Piramal Enterprises profit rises 8% to Rs 534 cr; revenue stable at Rs 2,909 cr
Piramal Enterprises chief Ajay Piramal says despite the 2nd Covid wave impact, it delivered a resilient performance during Q1 and maintained a strong balance sheet
- Aug 6, 2021,
- Updated Aug 6, 2021 4:08 PM IST
Piramal Enterprises Limited reported Q1 FY22 net profit at Rs 534 crore, recording an 8 per cent growth on a year-on-year basis for the April-June quarter. Revenue for the said quarter, which was broadly stable year-over-year, stood at Rs 2,909 crore.
The financial services and pharmaceuticals major, in a stock exchange filing, said its equity jumped 29 per cent to Rs 34,996 crore since March 2019. Piramal was also able to reduce 50% net debt (by Rs 27,677 crore) since March 2019.
Piramal Enterprises is one of the large companies in India, with a presence in financial services and pharmaceuticals. It had reported a consolidated net loss at Rs 510.39 crore for the quarter ended March 31, 2021. In FY2021, PEL’s consolidated revenues stood $1.7 billion in FY 2021.
During the quarter, Piramal's resolution plan got approval from NCLT and the monitoring committee was appointed in June 2021. It said the implementation of the resolution plan is in progress.
“Despite the impact of the second wave of Covid-19, we have delivered a resilient performance during the quarter with revenues at Rs 2,909 crore, net profit YoY growth by 8 per cent to Rs 534 crore. We continue to maintain a strong balance sheet, with the net debt-to-equity ratio at 0.8x," said Piramal Enterprises chairman Ajay Piramal.
In the financial services business, Piramal said its GNPAs (in absolute terms) remained broadly unchanged QoQ, with no major fresh slippages during the quarter. In the pharma business, Piramal's revenue grew 31 per cent YoY to Rs 1,362 crore during Q1, and delivered EBITDA of Rs 170 crore, up 56% YoY.
Meanwhile, Piramal Enterprises was up at Rs 70.10 or 2.70 per cent at Rs 2,668.9 today on the NSE, compared to the previous session close of Rs 2,598.80.
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Piramal Enterprises Limited reported Q1 FY22 net profit at Rs 534 crore, recording an 8 per cent growth on a year-on-year basis for the April-June quarter. Revenue for the said quarter, which was broadly stable year-over-year, stood at Rs 2,909 crore.
The financial services and pharmaceuticals major, in a stock exchange filing, said its equity jumped 29 per cent to Rs 34,996 crore since March 2019. Piramal was also able to reduce 50% net debt (by Rs 27,677 crore) since March 2019.
Piramal Enterprises is one of the large companies in India, with a presence in financial services and pharmaceuticals. It had reported a consolidated net loss at Rs 510.39 crore for the quarter ended March 31, 2021. In FY2021, PEL’s consolidated revenues stood $1.7 billion in FY 2021.
During the quarter, Piramal's resolution plan got approval from NCLT and the monitoring committee was appointed in June 2021. It said the implementation of the resolution plan is in progress.
“Despite the impact of the second wave of Covid-19, we have delivered a resilient performance during the quarter with revenues at Rs 2,909 crore, net profit YoY growth by 8 per cent to Rs 534 crore. We continue to maintain a strong balance sheet, with the net debt-to-equity ratio at 0.8x," said Piramal Enterprises chairman Ajay Piramal.
In the financial services business, Piramal said its GNPAs (in absolute terms) remained broadly unchanged QoQ, with no major fresh slippages during the quarter. In the pharma business, Piramal's revenue grew 31 per cent YoY to Rs 1,362 crore during Q1, and delivered EBITDA of Rs 170 crore, up 56% YoY.
Meanwhile, Piramal Enterprises was up at Rs 70.10 or 2.70 per cent at Rs 2,668.9 today on the NSE, compared to the previous session close of Rs 2,598.80.
Also read: Blackstone to acquire Piramal Glass for $1 billion
Also read: Private sector must step up CSR spending in underdeveloped areas: Ajay Piramal
Also read: Piramal Capital mobilises Rs 2,500 crore to integrate Dewan Housing acquisition