Non-bank lender Piramal Enterprises Ltd on Tuesday (December 17) announced that the Administrative Committee of its board of directors will meet on Friday, December 20, 2024, to deliberate on and approve a proposed public issuance of non-convertible debentures (NCDs).
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“…we write to inform you that pursuant to the powers delegated by the Board of Directors, a meeting of the Administrative Committee of the Board of Directors of the Company will be held on Friday, 20th December, 2024, to consider and approve the public issuance of Non-Convertible Debentures,” Piramal Enterprises said in a regulatory filing.
Piramal Enterprises reported a massive 238% year-on-year (YoY) hike in consolidated net profit to ₹162.97 crore in the September quarter of FY25. This marks a significant rise from ₹48.19 crore in the corresponding quarter of the previous fiscal. However, on a quarter-on-quarter (QoQ) basis, the firm’s Q2 net profit saw a 10% decline from ₹181.45 crore in Q1 FY25.
Also Read: Piramal Enterprises promoter group increases stake from the open market to 46.3%
The company posted a total revenue of ₹2,080.43 crore for Q2 FY25, reflecting a 17% YoY increase from ₹1,778.32 crore in Q2 FY24. On a QoQ basis, revenue grew by 7.88%, up from ₹1,928.50 crore in Q1 FY25, showcasing consistent growth momentum across its business segments.
The company’s growth AUM surged 45% YoY to ₹62,626 crore, while its retail lending segment saw a 42% rise in AUM to ₹54,737 crore. Mortgage disbursements also increased by 39% YoY, reaching ₹4,653 crore.
Despite higher operating expenses, which grew 12% YoY to ₹741 crore, the company managed to improve its operational efficiency, leading to a 58% YoY rise in pre-provision operating profit (PPOP), which stood at ₹396 crore. Provisions for loan losses also surged 60% YoY to ₹317 crore.
Also Read: Nandini Piramal details 5-year growth strategy, expects strong profit growth this year
Shares of Piramal Enterprises Ltd ended at ₹1,224.65, down by ₹26.20, or 2.09%, on the BSE.
