Piramal Enterprises Q2 profit jumps 15% YoY to Rs 554 crore

Diversified business group Piramal Enterprises on Monday reported 15.33 per cent increase in its consolidated net profit at Rs 554.08 crore for the second quarter ended September, 2019. The company had reported a net profit of Rs 480.42 crore for the July-September quarter a year-ago, Piramal Enterprises said in a BSE filing.

Its total income was up 14.55 per cent to Rs 3,666.24 crore during the quarter under review as against Rs 3,200.41 crore in the corresponding quarter of the previous fiscal.

Piramal Enterprises' total expenses was at Rs 2,934.29 crore as against Rs 2,630.60 crore, up 11.54 per cent.

"Our diversified business model has enabled us to deliver resilient performance during this quarter, despite continued liquidity tightening in the NBFC sector," Piramal Enterprises Chairman Ajay Piramal said.

Its revenue from Pharmaceuticals was at Rs 1,316.39 crore, up 17.49 per cent, as against Rs 1,120.37 crore of Q2/FY 2018-19.

"Pharma and Healthcare Insights businesses continue to consistently deliver strong performance quarter-on-quarter, acting as a natural hedge and bringing stability to the company's performance, even in the most volatile market environment," the company said.

While, revenue from financial services was at Rs 1,953.96 crore, up 12.84 per cent, as against Rs 1,731.58 crore of July-September quarter of the previous fiscal.