Piramal Enterprises, engaged in pharmaceuticals, healthcare, information management and financial services, has able to pushed its consolidated net profit to Rs.2,896 crore during the first quarter ended June 2014 from a net loss of Rs.147 crore in the corresponding period of last year basically due to gain on sale of investment in Vodafone India Ltd of Rs.3,036 crore. Its net sales improved by 21.7 per cent to Rs.1,166 crore from Rs.958 crore in the last period. Its consolidated EBDITA declined by 1.4 per cent to Rs.256 crore from Rs.260 crore. The company has reduced its interest cost from Rs.333 crore to Rs.148 crore.

After the announcement of its financial performance, Pirmal scrip has taken a jump of Rs.25.95 or 4.03 per cent to Rs.669.95 on BSE.

The pharmaceutical sales improved by 20.4 per cent to Rs.739 crore from Rs.613 crore and contributed around 63 per cent to its total revenues. The Financial Services contributed around 18 per cent to its revenues and its sales improved by 32.1 per cent to Rs.218 crore from Rs.165 crore. Similarly, its sales from information management division moved up by 21.6 per cent to Rs.225 crore from Rs.186 crore, contributing 19 per cent to its total revenue.

Piramal Enterprises has acquired 20 per cent equity stake in Shriram Capital Ltd through a partnership firm for an aggregate consideration of Rs.2,040 crore during the quarter under review. Further, it also acquired 9.99 per cent of the post-diluted equity share capital of Shriram City Union Finance Ltd, by way of subscription to fresh shares pursuant to a preferential allotment, for an aggregate consideration of Rs.800 crore.

The company had approved the scheme of amalgamation of its three subsidiaries viz, PHL Capital Pvt Ltd, Piramal Pharmaceutical Development Services Pvt Ltd and Oxygen Bio Research Pvt Ltd.