Piramal Enterprises Limited announces consolidated results for Q2 and H1 FY2024

City Air News Nov 9, 2023 10:18 0

Mumbai, November 9, 2023: Piramal Enterprises Limited, a leading diversified NBFC, today announced its consolidated results for the Second Quarter (Q2) FY2024 ended 30th September 2023.

Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, “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.

We are consistently progressing on our strategic journey of building a leading multi-product retail business, optimally running down Wholesale 1.0* book and building a granular Wholesale 2.0^ book. During this quarter, we also made progress on underlying profitability and asset quality of our portfolio.

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, characterized by strong net worth and capital adequacy ratio.

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.
In wholesale lending, we have significantly reduced our Wholesale 1.0* AUM, with a concerted effort to further streamline this portfolio. Our Wholesale 2.0^ book is performing well, in line with or ahead of underwriting.”