Piramal Enterprises reports Q2 net profit at Rs 245.91 cr

Piramal Enterprises today reported a consolidated net profit of Rs 245.91 crore for the second quarter ended September 30, mainly on improved performance across business segments and lower R&D expenses.
The company had posted a net loss of Rs 390.79 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a regulatory filing.
The company's consolidated total income from operations stood at Rs 1,544.11 crore for the quarter under consideration as against Rs 1,243.36 crore in the year-ago period.
Commenting on the results, Piramal Enterprises Chairman Ajay Piramal said, "... We are making good progress against our clearly defined strategic roadmap across all our businesses. Our efficient capital allocations and healthy growth rates are enabling us to again deliver a significantly improved bottom-line performance."

While the Healthcare and Information Management businesses are growing consistently, with their recent acquisitions getting well-integrated into these businesses, the Financial Services business continues to show outstanding growth performance, over last number of quarters, he added.
"R&D expenses were lower during the quarter on account of scaling back of our investments in NCE research in FY2015," the filing said.
Shares of Piramal Enterprises today closed 5.56 per cent up at Rs 990.50 per scrip on BSE.