Piramal Enterprises posts Rs.11 crore net loss

Mumbai January 31, 2014: Piramal Enterprises Ltd on Thursday posted a net loss of Rs.11 crore for the December quarter on increased finance costs and tax expenses, although total income rose almost 30% to Rs.1,305 crore.

The Ajay Piramal-led pharmaceuticals-to-financial services group had made a net profit of Rs.61 crore in the corresponding year-ago quarter.

Piramal Enterprises had acquired the rights to own and sell the over-the-counter skincare brand Caladryl from Valeant Pharmaceuticals International Inc. in the local market in November. This, along with the debt it raised to acquire US-based drug industry analytics firm Decision Resources Group in 2013 contributed to the almost 100% rise in financial costs.

The company had also raised funds for its financial services business, which includes corporate funding in the realty sector and private equity business.

“The figures for the December quarter are not actually comparable to the year-ago quarter on account of acquisition of Decision Resources Group in June 2012,” Piramal Enterprises said.-Livemint