Peerless General Finance & Investment Company's profit after tax increased by 9 per cent from a year earlier to Rs 118.8 crore in 2012-13.
"The future of Peerless will hereafter be closely linked to the performance of its subsidiaries through which most of the businesses of the group are being channelled. Except two subsidiaries, the rest are yet to reach or regain profit making stage although several are close to it," the company said in its annual report for 2012-13.
Among the subsidiaries, while Peerless Hotels reported 25.5 per cent year-on-year increase in profit after tax, Peerless Developers made a loss due to adverse external business environment and altered business model. Peerless Securities also incurred a loss due to volatile market conditions.
