Piramal Enterprises’ HI net grows 12 pc

Piramal Enterprises Limited on October 28 announced its consolidated results for the second quarter and half year ended September 30.

While the revenue of the company for Q2FY21 increased by 1 per cent y-o-y to Rs 3,302 crore, the net profit went up by 14 per cent to RS 628 crore. The net profit for H1FY21 grew by 12 pc y-o-y to Rs 1,124 crore.

Ajay Piramal, Chairman, Piramal Enterprises Ltd, said, “We have delivered a resilient performance with net profit of Rs 1,124 crore for H1 FY21, despite adverse global environment. Continuing to focus on strengthening our balance sheet, over the past year, we brought in Rs 18,000 crore of capital and reduced our net debt-to-equity ratio to below 1x.”

In financial services, he said, “we saw early signs of recovery across the key sectors that we lend to. Progressing on the stated strategy of diversifying the loan book, we will be launching our multi-product retail lending platform in November 2020.”

The pharma business of Piramal recorded a healthy improvement in both revenue growth and profitability, he said.