On a consolidated basis, Piramal Enterprises' (PEL) net profit jumped 10.38% to Rs 799.39 crore on 3.09% decline in revenue from operations at Rs 3,168.61 crore in Q3 December 2020 over Q3 December 2019.
Profit before tax (PBT) and exceptional items rose 8% to Rs 834 crore in Q3 December 2020 over Q3 December 2019. Tax expense for the quarter skid 12% to Rs 201 crore as against Rs 227 crore in Q3 December 2019. The Q3 result was declared during market hours today, 11 February 2021.
During the quarter, revenue from financial services declined 9% to Rs 1,795 crore and revenue from pharma segment jumped 5% to Rs 1,374 crore over Q3 FY20.
Ajay Piramal, the chairman of Piramal Enterprises, said that: "The company delivered a resilient performance despite the global COVID-19 impact. Pursuant to significantly strengthening our balance sheet, we are now progressing on the next round of major transformations across both Pharma and Financial Services businesses."
"Firstly, we are changing our Financial Services business model from one that is wholesale led to a well- diversified one; this also being one of the key objectives behind our bidding for DHFL. We are in parallel, making strides towards creating a large differentiated listed Pharma company, post the growth capital raise from The Carlyle Group, through both organic as well as inorganic investments. These are focused steps towards a shift from a multi-sector conglomerate structure into one with focused listed entities within the Pharma and Financial Services sectors."
"As these two businesses march forward on their clearly defined strategic roadmaps, I believe that both have the potential to emerge as two strong companies that will have significant runway for value creation for all stakeholders," he added.
Shares of Piramal Enterprises rose 0.68% to Rs 1,633.25 on BSE. Piramal Enterprises is one of India's large diversified companies, with presence in financial services and pharmaceuticals.
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