Piramal Enterprises on Thursday reported an 11 per cent increase in consolidated net profit after tax at Rs 888 crore for the third quarter ended December 31, 2021.
The company had posted a net profit of Rs 799 crore for the same period last fiscal year, Piramal Enterprises said in a statement.
Consolidated net sales were at Rs 3,816 crore in the third quarter as compared to Rs 3,169 crore in the year-ago period, it added. The pharmaceuticals vertical clocked a revenue of Rs 1,578.05 crore in the quarter. It was at Rs 1,373.64 crore in the year-ago period. The financial services segment registered a revenue of Rs 2,238.11 crore. It was at Rs 1,794.97 crore in the third quarter of 2020-21.
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Commenting on the performance, Chairman Ajay Piramal said the third-quarter performance reflects the growth across both financial services and pharmaceuticals businesses.
"The acquisition of DHFL has been valuing accretive and has enabled us to achieve significant growth. It has materially given a further impetus to our business ambitions and targets," he added.
In pharma, he said the company has grown well, despite the logistical and supply chain constraints induced by the pandemic. We made further investments for expanding capacity in niche capabilities. Each of our pharma businesses has a compelling plan for their growth and profitability improvement in coming years," Piramal said.
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On the outlook, he said, "The capacity building in talent and technology, together with a robust business expansion plan gives us the confidence to create a sustainable and profitable retail franchise in coming years."
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