Piramal Enterprises Ltd reported an 11 per cent jump in its consolidated net profit to ₹887.96 crore in the third quarter of the fiscal year as compared to ₹799.39 crore a year ago.
Net sales jumped 20 per cent to ₹3,816 crore for the quarter ended December 31, 2021 from ₹3,169 crore in the same period last fiscal.
Ajay Piramal, Chairman, PEL said, “The third quarter performance reflects the growth across both financial services and pharmaceuticals businesses. The acquisition of DHFL has been value accretive and has enabled us to achieve significant growth. It has materially given a further impetus to our business ambitions and targets.”
The initiative to create two distinct sector focused entities is progressing well and the demerger is expected to be completed in the third quarter of 2022-23, subject to various requisite approvals, he further said.
Loan book increases
In the financial services business, loan book increased 31 per cent year-on-year to ₹60,640 crore as of December 2021.
Retail loan disbursements increased 386 per cent year on year to ₹739 crore in the third quarter of the fiscal. “Asset quality of the acquired book is in line with expectations; impact of recent RBI norms has been limited,” PEL said in a statement on Thursday.
Gross non-performing asset ratio was at 3.3 per cent as of December 31, 2021.
In the pharmaceutical business, PEL’s revenue grew by 15 per cent year-on-year to ₹1,578 crore for the third quarter of the fiscal year.