Piramal Enterprises Ltd. reported a fourth quarter net loss of ₹196 crore led by a mark-to-market (MTM) loss of ₹375 crore on its investments in Shriram Group, the company said in a filing. The company had reported a net profit of ₹151 crore in the year ago period.
The Board has recommended a dividend of ₹31 per share and the total dividend pay-out would be ₹740 crore. The company had a consolidated net worth of ₹31,059 crore for FY23 with a Capital Adequacy Ratio of 31% in its consolidated balance sheet.
Cash and liquid investments of ₹7,430 crore accounted for 9% of total assets. Gross NPA ratio was 3.8% in Q4 FY23 and total provisions as a percentage of total AUM now stands at 6.2% in Q4FY23.
Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, “We are pleased with our resilient performance amid macroeconomic and geopolitical headwinds. India continues to remain a relative “bright spot” in the world and will likely contribute significantly to global growth in the coming years”.
“In Retail, we have achieved substantial growth and this business now contributes to 50% of our AUM. We are consciously pivoting to a technology-led multi-product strategy to continue building a large, diversified NBFC. As we continue to expand our retail lending business, we are also investing in manpower, branch infrastructure, technology and analytics for its future growth,” he said.
“In Wholesale, we have reduced our Wholesale 1.0 AUM by 33% YoY. Our Stage 2 + 3 AUM has reduced by 39% QoQ and we are focused on further bringing these down. We remain focused on ensuring sustained value creation for all stakeholders,” he added.