Mumbai: Piramal Enterprises Ltd on Monday reported a Rs 384 crore consolidated net profit for the second quarter of 2017-18, registering 25 per cent annual growth from Rs 306 crore in the same period of last year.
Sequentially, net profit rose 27 per cent in Q2 from Rs 306 crore in the last quarter. In a regulatory filing on the BSE, the city-based diversified firm of the Ajay Piramal promoted group said consolidated net sales for the quarter under review at Rs 2,536 crore was 29 per cent up from Rs 1,966 crore in the like period of last year and 13 per cent up sequentially from Rs 2,254 crore in the last quarter.
On standalone, however, the company's net profit plunged 66 per cent yearly to Rs 151 crore in Q2 from Rs 448 crore in the same period last year, but zoomed by a whopping 266 per cent sequentially from Rs 42 crore in the last quarter. Standalone revenue from operations also declined 34 per cent to Rs 802 crore in Q2 from Rs 1,213 crore in the like period of last year, but increased 29 per cent from Rs 621 crore in the last quarter. "In spite of subdued performance in the industry due to the introduction of the Goods and Service Tax (GST) from July 1, our consumer product business grew 20 per cent during the quarter," said the company in a statement.
The company raised Rs 5,000 crore through Qualified Institutional Placement of Convertible Debuntures. "We continue to consistently deliver quarter after quarter. Our loan book has grown at 69 per cent annually to Rs.33,261 crores in the quarter, with a healthy asset quality," said the group Chairman Ajay Piramal in the statement. The company plans to raise up to Rs 2,000 crore through a Rights Issue.
"The capital raise through Debentures with Rights Issue will provide impetus to achieve our growth plans in coming years," said Piramal.
The company's blue chip scrip of Rs 2 face value gained Rs 70.70 per share on the BSE, closing at Rs 2,762.40 at the end of trading on Monday from the previous (Friday) rate of Rs 2,691.70 and opening price of Rs 2,690. The share price touched a high of Rs 2,803.50 and a low of Rs 2,665 during the intra-trading sessions.