Non-bank lender Piramal Enterprises Ltd on Tuesday (December 31) said it has invested ₹1,000 crore in its wholly-owned subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), through a rights issue subscription. The investment will be utilised by PCHFL for business and general corporate purposes.
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“…we wish to inform you that the company has invested ₹1,000 crore in Piramal Capital & Housing Finance Limited (PCHFL), a wholly owned subsidiary of the company by way of subscription to rights issue (Transaction),” Piramal Enterprises said in a regulatory filing.
This transaction does not affect the shareholding structure, with Piramal Enterprises retaining 100% ownership of PCHFL. Being an internal transaction between the parent company and its wholly owned subsidiary, it is exempt from related party transaction regulations.
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“There is no change in the shareholding percentage of the company in PCHFL pursuant to the aforesaid investment. The Transaction being between the holding company and its wholly owned subsidiary, it is exempt from the purview of related party transactions,” Piramal Enterprises said.
PCHFL, a key subsidiary of Piramal Enterprises, reported turnover figures of ₹6,038.61 crore in FY22, ₹6,591.78 crore in FY23, and ₹6,663.56 crore in FY24.
Piramal Enterprises reported a 238% year-on-year (YoY) jump in consolidated net profit to ₹162.97 crore in the second quarter. 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, net profit saw a 10% decline from ₹181.45 crore in Q1 FY25.
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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.
The company’s 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.
Shares of Piramal Enterprises Ltd ended at ₹1,106, up by ₹3.45, or 0.31%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 31, 2024 5:48 PM IST
