Piramal Enterprises Consolidated Results
Piramal Enterprises Limited announced its consolidated results for the Fourth Quarter (Q4) and Full year FY2020 ended 31st March 2020. Key Balance sheet movements:
FY2020:
Q4 FY2020:
Keeping in mind the global environment of heightened uncertainty caused by the COVID-19 pandemic on one hand and on the other, the recent sale of our DRG business as well as the interest of the minority shareholders, the Board has recommended a Dividend of INR 14 per share for the approval of the Shareholders in the AGM. The total dividend payout on this account would be INR 316 Crores.
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “The last few quarters have been challenging for the Indian economy. The situation has further worsened due to the COVID-19 pandemic, with a subsequent economic recovery likely to be long-drawn. To navigate through such an environment, we have significantly strengthened and deleveraged our balance sheet through multiple initiatives to raise capital.
Our Pharma business continues to be operational despite COVID 19 lockdowns and has delivered a healthy revenue growth of 13% YoY to INR 5,419 Crore and an EBITDA margin of 26% for FY20. We have consciously shrunk our wholesale loan book by 12% and more importantly, reduced our large single borrower exposure by INR 4,200 Crores over the past year. Further, given the uncertain macro environment, we have created INR 1,903 Crores of additional provision to mitigate potential contingencies in our Financial Services business.”
Tags : ALLIED Net Profit Piramal Enterprises Piramal COVID-19 EBITDA Lockdowns Ajay Piramal Pharma business Indian economy