Net profit increased to Rs 205 crores in Q1 FY2016 from Rs 55 crores during Q1 FY2015
Piramal Enterprises announced its consolidated results for the first quarter (Q1) ended June 30, 2015. In the quarter, the company posted strong revenue growth of 25 per cent at Rs 1,474 crores during Q1 FY2016. Operating profits were 93 per cent higher at Rs 300 crores during Q1 FY2016. Net profit (excluding exceptional item) increased to Rs 205 crores in Q1 FY2016 from Rs 55 crores during Q1 FY2015. Pharma solutions revenues grew 27 per cent during the quarter, primarily driven by growth in its formulation business. The total loan book increased to Rs 7,611 crores as on June 30, 2015 as compared with Rs 3,193 crores as on June 30, 2014. Total gross assets under management grew to Rs 8,676 crores.
Ajay Piramal, Chairman, Piramal Enterprises, “Post we crossed the inflection point in our profitability during the last fiscal year, we have continued our momentum of delivering significant bottom-line performance during the quarter. Our approach of constantly thinking ahead and efficiently allocating capital is delivering good results. Our financial services segment, where we have been allocating a large portion of our capital over the last few years, is consistently delivering robust performance. Apart from significantly scaling up of our real estate financial services platform, we entered into two large special situation transactions. Our pharma solutions business witnessed industry leading growth on back of its end-to-end play, value accretive acquisition and capacity expansions. All our businesses continue to focus on executing their well-defined growth strategy. As an organisation, we remain committed to consistently create long term value for our shareholders.”