Piramal Enterprises Q1 net profit up 21% to Rs.461 Cr

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Biznextindia : Piramal Enterprises has reported 21% rise in net profit to Rs. 461 Crores in the April-June (Q1) quarter of the current financial year, against Rs.382 Crore in the same qurter last year. The Company’s revenue has increased by 21% to Rs. 3506 Crore from Rs. 2902 Crore in thr Q1 of 2018-19.

The company has Committed to bring in INR 8,000-10,000 Crores of equity in Financial Services business during the current financial year.

“We have commenced the new financial year with strong performance across our businesses. Our revenues grew by 21% YoY to INR 3,506 Crores and net profit grew by 21% to INR 461 Crores during this quarter. 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 forthe last 16 consecutive quarters. In the past few months, we have further strengthened our Financial Servicesbusiness, on both assets and liabilities side. We are now committing to bring in INR 8,000-10,000 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” Mr. Ajay Piramal, Chairman, Piramal Enterprises Ltd. said.

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