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Consolidation seeing in real estate space, developers with good name doing well, says Ajay Piramal

Updated : January 29, 2019 06:32 AM IST

There is a consolidation happening in the real estate space and developers with a good name and products are doing well, said Ajay Piramal, chairman, Piramal Group.

“We began with real estate space because that is the space we understood and as we have been developing a better understanding of other spaces, we have added those spaces. Our real estate exposure today is 70 percent of the book,” Piramal said.

Piramal Enterprises on Monday reported 23 per cent rise in consolidated net profit at Rs 603.27 crore for December quarter 2018, mainly on account of strong performance in financial services and pharma businesses.

The company had posted a net profit of Rs 490.47 crore in October-December 2017, Piramal Enterprises said in a filing to BSE.

Consolidated revenue from operations stood at Rs 3,489.08 crore in the reported quarter as against Rs 2,858.36 crore in the same period a year ago.

"We continue to consistently deliver strong performance during the quarter, despite a volatile business environment," Piramal said.

The company's credibility, robust track record and balance sheet strength enabled it to get enough liquidity from banks and mutual funds, despite tightened liquidity for the sector over the last few months, he added.
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