Piramal Enterprises Q2 Results Review - Strong Retail Loan Growth; Credit Costs Higher QoQ: Motilal Oswal

Motilal Oswal Report

Piramal Enterprises Ltd. reported a Q2 FY25 net profit of ~Rs 1.6 billion (previous quarter: ~Rs 1.8 billion). This included an exceptional gain of ~Rs 770 million from recoveries in the AIF portfolio. Net interest income rose ~17% YoY and 9% QoQ to ~Rs 8.8 billion. Pre provision operating profit at ~Rs 4 billion grew ~58% YoY. In H1 FY25, PAT declined 38% YoY to Rs 3.4 billion.

Total AUM grew 12% YoY and 6% QoQ. Wholesale 2.0 AUM grew 12% QoQ to Rs 78.9 billion while Wholesale 1.0 AUM declined ~49% YoY/7% QoQ to Rs 121 billion. Retail AUM grew ~42% YoY to Rs 547 billion, with its share in the loan book increasing to ~73% (previous quarter: 72%)

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