Piramal Enterprises back in the black on large tax write-back

MUMBAI: Piramal Enterprises (PEL), the non-banking finance company of the real estate and pharma group swung to a profit in the March quarter helped by a large tax write-back even as higher funding costs and continued paring of its wholesale loan book pressured earnings. The consolidated net profit was 137 crore from a loss of 196 crore a year earlier helped by a 1,203 crore tax write-back including the carrying forward of a loss of 10,627 crore, arising from the acquisition of the insolvent DHFL two years ago. The write-back also included tax gains from investments in alternative investment funds and other reversals, CEO Jairam Sridharan said.