Mumbai, India | February 10, 2022: Piramal Enterprises Limited today announced its consolidated results for the Third Quarter (Q3) and Nine Months (9M) FY2022 ended December 31, 2021.
Consolidated Highlights P&L Performance: Q3 FY22 revenues growth of 20% YoY to INR 3,816 Cr.; 9M FY22 revenues at INR 9,830 Cr. Q3 FY22 Normalised Net Profit growth of 14% YoY to INR 888 Cr.; 9M FY22 Normalized Net Profit at INR 1,978 Cr.
Financial Services: Retail loan disbursements up 386% YoY in Q3 FY22 to INR 739 Cr. Significant progress on integration of DHFL: Retained 3,000+ employees from DHFLNew loan origination restarted at most DHFL branches as of December 2021
Pharma Business: India Consumer Healthcare business at INR 545 Cr for 9M FY22, up 45% YoY and Complex Hospital Generics business at INR 1,454 Cr for 9M FY22, up 25% YoYAcquired minority stake of nearly 28% in Yapan Bio for Rs. 102 cr., broadening our services in biologics space carrying out capacity expansion worth ~USD 130 mn across multiple sites
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “Q3 performance reflects the growth across both financial services and pharmaceuticals businesses. The acquisition of DHFL has been value accretive and has enabled us to achieve significant growth. It has materially given a further impetus to our business ambitions and targets. The capacity building in talent and technology, together with a robust business expansion plan gives us the confidence to create a sustainable and profitable retail franchise in coming years.
In pharma, we have grown well, despite the logistical and supply chain constraints induced by the pandemic. We made further investments for expanding capacity in niche capabilities. Each of our pharma businesses have a compelling plan for their growth and profitability improvement in coming years.
Further, our initiative to create two distinct sector focused entities is progressing well and we expect to complete the demerger in Q3 FY23, subject to various requisite approvals.”
Key Business Highlights Financial Services Pharma Significant loan book growth and diversification loans book increased 31% YoY to
INR 60,640 Cr. as of Dec-2021Share of retail in the overall loan book increased from 11% in Dec-2020 to 36% in Dec-2021Retail loan book increased ~4 times YoY to INR 21,544 Cr.
In addition to the loan book, PEL is managing off-balance sheet securitized retail assets of INR 20,134 Cr. acquired with DHFL for a fee of ~1.6% p.a.
Retail loan disbursements increased 386% YoY to INR 739 Cr. in Q3 FY22Improvement in retail disbursement yields to 12% in Q3 vs. 11.3% in Q1, driven by disbursements across products added ~55,000 new customers in Q3 FY22, as a result of branch re-activation and digital initiatives
Asset quality of the acquired book is in line with expectations; impact of recent RBI norms has been limitedGNPA ratio at 3.3% as of Dec-2021 Provisioning at 4.0% of AUM (flat QoQ) remains adequate to manage any contingencies
Adequate capital available for value accretive acquisitions, as well as for organic growth with capital adequacy ratio of 26% and net debt-to-equity of 2.5x as of Dec-2021
Revenue grew by 18% YoY to INR 4,561 Cr. for 9M FY2022:CDMO revenues were up 10% YoYComplex Hospital Generics Revenues were up 25% YoYIndia Consumer Healthcare Revenues were up 45% YoY
Revenue grew by 15% YoY to INR 1,578 Cr. for Q3 FY2022
Delivered EBITDA of INR 348 Cr. for Q3 FY22, up by 18% YoY, EBITDA margin at 22%
Investments / capacity expansion in niche capabilities, etc:
Acquired minority stake in Yapan Bio to broaden services in biologics space
$35 Mn HPAPIs expansion commenced at the Riverview facility in US
Investment of $74 Mn in expansion and upgrade of ADCs/APIs capabilities at Grangemouth and Morpeth facilities in UK
Operations to commence of $22 Mn APIs expansion at the Aurora facility in Canada in Q4 FY22
Launched 20 new products in 9M FY22 in India Consumer Healthcare business; New products launched since Apr’20 contribute to 10% of sales
Consolidated P&L (In INR Crores, or as stated)
|Particulars||Quarter III ended||Nine Months Ended|
|31-Dec-21||31-Dec-20||% Change||31-Dec-21||31-Dec-20||% Change|
|Non-operating other income||251||96||161%||482||199||142%|
|Other Operating Expenses||1,653||1,266||31%||4,678||3,635||29%|
|Expected Credit loss||(7)||12||n.m.||(121)||87||n.m.|
|Profit before tax & exceptional items||954||834||14%||2,038||2,198||-7%|
|Exceptional items (Expenses)/Income1||0||19||-100%||(168)||59||n.m.|
|Current Tax and Deferred Tax||249||201||24%||487||566||-14%|
|Profit after tax (before MI & Prior Period items)||705||652||8%||1,383||1,691||-18%|
|Share of Associates||183||147||24%||465||233||100%|
|Net Profit after Tax||888||799||11%||1,848||1,923||-4%|
|Normalized Net Profit2||888||780||14%||1,978||1,864||6%|
Notes: (1) Includes one-time expense of INR 143 Crores related to transaction cost for acquisition of DHFL in Q2 FY22
2) Normalized profit is excluding Exceptional items (net of taxes)
Note: Figures in previous periods might have been regrouped or restated, wherever necessary to make them comparable to current period.
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