Pi­ra­mal Net Up 31% at 302 cr in June Qtr

The Economic Times - - Companies: Pursuit Of Profit - Our Bu­reau

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.

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