Saturday, April 1, 2023
Google search engine
HomeMarketStocksPiramal Enterprises Q2 Results: Company suffers consolidated net loss of Rs 1,536...

Piramal Enterprises Q2 Results: Company suffers consolidated net loss of Rs 1,536 crore

has suffered a Rs 1,536 crore consolidated internet loss for the September quarter on account of hefty mortgage loss provisions in its first ever quarterly outcomes as a listed and controlled non-banking finance firm after the demerger of its pharma enterprise.

The loss was in opposition to Rs 395 crore of re-computed internet revenue within the year-ago interval.

The demerged monetary providers participant’s working revenue shrunk 12% at Rs 456 crore in opposition to Rs 516 crore, whereas the mortgage loss provisions of Rs 3,311 crore pressured it to report a internet loss for the quarter regardless of a 34% rise in internet curiosity revenue at Rs 934 crore.

The lender’s gross non-performing property ratio stood at 3.7% on the finish of September with the online NPA ratio being at 1.3%. Its property underneath administration stood at Rs 63,780 crore, which is 35% larger than what it was earlier than its acquisition of Dewan Housing Finance. The acquisition was accomplished in September final yr.

“Our dimension now locations us in a dominant place amongst massive NBFCs in India,” chairman Ajay Piramal was quoted as saying in an announcement issued by the corporate. “Retail lending enterprise continues to develop quicker than our earlier steering, taking us nearer to our aspirations of changing into a extra retail oriented NBFC,” he mentioned.

Piramal’s retail mortgage guide now accounts for 43% of total mortgage guide in opposition to 12% earlier than merger. Within the wholesale lending enterprise, he mentioned the asset recognition cycle has largely been accomplished and supplied for in opposition to doable credit score dangers.

“We’re centered on making the wholesale guide extra granular and with elevated deal with recoveries, we anticipate the wholesale guide dimension to reasonable within the quick time period. Additional, we’re additionally investing to construct a money move & asset backed actual property and mid-size company lending enterprise,” he mentioned.

Source link

- Advertisment -
Google search engine

Most Popular

Recent Comments