Piramal Enterprises Q2 Net up 25 pc at Rs 384 cr

Piramal Enterprises today reported a 25.21 per cent rise in consolidated net profit to Rs 383.60 crore for the second quarter ended September 30, mainly on account of improved operational performance.

The company had posted a net profit after tax, share of profit (loss) of associates and joint venture of Rs 306.36 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a filing to BSE.

Consolidated revenue from operations also rose to Rs 2,535.86 crore for the quarter under review as against Rs 1,966.15 crore for the same period a year ago.

"The company announced 29 per cent growth in revenue to Rs 2,536 crore and 25 per cent increase in net profit to Rs 384 crore for the second quarter of 2017-18," Piramal Enterprises Chairman Ajay Piramal said.

The company also successfully raised around Rs 5,000 crore through qualified institutional placement (QIP) of compulsorily convertible debentures (CCDs), he added.

"In addition, it plans to raise up to Rs 2,000 crore through rights issue. This capital raise through CCDs along with rights issue will provide a strong impetus to achieve the company's ambitious growth plans in the coming years," Piramal said.

Strong growth in profitability was mainly on account of improved operational performance, partly offset by increase in depreciation and tax expenses, the company said.

Shares of Piramal Enterprises ended at Rs 2,762.40 per scrip, up 2.63 per on BSE today.

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