Piramal Enterprises hits over 2-year high after strong performance in Q1

In Q1FY22, pharma segment delivered robust revenue growth of 31 per cent YoY, led by the Complex Hospital Generics (CHG) and India Consumer Products (ICP) businesses.

Shares of Piramal Enterprises hit an over two-year high of Rs 2,856.80 after they rallied 7 per cent on the BSE in the intra-day trade on Monday on strong June quarter results. The company reported consolidated profit after tax of Rs 534 crore, up 8 per cent year on year (YoY), despite consolidated revenues coming in flat at Rs 2,909 crore YoY. The bottomline was aided by interest expenses, which declined 11 per cent YoY – on the back of meaningful decline in debt on the balance sheet and progressively lower cost of borrowings.

The stock was trading at