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Piramal Enterprises posted a consolidated net profit of Rs 202 crore in first quarter FY 2016 due to increased revenue, lower research and development expenses and income from associates. In the same quarter last fiscal the company had made a net profit of Rs 2896 crore driven by gains from sale of its 11% stake in Vodafone.
Piramal Enterprises had booked a profit of Rs 3,031 crore on sale of its stake in Vodafone in first quarter of FY 15. However excluding the exceptional gain profit was 57% lower at Rs 179 crore.
In the first quarter of current fiscal revenue grew 25% to Rs 1474 crore and growth was reported from all three business segments - health care, financial services and information management. The company earns 58% of revenue from health care and the balance is split between financial services and information management.
"We have continued our momentum of delivering significant bottom-line performance during the quarter. Our approach of constantly thinking ahead and efficiently allocating capital is delivering good results . All our businesses continue to focus on executing their well-defined growth strategy. As an organisation, we remain committed to consistently create long term value for our shareholders," said Ajay Piramal, chairman, Piramal Enterprises.
