Piramal Enterprises Q2 results: Company posts its highest ever profit at Rs 48 crore

Piramal Enterprises, the financial services arm of the Piramal group, on Thursday reported a consolidated net profit of Rs 48 crore in the September quarter. The company had booked a net loss of Rs 1,536 crore in the same quarter of the previous fiscal.

During the first quarter of the current fiscal, the total income declined to Rs 914 crore from Rs 943 crore a year ago, Piramal Enterprises said in a regulatory filing. Interest income also came down to Rs 1,778 crore as against Rs 1,842 crore in the same period a year ago, it said.

Total Assets Under Management (AUM) rose 5 per cent to Rs 66,933 crore. Consolidated Gross Non-Performing Assets (NPAs) came down 10 bps to 2.7 per cent while net NPA remained flat at 1.5 per cent at the end of the quarter.

"Our retail lending business is consistently growing, driven by increased disbursements to fulfil the credit needs of the "Bharat" market. We will continue investing in talent, branches, cognitive intelligence, and data analytics to keep this momentum going," Piramal Enterprises Chairman Ajay Piramal said.

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