Piramal Enterprises' loss widens to Rs 1,536 cr in Sept quarter

Piramal Enterprises on Wednesday said its net loss widened to Rs 1,536 crore during the September quarter from Rs 395 crore in the year-ago period.

The company said its retail business grew 62 per cent quarter-on-quarter and 8x year-on-year growth in disbursements to Rs 3,973 crore while 12 per cent year-on-year growth in retail loan book. The company said it had a strong balance sheet with equity of Rs 27,472 crore.

Piramal Enterprises on Tuesday said its board approved raising of up to Rs 650 crore by issuing non-convertible debentures. The size of the issue is up to Rs 50 crore with an option to retain over subscription of up to Rs 600 crore, according to a regulatory filing.

Ajay Piramal, Chairman, Piramal Enterprises, said, "This quarter marks the successful and time-bound demerger of the Pharma business, creating two sector-focused entities in financial services and pharma. On retail lending business, we successfully completed our 1-year milestone of the DHFL acquisition, delivering robust growth on most key parameters. Our size now places us in a dominant position amongst large NBFCs (non-banking finance companies) in India."

He said the retail lending business continues to grow faster than our earlier guidance, taking us closer to our aspirations of becoming a more retail-oriented NBFC.

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.

Piramal Enterprises is the flagship company of Piramal Group, and active in financial services. Piramal Enterprises is listed on both BSE and National Stock Exchange. Piramal Enterprises is involved in retail lending, housing finance and vehicle financing. In 2021, it acquired the bankrupt Dewan Housing Finance Corporation and merged it with its subsidiary Piramal Capital and Housing Finance.

( With inputs from ANI )