Piramal Enterprises Q1 profit rises 21 percent to Rs 461 crore

Piramal Enterprises said its total loan book grew 20 per cent year-on-year to Rs 56,605 crore. The housing finance loan book, which constitutes 11 per cent of the company's overall loan book, grew four times to Rs 6,110 crore from the year-ago period.

Mumbai: Piramal Enterprises on Tuesday reported a net profit of Rs 461 crore in April to June quarter, 21 percent up from Rs 382 crore in the same quarter of previous fiscal.

The revenue also increased 21 per cent to Rs 3,506 crore in Q1 FY20 from Rs 2,902 crore in Q1 FY19.

The company said its total loan book grew 20 per cent year-on-year to Rs 56,605 crore. The housing finance loan book, which constitutes 11 per cent of the company's overall loan book, grew four times to Rs 6,110 crore from the year-ago period.

"We have commenced the new financial year with strong performance across our businesses," said Chairman Ajay Piramal.

"Despite liquidity tightening in the non-banking financial companies (NBFC) space and overall slowdown across sectors, we have consistently delivered over 20 per cent growth in both revenues and net profits for the last 16 consecutive quarters."

In the past few months, he said the company has further strengthened its financial services business, on both assets and liabilities side.

Also Read: Piramal cuts short-term borrowings, reduces dependence on CPs as NBFC crisis lingers

"We are now committing to bring in Rs 8,000 crore to 10,000 crores of equity in our financial services business during this financial year to leverage the significant growth and consolidation opportunities that are emerging in the NBFC sector," said Piramal.

In the pharma segment, revenue grew 12 per cent to Rs 1,173 crore while healthcare insights and analytics revenue rose 15 per cent to Rs 319 crore during the quarter.

In pharma, Piramal Enterprises has 13 end-to-end manufacturing facilities and a large global distribution network to over 100 countries.

Also Read: Piramal Pharma invests over Rs 69 crore to expand its API capability