Piramal Enterprises on Monday reported a consolidated net loss of Rs 1,702.59 crore for the fourth quarter ended March 2020 due to the impact of COVID-19 pandemic.
The company had posted a net profit of Rs 454.63 crore in January-March quarter a year ago, Piramal Enterprises said in a BSE filing.
Its total revenue from operations dropped 1.98 per cent to Rs 3,341 crore during the quarter under review as compared with Rs 3,408.52 crore in the corresponding quarter of the previous year.
"The Group has estimated and recognised an additional expected credit loss of Rs 1,903 crore on certain financial assets, on account of the anticipated effect of the global health pandemic," the company said.
"As a result of the uncertainties resulting from COVID-19, the impact of this pandemic may be different from those estimated as on the date of approval of these financial results and the Group will continue to monitor any changes to the future economic conditions," it added.
Its total expenses during the quarter stood at Rs 4,876.77 crore.
Commenting on the results Piramal Enterprises Chairman Ajay Piramal said, "The last few quarters have been challenging for the Indian economy. The situation has further worsened due to the COVID-19 pandemic, with a subsequent economic recovery likely to be long-drawn."
"To navigate through such an environment, we have significantly strengthened and deleveraged our balance sheet through multiple initiatives to raise capital."
According to the company, it transferred certain financial assets to wholly owned subsidiaries, hence "the results for year ended March 31, 2020 are not comparable with the results of the earlier periods presented."