Piramal Enterprises posted a consolidated net loss of Rs 1702 cr for the quarter ended March 31. Firm posts net loss of Rs 1702 cr due to expected credit loss of Rs 1903 cr. Company posted a profit of Rs 455 cr in the corresponding quarter last year.
Consolidated revenue of the company decline 4.91% year on year to Rs 3341 cr.
The board also recommend a dividend of Rupees 14 per share. The total dividend payout on this account would be Rs 316 cr.
The management of the company said, " the last few quarters have been challenging for the Indian economy. To navigate through such an environment, we have significantly strengthened and deleveraged our balance sheet through to multiple initiatives to riae capital."