Piramal Enterprises y reported narrowing of its consolidated net loss to Rs 510.39 crore for the quarter ended March 31, 2021.
Piramal Enterprises on Thursday reported narrowing of its consolidated net loss to Rs 510.39 crore for the quarter ended March 31, 2021.
The company had posted a net loss of Rs 1,702.59 crore for the corresponding period of the previous fiscal year, Piramal Enterprises Ltd (PEL) said in a regulatory filing.
Revenue from operations stood at Rs 3,401.56 crore in the quarter under review. It was Rs 3,341 crore in the year-ago period, it added.
For the fiscal year ended March 2021, the company posted a net profit of Rs 1,412.86 crore. It clocked a net profit of Rs 21.14 crore in the previous financial year, the filing said.
Revenue from operations stood at Rs 12,809.35 crore in 2020-21. It was Rs 13,068.29 crore in the previous year, it added.
"PEL has delivered steady performance with revenues of Rs 12,809 crore and net profit of Rs 1,413 crore for FY21, reflecting strong resilience during a phase of prolonged macro-economic challenges," Chairman Ajay Piramal said.
Over the last two years, Piramal Enterprises has significantly strengthened its balance sheet and continues to transform the Financial Services business model from largely wholesale-led to a more diversified one across wholesale and retail financing, he added.
"This transformation will also be augmented by our impending inorganic initiative with DHFL, that is currently undergoing regulatory process," Piramal said.
About the pharma business, he said, "pursuant to the capital raise during the year in our pharma business, we have accelerated investments in both organic and inorganic growth initiatives."
On the roadmap for the company, he said, in the last one year, the company made further progress towards creating two separate listed entities.
"I am confident that these businesses will emerge as two strong companies, each with a long runway for growth.”
Shareholders'' equity increased by 29 per cent to Rs 35,139 crore in the last two years. There is also a 45 per cent reduction in net debt by Rs 24,968 crore in these years, Piramal Enterprises said.
The company has raised over Rs 51,000 crore of long-term funds in the last 2 years, it added.
About the proposed DHFL acquisition, the company said Piramal Capital & Housing Finance Ltd''s (PCHFL) resolution plan has received approvals from RBI in February 2021 and Competition Commission of India (CCI) in April 2021.
Regarding the pharma business, the company said for the segment, revenue grew 19 per cent year-on-year to Rs 1,923 crore in the fourth quarter of 2020-21.
"The Board has recommended a dividend of Rs 33 per share for the approval of the shareholders in the AGM. The total dividend payout on this account would be Rs 788 crore," Piramal Enterprises said.