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Piramal Enterprises Ltd on Thursday reported a net profit of Rs 748 crore on revenue of Rs 3,402 crore in the January to March quarter.
It had reported a net profit of 807 crore in the same period of previous fiscal while the revenue totalled Rs 3,341 crore. Significantly, the company said shareholders' equity increased by 29 per cent to Rs 35,139 crore in the last two years while net debt reduced by 45 per cent or Rs 24,968 crore. It also raised more than Rs 51,000 crore of long-term funds in the past two years. Chairman Ajay Piramal said the company's steady performance reflects strong resilience during a phase of prolonged macro-economic challenges. "We have significantly strengthened our balance sheet and continue to transform our financial services business model from largely wholesale-led to a more diversified one across wholesale and retail financing." This transformation will also be augmented by impending inorganic initiative with DHFL, that is currently undergoing regulatory process. "Pursuant to the capital raise during the year in our pharma business, we have accelerated investments in both organic and inorganic growth initiatives," said Piramal. "In the last one year, we have also made further progress towards creating two separate listed entities. I am confident that these businesses will emerge as two strong companies, each with a long runway for growth." The board of directors has recommended a dividend of Rs 33 per share for FY21. The total dividend payout will be Rs 788 crore. (ANI)
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