Piramal Enterprises Q2 profit rises 14% to Rs 628 crore

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 Piramal Enterprises Limited (‘PEL’, NSE: PEL, BSE: 500302, 912460) today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) ended September 30, 2020.

Consolidated Financial Highlights
§  Balance Sheet:–    
      Shareholders’ Equity increased by 28% to INR 34,739 Cr.* since Mar 19-          39% reduction in Net Debt by nearly INR 22,000 Cr.* since Mar 2019-          Net Debt-to-Equity of below 1x times* at entity-level*Post Pharma deal closed in October 2020 §  
Inflows / Borrowings:– 
         Total inflows of ~INR 42,800 Cr. since April 2019, through equity and borrowing transactions·         Raised long-term borrowings of ~INR 11,500 Cr. during H1 FY2021-          Reduction in CPs to INR 2,100 Cr. as of Sep 2020 from INR 18,017 Cr. as of Sep 2018 §  
        Revenue for Q2 FY21 increased by 1% YoY to INR 3,302 Cr.-     
     Net Profit for Q2 FY21 increased by 14% YoY to INR 628 Cr.-     
    Net Profit for H1 FY21 grew by 12% YoY to INR 1,124 Cr.

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

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