Piramal Enterprises' Q3 net profit up 23%

Diversified conglomerate Piramal Enterprises Ltd (PEL) on Monday reported a rise of 23 per cent in its consolidated net profit during the third quarter of 2018-19. According to the company, its net profit during the quarter under review rose to Rs 603 crore, up from Rs 490 crore reported for the corresponding quarter of the previous fiscal.

Besides, the total income shot up 23 per cent from Rs 2,922 crore in the year-ago-quarter to Rs 3,592 crore in the third quarter of this fiscal. "For Q3 FY2019, PEL's revenues grew by 22 per cent to Rs 3,489 crore and net profit grew by 23 per cent to Rs 603 crore, led by growth across financial services and pharma businesses," said Ajay Piramal, Chairman, PEL.

"Our group's credibility, robust track record and balance sheet strength enabled us to get enough liquidity from banks and mutual funds, despite tightened liquidity for the sector over the last few months."