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Piramal Enterprises reported a consolidated net profit of Rs. 480 crores, posting a 25 per cent year-on-year rise for the July-September quarter of 2018, driven by a healthy loan book that clipped at 59 per cent.
According to the company’s statement, the total revenue for the quarter under review rose 24 per cent to Rs. 3,144 crores as against the corresponding quarter last year. The overall loan book grew 59 per cent to Rs 52,793 crore on robust demand. The gross non-performing asset (NPA) ratio stood at 0.5 per cent and total provisioning at 1.74 per cent.
Ajay Piramal, chairman Piramal Enterprises said, “Despite the tight liquidity conditions, we delivered robust performance with the loan book growing 59 per cent to Rs 52,793 crore. Our continued focus on risk management resulted in 0.5 per cent gross NPAs and a 19.6 per cent rerun on equity.”
According to the company’s statement, the company’s pharma services order book witnessed a 14.1 per cent growth over healthcare insights and analytics revenue at Rs. 292 crores, primarily driven by continuing growth in data and analytics segment. Financial services revenue grew 46.7 per cent to Rs 1,732 crore.
Pharma revenue marginally increased 2.5 per cent to Rs 1,109 crore, of which global pharma business contributed as much as Rs 1,029 crore, which was up 6.8 per cent.
Piramal also announced the appointment of the former chairperson of State Bank of India, Arundhati Bhattacharya, as an independent director on its board. For Bhattacharya, this is the third board position after her one-year mandatory cooling-off period since the retirement from SBI.
Earlier this month, Reliance Industries and technology major Wipro had appointed her as an independent director.
