Piramal Enterprises net grows by 11 per cent

Piramal Enterprises Limited on July 30 announced its consolidated results for the first quarter FY2021 ended June 30, 2020.

The net profit of the company grew by 11 per cent YoY to Rs 496 core from Rs 448 crore. The revenue declined by 8 pc to Rs 2,937 crore from Rs 3,187 crore.

The shareholders’ equity increased by 15 per cent to Rs 31,018 crore as against Rs 26,856 crore last year. The company was also able to achieve net debt reduction of Rs 13,902 crore since last one year.

Ajay Piramal, Chairman, Piramal Enterprises Ltd, said, “We have delivered a resilient performance in Q1 with 11 pc YoY net profit growth to Rs 496 Cr. During the quarter, we substantially enhanced our liquidity position and strengthened our balance sheet. Despite the slowdown caused by the global pandemic, we signed an agreement with global investment firm – Carlyle, to raise strategic growth investment of $490m in Piramal Pharma. These re-affirm the inherent robustness of our businesses.”