In comparison to a net profit of Rs 37 crore in the same period last year, Piramal Pharma announced a consolidated net loss of Rs 37 crore for the second quarter that ended in September. However, compared to the same period last fiscal year, the company's operating revenue increased to Rs1,720 crore from Rs1,578 crore.
The composite plan to demerge the pharmaceutical business from Piramal Enterprises Ltd into Piramal Pharma Ltd and combine Piramal Pharma's wholly-owned subsidiaries Hemmo Pharmaceuticals Pvt Ltd and Convergence Chemical Pvt Ltd into itself was approved by the National Company Law Tribunal (NCLT) on August 12 of this year.
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