The consolidated net profit of Piramal Enterprises Ltd (PEL) dropped by 8.95 percent on-year to Rs 485.98 crore in the April-June period, as per the quarterly numbers released by the company on July 29.
In the first quarter of last fiscal, the company had posted a consolidated net profit of Rs 533.79 crore.
PEL's revenue from operations in Q1 FY23 came in at Rs 3,548.37 crore, which is higher as compared to Rs 2,908.68 crore in the year-ago period.
Total expenses in the quarter were higher at Rs 3,252.09 crore against Rs 2,492.97 crore a year ago.
PEL said its pharmaceuticals vertical clocked revenue of Rs 1,485.43 crore, up from Rs 1,362.02 crore in the year-ago quarter.
The financial services segment registered a revenue of Rs 2,062.94 crore against Rs 1,546.66 crore in the first quarter of the last fiscal, the company added.
"In financial services, we achieved significant growth in retail disbursements through our branches as well as by leveraging digital lending capabilities. We remain ahead of our target to achieve disbursement levels of Rs 2,500-3,500 crore by the third quarter of this financial year,” PEL Chairman Ajay Piramal said.
In pharmaceuticals, he said the company has been making both organic and inorganic investments across all its businesses.
"We remain firmly on track to complete the demerger of the pharmaceuticals business by Q3 FY23 and unlock significant value for our stakeholders,” Piramal said.
"We believe that both the emerging listed Financial Services and Pharma companies, with their balance sheet strength and uniqueness of our business models, are well-positioned to tap organic and inorganic growth opportunities and create long-term value for our stakeholders in the years to come," the PEL chairman added.
Apart from releasing its quarterly results, PEL informed the stock exchanges that its executive director Khushru Jijna has resigned "due to his personal desire to reduce full-time commitments and spend more time with family".
"Jijina would also step down from the board of directors of the company with effect from 31st August, 2022," it stated.With PTI inputs