Diversified group Piramal Enterprises Ltd (PEL) on Thursday reported a net profit of ₹48 crore for the July to September quarter of the current fiscal. The company posted a net loss of ₹1,537 crore for quarter ended September 30, 2022.
The non-banking financial company's (NBFC) revenue from operations grew 16% to ₹2,193 crore during the quarter under review, compared to ₹1,893.71 crore in the same quarter a year ago.
Total income of Piramal Enterprises surged 13% to ₹2,205.21 crore for the period as against ₹1,956.23 crore in the corresponding quarter of last fiscal.
The company also said that it has successfully completed share buyback of ₹1,750 crore, announced by the Board last quarter.
The NBFC reported strong net worth of ₹28,710 crore with capital adequacy ratio of 31% on consolidated balance sheet.
Consolidated gross non-performing assets (GNPA) ratio fell 10 basis points to 2.7%, while net NPA ratio stood flat at 1.5%.
The company's total assets under management (AUM) rose 4% quarter-on-quarter and 5% YoY to ₹66,933 crore.
"Our performance in the second quarter was supported by growth in AUM, led by retail business. The improved mix between the retail and wholesale showcases our dedicated efforts in building a robust and diversified non-banking financial institution," said Ajay Piramal, Chairman of Piramal Enterprises.
"We are also pleased that we completed the share buyback during the quarter, thus reiterating our commitment to value creation. Our balance sheet reflects a robust financial position, characterised by strong net worth and capital adequacy ratio," Piramal said.
"Our retail lending business is consistently growing, driven by increased disbursements to fulfil the credit needs of the 'Bharat' market. We will continue investing in talent, branches, cognitive intelligence, and data analytics to keep this momentum going," the Chairman said.
First Published: Nov 9, 2023 4:17 PM IST
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