Piramal Enterprises on Monday reported a net profit of Rs 39 crore for the third quarter ended December. The diversified non-banking finance company had posted a net loss of Rs 2,378 crore in the year-ago period.
The profit was boosted by Rs 376 crore of exceptional gains, arising from recovery towards AIF provisioning made last year. Without exceptional gains, the company would have posted a loss of Rs 337.4 crore.
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Shares of Piramal Enterprises ended down 7.66% at Rs 915.50 on the BSE.
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In an earnings call, Piramal Enterprises said as a precursor of its merger with wholly owned subsidiary Piramal Capital & Housing Finance (PCHFL), the RBI in a communication on December 23, 2024, approved the change of name of PCHFL to Piramal Finance. “The conversion of PCHFL to an NBFC is progressing well. We are filing for a name change with the Registrar of Companies which is a precursor for conversion to NBFC,” the company said.
It expects to complete the process of merger of Piramal Enterprises with Piramal Finance by September. In May last year, the Piramal Enterprises board had approved the merger with PCHFL. Since RBI norms do not permit merger of NBFCs with housing finance companies, the PEL board decided to change the name of PCHFL to Piramal Finance.
The company’s revenue during the quarter under review fell 1.1% to Rs 2,448.6 crore, from Rs 2,475.6 crore in the year-ago period. At the operating level, Ebitda declined 10.8% to Rs 1,074.7 crore and the Ebitda margin fell to 43.9%.
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The NBFC’s assets under management rose 16% year to Rs 78,362 crore, driven by a 40% increase in growth AUM, which now constitutes 87% of total AUM, up from 34% in FY22. Retail AUM grew 37% to Rs 59,093 crore.
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