Piramal Enterprises Limited announces consolidated results for Q2 and H1 FY2021
Resilient Performance despite a Challenging Business Environment Globally
cityairnews
Oct 28, 2020 05:31
0
Mumbai: Piramal Enterprises Limited today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended September 30, 2020.
Mr. Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “We have delivered a resilient performance with net profit of INR 1,124 Crore for H1 FY21, despite adverse global environment. Continuing to focus on strengthening our balance sheet, over the past year, we brought in INR 18,000 Cr of capital and reduced our net debt-to-equity ratio to below 1x.
In Financial Services, we saw early signs of recovery across the key sectors that we lend to. Progressing on the stated strategy of diversifying the loan book, we will be launching our multi-product retail lending platform in November 2020.
The Pharma Business recorded a healthy improvement in both revenue growth and profitability. It also completed the 20% growth investment by The Carlyle Group - which is an affirmation of the robustness of the business model and consistency in performance. Both businesses are now at an inflection point, where we see a good runway for strong performances in the mid to long-term.”
