Mumbai, India January 30th, 2024: Piramal Enterprises Limited (‘PEL’, NSE: PEL, BSE: 500302), a leading diversified NBFC, today announced its consolidated results for the Third Quarter (Q3) FY2024 ended 31st December 2023.
Ajay Piramal, Chairman, Piramal Enterprises Ltd., said, “We have achieved significant milestones outlined in our strategic roadmap earlier in this financial year. We have made progress across key areas, including AUM growth momentum, business mix optimization, enhanced underlying operating profitability, and improved asset quality. Notably, we are surpassing our medium-term guidance in terms of growth and business mix.
In response to the RBI circular issued in December, we made complete provisions for our investments in AIFs, subsequently removing them from our AUM. Our confidence in the full recovery of these investments remains strong, which is evident in the positive payment record thus far.
We have made substantial enhancements to our net interest margins, achieved robust fee income growth, and optimized opex ratios to deliver a strong core operating profit. Our commitment is to further enhance profitability by optimizing operating leverage in our growth business and reducing the contribution of the legacy business.
Positioned as an at-scale player in both retail and wholesale segments, PEL is poised for continued growth and improved profitability. The trajectory forward involves steadily scaling up our growth business, strategically winding down legacy wholesale assets, and divesting non-core assets. We believe, this approach will drive future growth and sustained profitability.”