Piramal Enterprises net drops 88% on higher base
Diversified Piramal Enterprises Friday reported an 88 percent dip in consolidated net income at Rs 456.24 crore for the three months to March, on high base due to a one-time gain in the same period a year ago.
In FY18, the company had booked a net income of Rs 3,943.98 crore on the back of a deferred-tax gain of Rs 3,569.18 crore following the merger of its subsidiaries.
Excluding this one-time gain, the company said its ‘normalised net profit’ rose 25 percent to Rs 470 crore in the reporting period from Rs 375crore in the year-ago period.
Consolidated revenue from operations stood at Rs 3,679.67 crore for the reporting quarter, up from Rs 2,991.06 crorein the same period a year ago.
For the full fiscal 2019, net income stood at Rs 1,470.12 crore as against Rs 5,120.28 crore in the previous year. But the normalised net for the year rose 25 percent to Rs 1,936 crore over FY18.
“Strong growth in profitability was on account of higher revenue across all segments. We have been maintaining over 20 percent growth in net income and revenue for the last 15 years and have been delivering a seven-year revenue CAGR of 28 percent and a normalised net profit CAGR of 50 percent,” chairman Ajay Piramal told reporters in a concall.