Piramal Enterprises reported a consolidated net profit of ₹181.5 crore in the June quarter, a sharp fall from the ₹509 crore reported year ago, while revenue also fell to ₹2,122.8 crore (₹2,878 crore). In the year-ago quarter, the company’s financials were aided by a net gain of ₹889 crore, arising from the holding company divesting stake in Shriram Finance.

Interest income was 13 per cent higher at ₹1,928.5 crore, while the net interest income rose 18 per cent to ₹807 crore.

Total assets under management rose 10 per cent to ₹70,576 crore, driven by its retail and wholesale business. The assets under management (AUM) under retail rose 43 per cent to ₹50,350 crore, of which 67 per cent was contributed by the mortgage portfolio that was 37 per cent higher at ₹34,101 crore.

Growth business

The growth business - comprising retail and wholesale - was continuing to build on the momentum that had been set in the past two-three years and accounted for the major portion of its AUM and net profit, said Chairman Ajay Piramal. “The expansion of our growth business reflects our strategy to balance growth, risk and profitability as we develop these businesses,” he said.

The AUM of its legacy business halved in the quarter to ₹12,975 crore.

In the June quarter, the NBFC disbursed ₹6,816 crore in retail loans, up 19 per cent on year and mortgage loans rose 22 per cent to ₹3,354 crore.

In the wholesale side of the business, its AUM rose 11 per cent sequentially to ₹7,071 crore, while disbursements went up 9 per cent to ₹1,572 crore.

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