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Piramal PRESS RELEASE - Piramal Enterprises Limited Announces Consolidated Results for Q1 FY2022 Resilient performance in Q1 FY22 despite headwinds due to the COVID 2nd wave ; significant progress made on the DHFL acquisition - Mumbai , India | August 6 , 2021 : Piramal Enterprises Limited ( ' PEL ' , NSE : PEL , BSE : 500302 ) today announced its consolidated results for the First Quarter ( Q1 ) FY2022 ended 30th June 2021 . Consolidated Financial Highlights P & L Performance : - Q1 FY22 revenues of INR 2,909 Cr . , broadly stable year over year - Q1 FY22 Net Profit at INR 534 Cr . , increased 8 % year over year Balance Sheet : - Equity increased by 29 % to INR 34,996 Cr . since March 2019 50 % reduction in Net Debt by INR 27,677 Cr . since March 2019 - PEL Net Debt - to - Equity at 0.8x DHFL Acquisition – Significant progress made in Q1 FY22 : - - Resolution Plan received approval from NCLT and Monitoring Committee appointed in June 2021 Implementation of the Resolution Plan is in progress - To be completed within 90 days of NCLT approval , as per regulatory requirement Ajay Piramal , Chairman , Piramal Enterprises Ltd. said , “ Despite the impact of the second wave of Covid - 19 , we have delivered resilient performance during the quarter with Revenues at INR 2,909 Crores , Net Profit YoY growth by 8 % to INR 534 Crores . We continue to maintain a strong balance sheet , with net debt - to - equity ratio at 0.8x . In Financial Services , our resolution plan for DHFL's acquisition received NCLT - approval in June - 2021 . We are on track with the Monitoring Committee mandate for completion of this transaction within 90 days from NCLT approval . After successfully going through the recent consolidation phase , we are now transitioning from a wholesale - led to a well - diversified Financial Services business . The transition augmented by the DHFL acquisition will not only bring quantum growth in our loan book but also create a large India - wide platform that will enable us to deliver sustained growth and profitability in the years to come . Our Pharma business continues to deliver robust performance during the quarter , with 31 % YoY revenue growth , indicating the strength of our business model . In addition , post the capital raise from the Carlyle Group , we have accelerated on our two - pronged strategic growth trajectory though investments in both organic and inorganic initiatives . While we remain cautiously optimistic for FY22 , we see a strong runway for growth across both our businesses . Our immediate focus will be to effectively integrate DHFL with our Financial Services organization . Pursuant to which , we will be better positioned to announce our plan to create two separate listed entities in Financial Services and Pharma . "