05 February 2020 | News
Evaluating re-entry in domestic formulations
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Piramal Enterprises Limited has announced its consolidated results for the Third Quarter (Q3) and Nine Months (9M) FY2020 ended 31st December 2019.
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “We are pleased to announce consistent performance demonstrated by 14% YoY revenue growth to INR 10,915 Crores and net profit growth by 20% YoY to INR 1,749 Crores for nine months FY2020, especially given the sectoral volatility in the markets that we operate in.
By end of FY2020, we will have exceeded our earlier stated commitment of bringing in INR 8,000 – 10,000 Crores of equity in the Company, with inflows of up to ~INR 14,500 Crores, through various initiatives including Preferential Allotment to CDPQ, sale of DRG and our Rights Issue that witnessed active participation from most existing large investors including the promoters. Our repeated partnerships with marquee global and domestic investors are an affirmation of the robustness of our business model and future growth trajectory.
With this capital infusion, our Company is well-capitalized to tap both organic and inorganic opportunities arising from industry consolidation and effectively transform our Financial Services business from a largely wholesale business into a well-diversified financial services business. In our Pharma business, that is consistently delivering robust performance quarter after quarter, we plan to further raise additional equity capital for its future growth. Infusion of additional capital in Pharma is the next step towards unlocking value of the Company.”
Plans for infusing growth capital into the Pharma businesses