Piramal Enterprises'€™ Q1 profit jumps 52 pc

Mumbai, Jul 29 (PTI) Piramal Enterprises' consolidated profit for the June quarter jumped 52 per cent to Rs 276 crore, the non-bank lender reported on Tuesday.

The Mumbai-headquartered company had reported a net profit of Rs 137 crore in the year-ago period.

Its core net interest income grew 25 per cent to Rs 1,010 crore, on the back of a 22 per cent jump in the consolidated assets under management and a 1 percentage point widening in the net interest margin to 5.9 per cent.

The other income was up 36 per cent to Rs 227 crore during the reporting quarter, as against Rs 167 crore in the year-ago period.

The loan loss provisions zoomed to Rs 202 crore from Rs 30 crore, and the entity said it includes losses on the alternate investment funds reported as exceptional items in prior periods.

The company, which is pivoting to being a retail-focused one, said retail AUM was up 37 per cent and added that over two-thirds of the book is either housing or loan against property now.

Meanwhile, the company announced on Tuesday said its Chief Financial Officer Upma Goel, who has been with it for four years, has tendered her resignation on Monday to pursue opportunities outside the group.

Vikash Singhla, the current CFO of Piramal Finance, with which Piramal Enterprises is merging, would be the CFO of the merged entity once the amalgamation is completed by September, it said.

The Piramal Enterprises scrip gained 0.06 per cent to close at 1,294.65 apiece on the BSE, as against gains of 0.55 per cent on the benchmark. PTI AA TRB