Ajay Piramal promoted Piramal Enterprises Limited has announced its net profit was up by 25 per cent in the quarter ended September 30 at Rs 480 crore as against Rs 384 crore in the corresponding period of FY18 led by strong performance of its financial services business.
The conglomerate invested in financial services, pharmaceuticals and healthcare has clocked a consolidated revenue of Rs 3,144 crore in the Q2 FY 19, up by 24 per cent from Rs 2,536 crore in the same quarter last year. Piramal Enterprises’ total loan book grew by 59 per cent to Rs 52,793 crore as on 30 September 2018 from Rs 33,261 crore as on the same date last fiscal.
“Despite the tightening of liquidity in the Financial Services industry, the Company delivered robust performance,” Ajay Piramal, Chairman, Piramal Enterprises said. He added company’s continued focus on risk management resulted in 0.5 per cent gross NPA and 19.6 per cent ROE.
“Consistently improving our performance across key metrics, both on asset and borrowings, continues to keep us well positioned, with the company having been able to get sufficient liquidity even in the current volatile environment,” he added.
The company reported it had more than Rs 7,500 crore in the form of cash and several unutilised bank lines. Former SBI chief Arundhati Bhattacharya has been appointed as Non-Executive Independent Director on the Board of the Company, subject to approval from shareholders.
Sales of Piramal Enterprises’ pharma business in the quarter grew up by 2.5 per cent to Rs 1,029 crore as against Rs 963 crore in Q2 FY 18. While global pharma segment grew by 6.8 per cent, the Indian consumer products segment saw a dip of over 32 per cent. Healthcare Insight & Analytics business segment revenue grew by 14.1 per cent to Rs 292 Crores in Q2 FY2019, primarily driven by continuing growth in data and analytics segment, the company said.