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Piramal Enterprises (PEL) today posted consolidated net profit of ₹ 249 crore for the third quarter ended December 31, on account of improved operating performance.
The company had posted a net loss of ₹ 11.14 crore during the October-December quarter of same period of previous fiscal, 2013-14.
Net sales of the company rose to ₹ 1,381.45 crore during the third quarter of 2014-15, compared to ₹ 1,276.12 crore in the same period of previous fiscal, Piramal Enterprises Ltd (PEL) said in a filing to the BSE.
“The increase in net profit was mainly on account of improved operating performance, lower interest cost due to reduction in long term debt, exceptional gain and higher share of income from associates, partly offset by marginal increase in depreciation and higher tax expense,” it added.
PEL Chairman Ajay Piramal said the company’s diversification across businesses and geographies and successful organic and inorganic growth strategy, has enabled it to continue to deliver strong financial performance, despite volatile global economic environment.
“We remain committed to our approach of efficiently allocating capital while undertaking controlled risk, to consistently generate higher profitability and deliver superior shareholder returns,” he added.
PEL stock closed at ₹ 844, up 1.20 per cent, on the BSE.
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