Piramal Enterprises Q1 Profit Up 21% At ₹461 Cr

Piramal Enterprises posted a 21 per cent increase in consolidated net profit for the first quarter of this fiscal at ₹461 crore, against ₹382 crore in the year-ago period.

Its revenue increased by a similar 21 per cent to ₹3,506 crore (₹2,902 crore).

“Despite liquidity tightening in the NBFC space and overall slowdown across sectors, we have consistently delivered over 20 per cent growth in both revenue and net profit for the last 16 consecutive quarters. In the past few months, we have further strengthened our financial services business, on both assets and liabilities sides,” said Ajay Piramal, Chairman, Piramal Enterprises.

Piramal said the company is committed to bring in ₹8,000-10,000 crore of equity in the financial services business in FY20 to leverage the significant growth and consolidation opportunities that are emerging in the NBFC sector.

The total loan book for the financial services business grew 20 per cent on an annual basis to ₹56,605 crore at the end of June 30. The housing finance loan book grew nearly four times on an annual basis to ₹6,110 crore, constituting 11 per cent of the overall loan book.