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Informist, Wednesday, Oct. 23, 2024

--Piramal Enterprises Jul-Sept consol PAT INR 1.63 bln vs INR 481.9 mln 
--Piramal Enterprises Jul-Sept consol revenue INR 22.88 bln vs INR 21.93 bln 

--Piramal Enterprises: One-time income of INR 769.30 mln in Jul-Sept 

MUMBAI – Piramal Enterprises Ltd reported a sharp jump in consolidated net profit of INR 1.63 billion for the quarter ended September against INR 481.9 million in the corresponding quarter a year ago. This is mainly due to exceptional gains from alternate investment fund recovery of INR 769.30 million in Jul-Sept. However, on a sequential basis, net profit fell by 10.2%. 

For the Jul-Sept quarter, the company reported an 8% rise in its total income to INR 23.75 billion. Of the total income, interest income increased to INR 20.80 billion, up 17% a year ago. The company's expenses rose 6.7% to INR 22.96 billion in the quarter ended September. 

Total assets under management rose 12% on year to INR 746.92 billion, with retail AUM rising 42% on year. Retail AUM constitutes 73% of the total AUM. 

The legacy, or discontinued, assets under management fell 49% on year to INR 120 billion during the quarter. "We are on track to reduce legacy discontinued AUM to below 10% of total AUM by March 2025, with ongoing recovery efforts strengthening our financial position," Ajay Piramal, the chairman of Piramal Enterprises Ltd, was quoted saying in the press release.

The company's wholesale 2.0 assets under management rose 75% on year and 12% on quarter to INR 78.89 billion. Wholesale 2.0 refers to loans sanctioned under new real estate and corporate mid-market loans from 2021-22 (Apr-Mar) onwards. 

The company's retail asset quality of 90 days past dues was recorded at 0.7%. Its overall gross non-performing assets ratio was at 4.1%, while the net non-performing assets ratio was at 1.5% as of Sept. 30.

Disbursements during Jul-Sept grew 29% on year to INR 80.66 billion, of which mortgage disbursements grew 39% on year to INR 46.53 billion. 

On Wednesday, shares of Piramal Enterprises ended 1.8% higher at INR 1,044.25 on the National Stock Exchange. The company released its earnings for the quarter ended September post Indian market hours.  End

Reported by Gowri Lakshmi

Edited by Akul Nishant Akhoury

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