Piramal Enterprises Ltd (PEL) reported a consolidated net loss of ₹196 crore in the fourth quarter against a net profit of ₹151 crore in the year-ago quarter, led by ₹375 crore mark-to-market loss on Shriram investments.

The company’s consolidated results include the numbers of subsdiaries such as Piramal Capital & Housing Finance, Piramal Asset Management, Piramal Consumer Products, and joint ventures such as Pramerica Life Insurance and India Resurgence ARC.

PEL’s Board has recommended a final dividend of ₹31 per equity share of face value of ₹2 each for the financial year ended March 31, 2023.

Net interest income declined 4 per cent year-on-year to ₹1,128 crore (₹1,172 crore). Other income dipped 88 per cent to ₹11 crore (₹92 crore).

Operating expenses rose 52 per cent to ₹674 crore (₹443 crore). Loan-loss provisions declined 72 per cent to ₹298 crore (₹1,071 crore).

Assets under management declined about 2 per cent to ₹63,989 crore (₹65,185 crore as at March-end 2022). Within this, retail AUM rose 49 per cent to ₹32,144 crore (₹21,552 crore).

The retail (comprising housing loans, loans against property, unsecured loans and used car loans) to wholesale (developer loans) AUM mix stood at 50:50 against 33:67 a year ago.

Ajay Piramal, Chairman, PEL, said: “In Retail, we have achieved substantial growth and this business now contributes to 50 per cent of our AUM. We are consciously pivoting to a technology-led multi-product strategy to continue building a large diversified NBFC.”.

Jairam Sridharan, Managing Director, Piramal Capital and Housing Finance, expects the retail to wholesale AUM mix to be 66:34 over the medium term.

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