Construction Industry News
On Thursday, Piramal Enterprises recorded a 32.12% decline in consolidated net profit of Rs 426.49 crore for the quarter ended September, mainly due to a decline in sales in the financial services sector and a one-time fee related to a transaction fee for DHFL purchase.
In a regulatory filing, Piramal Enterprises said the company had posted a net profit of Rs 628.31 crore for a comparable maturity in the previous fiscal year. Consolidated operating income reached Rs 3,105.52 crore for the considered quarter.
It was Rs 3,301.84 crore for the corresponding period a year earlier, it added. The second quarter of FY22 was a transformation for our business and significantly improved the foundation to drive future growth.
The chairman of Piramal Enterprises, Ajay Piramal, told media that they have successfully completed the acquisition and merger of DHFL, and that the total AUM has increased by 42% Q-o-Q (quarter-on-quarter) to Rs 66,986 crore.
The purchase has enabled the company to adapt its loan portfolio and expand its retail loan portfolio through multi-product offerings that address the needs of India's underserved customers.
Leveraging their data, analytics and technology capabilities, they intend to be an aggressive player in the developing tier 2-3 cities and the preferred borrower for budget-conscious customers.
During the quarter, the board of directors nodded to the split of the company's pharmaceuticals business and the simplification of its corporate structure. It will create two separate registered entities in financial services and pharmaceuticals - unlocking value for their shareholders. It is in line with their stated commitment as they continue to develop organically and inorganically in both business sectors.
The strength of the balance sheet and the uniqueness of our business models sets them apart, enabling them to build long-term value for their stakeholders. The purchase of DHFL and the merger with Piramal Capital & Housing Finance Limited (PCHFL) was executed in September 2021, Piramal Enterprises said.
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