Consolidated revenue from operations stood at Rs 3,489.08 crore in the reported quarter as against Rs 2,858.36 crore in the same period a year ago.

"We continue to consistently deliver strong performance during the quarter, despite volatile business environment," Chairman Ajay Piramal said.

Revenue was up 22 per cent to Rs 3,489 crore and net profit grew 23 per cent to Rs 603 crore, led by growth across financial services and pharma businesses, he added.

"Our group's credibility, robust track record and balance sheet strength enabled us to get enough liquidity from banks and mutual funds, despite tightened liquidity for the sector over the last few months. We grew our overall loan book by 45 per cent for the quarter to Rs 55,255 crore," Piramal said.

Net sales for financial services stood at Rs 1,841 crore for December quarter 2018-19 as against Rs 1,316 crore in the same period a year ago.

Pharma business including global pharma and India consumer products was at Rs 1,156 crore for the reported quarter. It was Rs 1,022 crore in October-December 2017.

The company has been delivering over 20 growth in revenues and net profit, consistently over past 14 quarters, Piramal Enterprises said.

Shares of Piramal Enterprises were trading at Rs 2,166.80 per scrip on BSE, down 5.66 per cent from the previous close.