Piramal Enterprises opened today with a loss of over 7% at Rs.866 and went down 10% to an intraday low at Rs.839.05. The 15% LC for the day is at Rs.792.45.
The Ajay Piramal led company posted a net loss of Rs.1702 crore for Q4FY20 v/s net profit of Rs.455 crore (YoY) on account of the additional provisioning it did for the pandemic. Total income declined 2% at Rs.3341 crore.
The company has made an additional provisioning of Rs 1,903 crore, resulting in the total provisioning increase to Rs 2,693 crore, which is almost 6% of the book.
The loss would have been much higher but for the one-time gain of Rs.1758 crore on account of impact due to DTA (Deferred Tax Asset) write off and MAT credit reversal.