Piramal Enterprises Q1 net up 21 pc at Rs 461 cr

Piramal Enterprises on Tuesday posted 21 per cent rise in consolidated net profit at Rs 461 crore for the quarter ended June 30, 2019.

The company had reported a net profit of Rs 382 crore in the year-ago period.

Net sales rose 21 per cent to Rs 3,506 crore in the latest quarter as against Rs 2,902 crore in June quarter 2018-19, Piramal Enterprises said in a statement.

"Despite liquidity tightening in the NBFC space and overall slowdown across sectors, we have consistently delivered over 20 per cent growth in both revenues and net profits for the last 16 consecutive quarters," Piramal Enterprises Chairman Ajay Piramal said.

In the past few months, the company has further strengthened its financial services business, on both assets and liabilities side, he added.

"We are now committing to bring in Rs 8,000-10,000 crore of equity in our financial services business during this financial year to leverage the significant growth and consolidation opportunities that are emerging in the NBFC sector," Piramal said.

Piramal Enterprises shares were trading 1.76 per cent up at Rs 1,822 apiece on the BSE.