Piramal Enterprises Q3 net profit up 21% at Rs 4.90 billion

Piramal Enterprises on Tuesday reported 21.37 per cent rise in consolidated net profit to Rs 4.90 billion for the December quarter on robust performance in financial services and pharmaceutical verticals.

The company had posted a net profit of Rs 4.04 billion in the year-ago period, Piramal Enterprises said in a filing to BSE.

Consolidated revenue from operations also rose to Rs 28.58 billion for the quarter under review, against Rs 23.41 billion in the same period a year ago.

"The company announced 22 per cent growth in total revenues at Rs 28.58 billion and 21 per cent increase in net profit at Rs 4.9 billion for the third quarter of 2017-18," Chairman Ajay Piramal said.

The consistency in the company's performance is an outcome of the robust business model and sharp focus on quality, compliance, legal and risk mitigation across the businesses, he added.

"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 said.

Shares of Piramal Enterprises were trading at Rs 2,783.40 per scrip on BSE, down 0.62 per cent from the previous close.