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Drug-maker Piramal Enterprises, erstwhile Piramal Healthcare, posted a net loss of Rs 146 crore for the three months ended June 30, 2013, compared with a net profit of Rs 4 crore in the corresponding period last year.
Interest expenses for the first quarter were 279 per cent higher at Rs 332 crore compared with Rs 87 crore in the same quarter last year, as the company raised funds to invest in its NBFC operations and in shares of Shriram Transport Finance Company, Piramal Enterprises said.
The interest expenses for the quarter include one-time financing charges of Rs 162 crore, it said. Excluding this, the company would have posted a profit of Rs 16 crore, the company added.
The company further said that its financial performance this quarter was not comparable with the corresponding quarter on account of the acquisition of Decision Resources Group in June 2012. The company’s total operating income stood at Rs 970 crore in the quarter under review, up close to 30 percent, from Rs 747 crore in the corresponding period last year.
Piramal shares closed down over one per cent at Rs 588 on the BSE, on Thursday.
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