On Friday, shares of Piramal Enterprises Ltd hit a 52 week low of Rs 1,679 on the Bombay Stock Exchange (BSE). They had reported a loss in the financial services of Rs 321 crore in the fourth quarter due to additional provisioning and interest reversals totalling Rs 1,037 crore. Also, the company had posted a Profit After Tax (PAT) of Rs 243 crore in the last quarter of the financial year.
Additionally, the provisioning and interest reversal totaling Rs 1,037 crore corresponded to select wholesale non-RE accounts that moved to Stage 2, the company said.
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The stock fell below its previous low of Rs 1,688, which was touched on May 27, 2021. It has corrected 44 per cent from its 52-week high level of Rs 3,013 touched on October 7, 2021. At 09:52 am, it was down 8.5 per cent compared to a 0.86 per cent rise in the S&P BSE Sensex.
Meanwhile, the company, engaged in financial and pharma business, posted a consolidated net profit of Rs 151 crore against a loss of Rs 510 crore in the year-ago quarter. Total revenue grew 22 per cent year on year (YoY) to Rs 4,163 crore from Rs 3,402 crore in Q4FY21.
