Piramal Enterprises Q4 Results Review - More Stress Ahead; Downgrade To Neutral: Motilal Oswal

Motilal Oswal Report

Piramal Enterprises Ltd. reported Q4 FY24 net profit of ~Rs 1.37 billion (loss of ~Rs 23.8 billion in Q3 FY24). Reported profit after tax included net provision write-back on AIF investments of Rs 11.4 billion and stake sale in Shriram Investment Holdings resulting in one-off gain of Rs 8.7 billion.

FY24 loss after tax stood at ~Rs 16.8 billion, impacted by net AIF provision of Rs 24.7 billion.

Net interest income declined 18% YoY and 10% QoQ to ~Rs 7.55 billion. Pre-provision operating profit at ~Rs 2.9 billion declined ~25% QoQ and ~37% YoY.

Loan losses and provisions stood at ~Rs 33.5 billion, which included impairment on investment property of ~Rs 6.6 billion.

Total AUM grew 8% YoY and declined 3% QoQ. Wholesale 2.0 AUM grew 14% QoQ to Rs 63.5 billion, while Wholesale 1.0 AUM declined 50% YoY/22% QoQ to Rs 146 billion. Retail AUM grew ~49% YoY to Rs 479 billion, with its share in the loan book increasing to ~70% (versus 64% in Q3).

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