Piramal Enterprises Ltd, on 9 November, announced its earnings for the July-September quarter of the current fiscal year.
The non-banking financial company reported a net profit of Rs 48 crore for the quarter from the Rs 1,537 crore net loss reported in the year-ago quarter.
The company’s revenue from operation grew by 16% year-on-year (YoY) to Rs 2,193 crore for the quarter under review from Rs 1,893.71 crore reported in the same quarter of the previous fiscal year.
The total income of the company surged by 13% YoY to Rs 2,205.21 crore during Q2FY24 against Rs 1,956.23 crore reported in Q2FY23.
It also reported a strong net worth of Rs 28,710 crore with a capital adequacy ratio of 31% on the consolidated balance sheet.
The total assets under management of the company rose 5% YoY and 4% quarter-on-quarter to Rs 66,933 crore.
Ajay Piramal, Chairman of Piramal Enterprises, said, “Our performance in the second quarter was supported by growth in AUM, led by retail business. The improved mix between the retail and wholesale showcases our dedicated efforts in building a robust and diversified non-banking financial institution.”
He added, “We are also pleased that we completed the share buyback during the quarter, thus reiterating our commitment to value creation. Our balance sheet reflects a robust financial position, characterised by strong net worth and capital adequacy ratio.”