Piramal Enterprises Announces Consolidated Results for Q2, H1 FY2022
Mumbai, India | November 11, 2021: Piramal Enterprises Limited (‘PEL’, NSE: PEL, BSE: 500302) on Thursday announced its consolidated results for the Q2 and H1 FY2022 ended September 30, 2021.
|Note: P&L Performance for Q2 and H1 FY22 does not include the DHFL acquisition
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “The second quarter of FY22 was transformational for our company and has significantly strengthened the foundation to support future growth. We successfully completed the acquisition and merger of DHFL and the total AUM has grown 42% QoQ to Rs 66,986 Cr. The acquisition has enabled us to diversify our loan book and scale up our retail lending portfolio through multi-product offerings that cater to the needs of the underserved customers of our country. Leveraging our data, analytics and technology capabilities, we aim to be a dominant player in the growing Tier 2-3 cities and be the lender of choice for budget-conscious customers.
Further, during the quarter, the Board of Directors approved the demerger of our pharmaceuticals business and simplification of the corporate structure. It will result in the creation of two separate listed entities in financial services and pharmaceuticals – thereby unlocking value for our shareholders. This is in line with our stated commitment as we continue to expand organically and inorganically across both the business segments. Our balance sheet strength and uniqueness of our business models sets us apart, enabling us to create long-term value for our stakeholders.”
|Key Business Highlights|
Consolidated P&L: (In RS Crores, or as stated)
|ParticulaRs||Quarter II ended||Half year Ended|
|30-Sept-21||30-Sept-20||% Change||30-Sept-21||30-Sept-20||% Change|
|Non-operating other income||128||38||n.m.||231||103||124%|
|Other Operating Expenses||1,617||1,278||26%||3,025||2,369||28%|
|Expected Credit loss||(65)||24||n.m.||(114)||75||n.m.|
|Profit / (Loss) before tax & exceptional items||566||742||-24%||1,084||1,364||-21%|
|Exceptional items (Expenses)/Income1||(153)||39||n.m.||(168)||39||n.m.|
|Current Tax and Deferred Tax||103||204||-50%||238||365||-35%|
|Profit / (Loss) after tax (before MI & Prior Period items)||310||578||-46%||678||1,039||-35%|
|Share of Associates2||117||50||132%||282||85||231%|
|Net Profit / (Loss) after Tax from continuing operations||426||628||-32%||960||1,124||-15%|
|Profit / (Loss) from Discontinued operations||–||–||–||–||–||–|
|Net Profit after Tax||426||628||-32%||960||1,124||-15%|
|Normalized Net Profit||541||589||-8%||1,090||1,084||1%|
Notes: (1) Includes one-time expense of RS 143 Crores related to transaction cost for acquisition of DHFL in Q2 FY22
(2) Income under share of associates primarily includes our share of profits at Shriram Capital and profit under JV with Allergan, as per the accounting standards
Normalized net profit excludes exceptional profits/loss for the respective quarter
P&L Performance for Q2 and H1 FY22 does not include the DHFL acquisition
Note: Figures in previous periods might have been regrouped or restated, wherever necessary to make them comparable to current period. To download the results presentation and for further information on our financials, please visit our website: www.piramal.com
About Piramal Enterprises Ltd:
Piramal Enterprises Limited (PEL) is one of the large companies in India, with a presence in Financial Services and Pharmaceuticals. PEL’s consolidated revenues were US$1.7 Billion in FY 2021, with ~37% of revenues generated from outside India.
In Financial Services, the company offers a wide range of financial products and solutions, with a presence across both retail and wholesale financing. Within retail lending, through its multi-product platform, the company offers home loans, loans for small businesses and loans for working capital to customers in affordable housing and mass affluent segments across Tier I, II and III cities. Within wholesale lending, the business provides financing to real estate developers, as well as corporate clients. The company has also formed strategic partnerships with leading financial institutions such as CPPIB, APG and Ivanhoe Cambridge, etc., across various investment platforms. Piramal Alternatives, the fund management business, provides customised financing solutions to high-quality corporates through – ‘Piramal Credit Fund’, a performing, sector-agnostic credit fund with capital commitment from CDPQ; and ‘IndiaRF’, a distressed asset investing platform with Bain Capital Credit, which invests in equity and/or debt across non-real estate sectors. PEL also has equity investments in the Shriram Group, a leading financial conglomerate in India.
Piramal Pharma Limited
Piramal Pharma Limited (PPL) offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network over 100 countries. PPL includes: Piramal Pharma Solutions (PPS), an integrated Contract Development and Manufacturing Organization; Piramal Critical Care (PCC), a Complex Hospital Generics business, and the India Consumer Healthcare business, selling over-the counter products. PPS offers end-to-end development and manufacturing solutions through a globally integrated network of facilities across the drug life cycle to innovator and generic companies. PCC’s complex hospital product portfolio includes inhalation anaesthetics, intrathecal therapies for spasticity and pain management, injectable pain and anaesthetics, injectable anti-infectives, and other therapies. The Indian Consumer Healthcare business is among the leading players in India in the self-care space, with established brands in the Indian consumer healthcare market. In addition, PPL has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market. In October 2020, the company received growth equity investment from the Carlyle Group.
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