MUMBAI: Piramal Enterprises on Tuesday reported a 21.37 per cent increase in its consolidated net profit at Rs 490 crore for the quarter ended December 2017 against Rs 400 crore registered during the corresponding quarter a year ago. The rise in profit was on the back of robust performance in financial services and pharmaceutical verticals.
The company’s consolidated revenue from operations also rose to Rs 2,858 crore during the quarter under review compared to Rs 2,341 crore in the same period the previous fiscal, the company said in a disclosure with the bourses.
Income from financial services shot up 46 per cent aided by strong growth in its loan book, while pharma segment revenue rose by 7 per cent to Rs 1,022 crore.
“The company announced a 22 per cent growth in total revenues at Rs 2,858 crore and 21 per cent increase in net profit at Rs 490 crore for the third quarter of 2017-18,” said Ajay Piramal, chairman, Piramal Enterprises. He added that the consistency in the company’s performance was on account of its robust business model and sharp focus on quality, compliance, legal and risk mitigation across the businesses.
“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,” said Piramal.