New Delhi: Piramal Enterprises on Friday reported a consolidated net profit of Rs 95.40 crore for the quarter ended March 31, 2015, mainly on account of improved performance across business segments.
The company had posted a net loss of Rs 311.35 crore for the corresponding period of last fiscal, Piramal Enterprises said in a filing to BSE.
Consolidated total income of the company stood at Rs 1,297.50 crore for the quarter under consideration as compared to Rs 1,121.38 crore last year.
Consolidated net profit for the fiscal year ended March 31, 2015, stood at Rs 2,849.95 crore against a net loss of Rs 501.41 crore in 2013-14.
Consolidated total income of the company for the reported fiscal stood at Rs 5,122.61 crore as compared to Rs 4,502.74 crore in 2013-14.
Commenting on the results, Piramal Enterprises Ltd Chairman Ajay Piramal said: "The company had reached an inflection point in its profitability. Value-accretive growth across business segments has enabled us to deliver a robust and sustainable growth in profits for the year."
This combined with the strategy of efficient capital allocation has positioned the company well to create a sustainable long-term value for its shareholders, he added.
The increase in net profit was mainly on account of improved performance across business segments, lower interest cost due to reduction in long-term debt and higher share of income from associates, partly offset by marginal increase in depreciation, Piramal Enterprises Ltd (PEL) said.
"Exceptional gain for FY 2015 also includes gain on sale of 11 percent stake in Vodafone India for Rs 8,900 crore (an investment of Rs 5,864 crore made in FY 2012)," it added.
The Board has recommended a dividend of Rs 20 per share. The total outgo will be Rs 415 crore (including dividend distribution tax), PEL said.
Shares of Piramal Enterprises today closed at Rs 951.50 per scrip on BSE, down 0.66 percent from previous close.
