According to Chairman Ajay G Piramal, Piramal Enterprises is aiming for long-term development and profitability after investing in making financial sheets and businesses more resilient to unforeseen risks in recent years.
The business leader stated in his speech to shareholders in the Annual Report for 2022-23 that the firm’s efforts over the previous years have shown great results, with the group concluding the last fiscal with a net profit of Rs 9,969 crore and total assets of Rs 83,386 crore.
”We are now focusing on achieving our balance between three pillars – Growth, Risk, and Profitability,” says the CEO. According to Piramal.
Focused corporate entities assist reinforce and assure efficient use of our capital and people resources, he noted.
”We are confident that the resulting long-term wealth creation for all stakeholders will be realised by deliberately selecting our specialised bets in retail and wholesale, which will be supported by cutting-edge technology, astute risk management, and great leadership,” Piramal said.
”The demerger allows us to secure optimal capital structures for each firm and will enable the businesses to grow independently by pursuing both organic and inorganic growth strategies,” he added.
Piramal reported that the group’s businesses performed well in FY2023, despite global macroeconomic and geopolitical concerns. He noted that the corporation is continuing on its stated course of implementing new strategies to create sustainable growth.
”The company’s main transformation process saw fruition in FY2023, and it is the platform on which sustainable growth will accrue in the coming period,” Piramal added.