Mumbai headquartered, Piramal Enterprises Limited, declared their Q1 FY21 results ending June. Their filing has beaten what market analysts estimated their net profits and revenue to be. Year-on-Year net profit has risen by more than 10%, from Rs 448 crore the same quarter last year to Rs 496 crore in this quarter. Total Revenue has seen fallen to Rs 2937 crore from Rs 3187 crore in one year.
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“We have delivered a resilient performance in Q1 with 11 per cent YoY net profit growth to Rs 496 crore during the quarter, we substantially enhanced our liquidity position and strengthened our balance sheet.” – Piramal Enterprises Chairman Ajay Piramal.
The pharma sector has been able to raise fresh equity investment worth $490 million for a 20% stake in Piramal Pharma. To further strengthen their cash position, the company has raised Rs 9,600 crore of long-term borrowings in the quarter ending June.
The pharma segment has delivered revenues of INR 1,038 crore. This has been possible as they acquired a Solid Oral Dosage drug product facility in the US. Apart from this, India Consumer Products grew by 28% QoQ to Rs 104 crore. With new equity investments, net-debt of the company has decreased by 27% in one year, from Rs 52,055 crore to Rs 38,153 in this quarter.
You can find company’s press release here.