Piramal Enterprises’ net profit up by 31 per cent in Q1 FY 2018

Piramal Enterprises has posted consolidated results for the First Quarter (Q1) ended 30 June 2017. The consolidated revenues for Q1 FY 2018 were 27 per cent higher at Rs 2,254 crores as compared with Rs 1,776 crores in Q1 FY 2017. 47 per cent of company’s Q1 FY 2018 revenues were generated in foreign currency. Net profit for Q1 FY 2018 was 31 per cent higher at Rs 302 crores. Strong profitability was mainly on account of improved top-line performance in financial services and pharma business.

Ajay Piramal, Chairman, Piramal Enterprises, "We continue to consistently deliver excellent set of results quarter after quarter. The company announced 27 per cent growth in revenues to Rs 2,254 crores and 31 per cent increase in net profit to Rs 302 crores for the first quarter of FY 2018. Our loan book continued to grow at an impressive pace at 79 per cent to Rs 28,648 crores, simultaneously maintaining a healthy asset quality. We continue to maintain strong focus on quality, compliance and risk mitigation across our businesses. We remain committed to deliver improved business performance and create sustainable long term value for all our stakeholders."

The company’s pharma segment in Q1 FY 2018, delivered revenues of Rs 887 crores, as compared with Rs 851 crores in Q1 FY 2017. Revenue from global pharma business was 9.7 per cent higher at Rs 845 crores in Q1 FY 2018, primarily on account of strong performance in the product business largely due to ongoing integration of acquired products partly offset by global currency fluctuations and higher off-take during last quarter. Capex for expansion at Digwal and Lexington is progressing well and inquiries for integrated projects at our services business continue to surge with many new projects in various stages of discussion. During the quarter, 20 new customers (including 7 large orders) were added in our services business, company said.