Piramal Enterprises rose 6.88% to Rs 1,663.40 after consolidated net profit jumped 17.3% to Rs 564.25 crore on 14.6% rise in net sales to Rs 3,603.56 crore in Q2 September 2019 over Q2 September 2019.
The result was announced on Monday, 21 October 2019, when the market was shut on account of Assembly Elections in Maharashtra.The company's chairman, Ajay Piramal, said, "Our diversified business model has enabled us to deliver resilient performance during this quarter, despite continued liquidity tightening in the NBFC sector."
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The company said its financial services business received inflows of about Rs 45,000 crore over the past year and brought down commercial paper borrowings by 92% to about Rs 1,480 crore, reflecting the quality of the firm's underwriting, client selection and risk management practices. The company's financial services segment revenue increased 13% to Rs 1,954 crore in Q2 September 2019 over Q2 September 2018.
Pharma and healthcare insights businesses continue to consistently deliver strong performance quarter on quarter, acting as a natural hedge and bringing stability to the company's performance, even in the most volatile market environment. Pharma segment revenues grew 19% year-on-year to Rs 1,316 crore in Q2 quarter.
The company remains committed to bring in additional equity in the company in the near future, which will further bolster its plans to tap both organic and inorganic opportunities across the businesses.
Meanwhile, the S&P BSE Sensex was down 146 points or 0.37% to 39,152.
On the BSE, 91,355 shares were traded in the counter so far compared with average daily volumes of 1.40 lakh shares in the past two weeks. The stock hit an intraday high of Rs 1,680 and an intraday low of Rs 1,584.75 so far during the day.
The stock hit a 52-week high of Rs 2,795.95 on 1 April 2019. The stock hit a 52-week low of Rs 1,302 on 15 October 2019.
Piramal Enterprises (PEL) is one of India's largest diversified companies, with a presence in financial services, pharmaceuticals and healthcare insights & analytics.
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