A one-time gain of Rs 855 crore from the sale of its stake in Shriram Finance helped Piramal Enterprises report Rs 509 crore consolidated net profit for the April-June quarter, barring which it would have been in deep red, according to a company statement. In the June 2022 quarter, the company booked a net profit of Rs 8,155 crore. And in the reporting quarter the same printed at Rs 509 crore led by a gain of Rs 855 crore from the sale of its 8.34% in Shriram Finance for Rs 4,820 crore, the company said in a statement.
Total assets of the company rose to Rs 63,938 crore, of which retail loans constituted 55%, up from 34% a year ago. Retail loans grew 57% to Rs 34,891 crore. On the other hand, the wholesale book came down by 38% to Rs 26,002 crore and the quarterly wholesale loans grew by 355% to Rs 3,045 crore.
Average borrowing cost came down to 8.6% from 8.8%.
The NBFC’s asset quality improved with gross NPAs falling to 2.8% from 3.8% and net NPAs to 1.5% from 1.9%.
Provision coverage ratio for wholesale book came down to 7.6% from 10.5%, resulting from the sell-down and resolution of a few stressed assets.
Interest income declined 10% to Rs 1,725 crore, while other operating income rose to Rs 189 crore from Rs 58 crore. Of this net interest income fell 22% Rs 891 crore.
FOLLOW US ON GOOGLE NEWS
Read original article here
Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
seculartimes.com. The content will be deleted within 24 hours.
