Piramal Net Up 31% at 302 cr in June Qtr
Mumbai: Ajay Piramal-controlled conglomerate Piramal Enterprises reported a net profit of .₹ 302 crore for the June quarter, up 31% from a profit of .₹ 231crore in the same quarter last year, helped by the strong growth in its financial services lending book. Revenues grew 27% to .₹ 2,254 crore.
Net sales at the financial services business grew 71% to .₹ 1,084 crore, while revenue at the pharmaceutical business rose about 4% to .₹ 887 crore, affected by the implementation of the goods and services tax (GST) and appreciation of dollar and pound.
“As per AC Nielsen, the consumer offtake remains unchanged, indicating the present situation to be merely a stocking issue. Key initiatives are being taken to smoothly and swiftly transition to GST, and business is expected to largely recover the revenue shortfall during Q1in the next quarter,” the company said in a statement.
Interest expenses rose during the quarter as the company borrowed for making investments in financial services and to fund acquisitions.
The financial services loan book grew 79% to .₹ 28,648 crore. Gross assets under management stood at .₹ 6,727 crore during the quarter.