Piramal Entp down in the red

Piramal Enterprises is down over 2.5% at Rs.572.95, with an intra day low at Rs.568.70.Volumes remaim pretty muted.

The stock is down in the red post its dismal numbers for Q1FY14. The company incurred a one-time charge of Rs.124.07 crore on discounting receivables. This has been included in the finance costs and this has pushed the company in the red. There is also Rs.38 crore towards refinancing of debttaken for acquisition of Decision Resources group. This too was included in the finance costs, which stands at Rs.332 crore, as against consolidated net sales of Rs.958 crore, which qoQ was up 3%. Despite lowering operating costs and a hefty other income component of Rs.114 crore, the company posted a net loss at Rs.146 crore, lower than the loss of Rs.195 crore in Q4FY13.