Piramal Enterprises Q1 net profit slips 9% to Rs 486 cr; revenue up 22%

Piramal Enterprises Ltd on Friday reported an 8.95 per cent decline in consolidated net profit to Rs 485.98 crore for the first quarter ended June 30, impacted by higher expenses.

Piramal group
Piramal group
Press Trust of India New Delhi
2 min read Last Updated : Jul 29 2022 | 10:19 PM IST

Piramal Enterprises Ltd on Friday reported an 8.95 per cent decline in consolidated net profit to Rs 485.98 crore for the first quarter ended June 30, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 533.79 crore in the same period last fiscal, Piramal Enterprises Ltd (PEL) said in a regulatory filing.

Its revenue from operations in the first quarter stood at Rs 3,548.37 crore compared to Rs 2,908.68 crore in the year-ago period, it added.

Total expenses in the quarter were higher at Rs 3,252.09 crore against Rs 2,492.97 crore a year ago.

PEL said its pharmaceuticals vertical clocked revenue of Rs 1,485.43 crore, up from Rs 1,362.02 crore in the year-ago quarter.

The financial services segment registered a revenue of Rs 2,062.94 crore against Rs 1,546.66 crore in the first quarter of the last fiscal, the company added.

"In financial services, we achieved significant growth in retail disbursements through our branches as well as by leveraging digital lending capabilities. We remain ahead of our target to achieve disbursement levels of Rs 2,500-3,500 crore by the third quarter of this financial year," PEL Chairman Ajay Piramal said.

In pharmaceuticals, he said the company has been making both organic and inorganic investments across all its businesses.

"We remain firmly on track to complete the demerger of the pharmaceuticals business by Q3 FY23 and unlock significant value for our stakeholders," Piramal said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Piramal EnterprisePiramal GroupPiramal

First Published: Jul 29 2022 | 6:59 PM IST

Next Story