Piramal Enterprises Q1 Net Dips 64% to ₹181 cr

Piramal Enterprises on Tuesday reported a 64% decline in its June quarter net profit to ₹181 crore, impacted because of a higher base due to a one-off item last year. The non-bank lender had reported a consolidated net profit of ₹509 crore in the year-ago period.

Its CEO Jairam Sridharan said the year-ago performance included a ₹850 crore benefit from a stake sale in a Shriram Group entity, and added that the performance has been stable in the reporting quarter this year. The core net interest income grew 18% to ₹807 crore on the back of a 10% increase in the overall assets under management to ₹70,576 crore, while the net interest margin narrowed to 6.7% from 7.3% in the year-ago period.

Sridharan said disbursements were impacted in the Q1 due to regulatory changes around fair practices but exuded confidence that the company will be able to meet its FY25 target of 15% AUM growth.