Piramal Enterprises Q4 net rises to Rs 39.44 bn on tax write-back

Piramal Enterprises on Monday posted a huge jump in the March quarter net profit at Rs 39.44 billion on massive tax write-back on merger of subsidiary firms, compared with Rs 3.11 billion in the same period last year.

Normalised for the gain, the city-based company's net grew by 21 per cent to Rs 3.75 billion, but was restricted by an increase in tax outgo.

Chairman Ajay Piramal said there was an exceptional item of a Rs 35-billion tax write-back on account of the reverse merger of Piramal Finance and Piramal Capital with Piramal Housing Finance.