Piramal Enterprises Limited ('PEL', NSE: PEL, BSE: 500302), a leading diversified NBFC, today announced its consolidated results for the Third Quarter (Q3) and Nine Months (9M) FY2023 ended 31 st December 2022.
Consolidated Highlights
Profit After Tax (PAT) for the quarter stood at INR 3,545 Cr.; Key significant transactions leading to gains of: o INR 3,328 Cr. on account of reversal of Income Tax Provision. o INR 1,106 Cr. on account of restructuring of Shriram Capital group and bond buyback.
Created one-time additional provisioning buffer of INR 1,073 Cr. in Stage 1 and Stage 2 assets of Wholesale 1.0 AUM. o With this provision, we have adequately provided towards Wholesale 1.0 AUM.
Gross NPA Ratio stood at 4.0% with Net NPA ratio at 1.7%.
Total provisions as a % of total AUM now stands at 10% in Q3FY23 vs. 8.6% in Q2FY23.
Capital Adequacy Ratio of 31% on consolidated balance sheet.
Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, 'Q3 performance is in line with our commitment towards building a large diversified NBFC, with Retail Lending comprising 2/3rd of the assets in the mid to long term. In retail, we have delivered sustained growth across key parameters over the last one year. We continue to scale our technology led multi-product franchise, focused on fulfilling the credit needs of the 'Bharat' market.
In wholesale, we have created one-time additional provisioning buffer during the quarter and are now adequately provided towards Wholesale 1.0 AUM. Simultaneously, we are focused on building the new cash flow / asset backed Wholesale 2.0 book across real estate as well as corporate mid-market lending, by capitalizing on the market gap and leveraging our strengths. Our endeavor is to continue to create long-term value for stakeholders.'
About Piramal Enterprises Ltd
Piramal Enterprises Ltd. (PEL) is a leading diversified Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), with presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth $10 billion, with a network of over 375 branches across 25 states/UTs. PEL has built a technology platform, which is driven by artificial intelligence (AI), with innovative financial solutions that cater to the needs of varied industry verticals. PEL has steered dynamic business growth over the three decades of its existence, staying focused on both organic as well as inorganic growth strategy.
PEL made its foray into the financial services sector with Piramal Capital & Housing Finance Ltd., a housing finance company registered with the Reserve Bank of India that is engaged in various financial services businesses. The company provides end-to-end financing solutions in both wholesale and retail funding opportunities across sectors such as real estate and infrastructure, renewable energy, hospitality, logistics, industrials, and auto components. Within retail lending, through its multi-product platform, the Company offers home loans, loans for small businesses and loans for working capital to customers in affordable housing and mass affluent segments across tier I, II and III cities. Within wholesale lending, the business provides financing to real estate developers, as well as corporate clients in select sectors.
PEL has also formed strategic partnerships with leading financial institutions such as CPPIB, APG and Ivanhoe Cambridge (CDPQ) across various investment platforms. Piramal Alternatives, the fund management business, provides customised financing solutions to high-quality corporates through - 'Piramal Credit Fund', a performing, sector-agnostic Credit fund with capital commitment from CDPQ and 'IndiaRF', a distressed asset investing platform with Bain Capital Credit, which invests in equity and/or debt across non-real estate sectors. The Company also has a 50% stake in Pramerica Life Insurance - a joint venture with Prudential International Insurance Holdings. PEL also has equity investments in the Shriram Group, a leading financial conglomerate in India.
Contact:
Hitesh Dhaddha
Email: investor.relations@piramal.com
PIRAMAL ENTERPRISES LIMITED 
