Piramal Enterprises today reported a consolidated net loss of Rs 69.81 crore for the first quarter ended June 30 on account of one time non-cash accounting charge towards imaging business.
The company had posted a net profit of Rs 302.23 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a BSE filing.
Consolidated revenue from operations of the company rose by 29 per cent to Rs 2,902.49 crore for the quarter under consideration as against Rs 2,254.07 crore for the same period a year ago.
During the quarter, the company sold the imaging business to Alliance Medical Group. Upon the sale of this business, there was a non-recurring and non-cash accounting charge of Rs 452 crore towards imaging assets, Piramal Enterprises said.
Piramal Enterprises Chairman Ajay Piramal said: "We have commenced the new fiscal year with strong financial performance on the back of robust growth across all our businesses."
During the quarter, the company sold its imaging business, which we believe will lead to improved profitability of the Pharma segment in the coming quarters, he added.
"Our net profit excluding the exceptional non-cash accounting charge towards imaging business grew by 27 per cent to Rs 382 crore. Our cash profits grew higher by 54 per cent to Rs 540 crore," Piramal said.
In the Financial Services segment, the loan book grew 64 per cent to Rs 46,995 crore, he added.
"Post the completion of the merger of Piramal Finance and Piramal Capital with Piramal Housing Finance, we received a rating of AA+ stable from CARE, a testimony to the strong performance of our loan book over several quarters, robust risk management metrics and our stringent in-house asset monitoring process," Piramal said.
Shares of Piramal Enterprises today closed 0.17 per cent higher at Rs 2,664.10 per scrip on the BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
