Piramal Enterprises posts Q1 net loss of Rs 70 cr

Mumbai : Diversified conglomerate Piramal Enterprises on Monday reported a consolidated net loss of Rs 70 crore in the first quarter due to a one-time accounting charge related to the sale of imaging business.

Excluding the non-cash accounting charge of Rs 452 crore towards sale of imaging assets, the company said its adjusted net profit for the quarter ended June 30 stood at Rs 382 crore, up 27 per cent from Rs 302 crore in the corresponding quarter last fiscal.

However, the company's revenue shot up 29 per cent from Rs 2,254 crore in the year-ago-quarter to Rs 2,902 crore in the first quarter of this fiscal.

"The sale of Piramal Imaging business is expected to improve future profitability of the company's pharma segment. Imaging business had resulted in an expense of Rs 64 crores at PBT level in FY2018," the company said in a statement.