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Piramal Enterprises, a well diversified company engaged in pharmaceutical, financial services and information management segments, has posted strong financial performance during the fourth quarter ended March 2017. Pharmaceutical segment contributes 47 per cent to its total sales and financial services segment 39 per cent. Further, Information management segment 14 per cent to its sales.
The company's consolidated net sales went up sharply by 45.7 per cent to Rs.2,463 crore from Rs.1,691 crore in the corresponding period of last year. Its pharma sales increased by 32.3 per cent to Rs.1,236 crore from Rs.934 crore and sales from financial services went up sharply by 82.3 per cent to Rs.999 crore from Rs.548 crore. The sales from information management moved up by 8.6 per cent to Rs.227 crore from Rs.209 crore.
For the full year ended March 2-017, Piramal's consolidated net sales increased by 33.9 per cent to Rs.8,547 crore from Rs.6,381 crore in the previous year. The pharma segment contributed around 47 per cent or Rs.3,973 crore to company's total sales during 2016-17. Its pharma sales increased by 14 per cent. Its revenues from India moved up by 44 per cent due to robust organic and inorganic performance. It acquired 4 bands from Pfizer and successfully integrated Little's and MSD brands. Both acquisitions achieved last year annual sales within 8 months of their launch. The financial services segment clocked strong growth of 92.6 per cent to Rs.3,352 crore and information management notched up growth of 5.7 per cent to Rs.1,222 crore.
Ajay Piramal, chairman, said, “We are pleased to announce that Piramal Enterprises has achieved robust revenue and profitability for the year. Strong growth across all business during the quarter enabled us to deliver the best quarterly performance over the last few years. We remain steadfast in our commitment to generate year-on-year improved performance and to drive innovative strategic business initiatives that bolster growth, strengthen our market leadership and consistently create long-term value for our shareholders.”
The company is planning to raise funds worth Rs.5,000 crore by issuing securities to part finance its growth plans after certain approvals.
The company acquired two niche branded generic product portfolios from Janssen and Mallinckrodt. Similarly, it also acquired Ash Stevens, a US based facility focused on high potency APIs. It is implementing phase II of expansion at Coldstream and is likely to be operationalise by 2019. It has completed capacity expansion at Grangemouth & Discovery services facility.
Piramal enterprises
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