Piramal Enterprises Ltd reports year over year increase in both revenues and net profit in June quarter this year
Mumbai, July 30 (IBNS): Piramal Enterprises Limited (PEL) reported 21% year over year (YoY) increase in both revenues and net profit for the quarter ended June 30, 2019.
According to the financial results declared on Tuesday by the company, revenue increased to Rs 3,506 crores in Q1 FY2020 compared to Rs 2,902 crores in Q1 FY2019.
The company said that in Q1 FY2020, 36% of its revenues were earned in foreign currency.
Net profit (excluding non-recurring and non-cash accounting charge towards Imaging assets for Q1 FY2019 and exceptional item for Q1 FY2020 for Healthcare Insights & Analytics) increased to Rs 461 crores in Q1 FY2020 compared to Rs 382 crores in Q1 FY2019.
Ajay Piramal, Chairman, Piramal Enterprises Ltd said, “We have commenced the new financial year with strong performance across our businesses. Despite liquidity tightening in the NBFC space and overall slowdown across sectors, we have consistently delivered over 20% growth in both revenues and net profits for the last 16 consecutive quarters. In the past few months, we have further strengthened our Financial Services business, on both assets and liabilities side."
He said the company is planning to bring in Rs 8,000-10,000 crores of equity in the Financial Services business during this
financial year to leverage the significant growth and consolidation opportunities that are emerging in the NBFC sector.
The Piramal Group, led by Ajay Piramal, is an Indian business conglomerate with a global footprint.
With operations in 30 countries and brand presence in over 100 countries, the Group’s turnover is ~$2 billion in FY2019.
The Group’s diversified portfolio includes presence in industries like healthcare, financial services, healthcare information management, glass packaging and real estate.
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