Piramal Enterprises bounces back to profit in Mar quarter
Piramal Enterprises Ltd announced a consolidated net profit of Rs 150.53 crore for the quarter ended March 31, 2022 on Thursday. In the previous fiscal year, the company reported a consolidated net loss of Rs 510.39 crore.
The business stated in a regulatory filing that consolidated revenue from operations for the quarter under review was Rs 4,162.94 crore, up from Rs 3,401.56 crore in the same quarter last year.
During the quarter, the pharmaceuticals section generated Rs 2,139.15 crore in revenue, while the financial services vertical generated Rs 2,023.79 crore.
‘Against the background of the pandemic and macro-economic difficulties, we generated a solid performance in Q4 and FY22 across financial services and pharmaceuticals,’ said PEL Chairman Ajay Piramal.
In the financial services sector, the company concluded its merger with DHFL and “re-activated practically all of the branches, not only retaining over 3,000 DHFL employees, but also creating over 3,000 new jobs in the amalgamated entity across India,” he said.
“Following the DHFL acquisition, we will now use our robust retail lending infrastructure to quadruple our assets under management (AUM) over the next five years, significantly enhancing our retail composition,” Piramal stated.
“We have been spending organically and inorganically across all of our companies in medicines,” he said. Despite the adverse macro-environment, all of our core companies have a compelling plan for development and have continued to deliver on their particular strategic targets.” “We remain on target to complete the pharmaceuticals company demerger by Q3 of FY23 and unleash considerable value for our stakeholders,” Piramal added.