Piramal Enterprises has reported 27 percent growth in revenues to 2254 crore for the first quarter (Q1) of fiscal year 2018 as compared with 1776 crore in Q1 of 2017, and 31 percent increase in net profit to 302 crore for Q1 FY2018. Strong profitability was mainly on account of improved top-line performance in financial services and pharma business. Interest expense for the quarter was higher primarily on account of increase in debt for making investments under financial services segment and for funding acquisitions in the previous year.
In Q1 FY2018, the pharma segment delivered revenues of 887 crore, as compared with 851 crore in Q1 FY2017. Revenue from global pharma business was 9.7 percent higher at 845 crore in Q1 FY2018, primarily on account of strong performance in the product business largely due to ongoing integration of acquired products partly offset by global currency fluctuations and higher off-take during last quarter. CapEx for expansion at Digwal and Lexington is progressing well and enquiries for integrated projects at the services business continue to surge with many new projects in various stages of discussion. During the quarter, 20 new customers (including seven large orders) were added to the services business.
Revenue growth for healthcare segment marginally declined in Q1 FY2018 to 252 crore, primarily due to shifting of existing business for the quarter to the next quarter and shift in timing of renewal of few annual contracts. The company acquired Walnut Medical, a UK-based data company that will provide access to key European hospital-level data, to enhance and expand data and analytics offerings. It continues its focus on innovation and has 24 new product offerings, recently completed and/or in development.