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Piramal Enterprises Limited Announces Consolidated Results for Q2 and H1 FY2022

Mumbai, India: Piramal Enterprises Limited (‘PEL’, NSE: PEL, BSE: 500302) today announced its consolidated results for the Second Quarter (Q2) and Half Year (H1) FY2022 ended 30th September 2021.

 

Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “The second quarter of FY22 was transformational for our company and has significantly strengthened the foundation to support future growth. We successfully completed the acquisition and merger of DHFL and the total AUM has grown 42% QoQ to INR 66,986 Cr. The acquisition has enabled us to diversify our loan book and scale up our retail lending portfolio through multi-product offerings that cater to the needs of the underserved customers of our country. Leveraging our data, analytics and technology capabilities, we aim to be a dominant player in the growing Tier 2-3 cities and be the lender of choice for budget-conscious customers. 

Further, during the quarter, the Board of Directors approved the demerger of our pharmaceuticals business and simplification of the corporate structure. It will result in the creation of two separate listed entities in financial services and pharmaceuticals – thereby unlocking value for our shareholders. This is in line with our stated commitment as we continue to expand organically and inorganically across both the business segments. Our balance sheet strength and uniqueness of our business models sets us apart, enabling us to create long-term value for our stakeholders.” 

Key Business Highlights

Financial Services

Pharma

  • Overall AUM increased 42% QoQ to INR 66,986 Cr. post the DHFL merger
  • Retail loan book increased 4.3x QoQ to INR 22,273 Cr. as of Sep-2021
  • Share of retail loans increased from 11% in Jun-2021 to 33% in Sep-2021

 

  • DHFL acquisition further improved ALM
  • Acquisition partly funded by 10-year NCDs worth INR 19,550 Cr. at 6.75% p.a.

 

  • Improvement in asset quality metrics post the DHFL acquisition
  • Gross NPA ratio declined 140 bps QoQ at 2.9%
  • Net NPA ratio also fell 75 bps QoQ to 1.5%

 

  • Revenue grew by 20% YoY to INR 2,983 Cr. for H1 FY2022:
  • India Consumer Healthcare Revenues were up 54% YoY
  • Complex Hospital Generics Revenues were up 26% YoY
  • CDMO Revenues were up 11% YoY

 

  • Investing organically and inorganically across all our Pharma businesses in H1 FY22:
  • Completed acquisition of Hemmo Pharmaceuticals for INR 775 Cr.
  • Riverview facility expansion of US$ 35 Mn commenced
  • Aurora facility expansion of $22 Mn near completion

 

Consolidated P&L:                                                                                                                       (In INR Crores, or as stated)

 

Particulars

Quarter II ended

Half year Ended

30-Sept-21

30-Sept-20

% Change

30-Sept-21

30-Sept-20

% Change

Net Sales

3,106

3,302

-6%

6,014

6,239

-4%

Non-operating other income

128

38

n.m.

231

103

124%

Total income

3,234

3,339

-3%

6,245

6,342

-2%

Other Operating Expenses

1,617

1,278

26%

3,025

2,369

28%

Expected Credit loss

(65)

24

n.m.

(114)

75

n.m.

OPBIDTA

1,682

2,038

-17%

3,335

3,898

-14%

Interest Expenses

963

1,156

-17%

1,948

2,260

-14%

Depreciation

153

139

10%

302

274

10%

Profit / (Loss) before tax & exceptional items

566

742

-24%

1,084

1,364

-21%

Exceptional items (Expenses)/Income1

(153)

39

n.m.

(168)

39

n.m.

Current Tax and Deferred Tax

103

204

-50%

238

365

-35%

Profit / (Loss) after tax (before MI & Prior Period items)

310

578

-46%

678

1,039

-35%

Minority interest

 

 

 

 

 

 

Share of Associates2

117

50

132%

282

85

231%

Net Profit / (Loss) after Tax from continuing operations

426

628

-32%

960

1,124

-15%

Profit / (Loss) from Discontinued operations

-

-

-

-

-

-

Net Profit after Tax

426

628

-32%

960

1,124

-15%

Normalized Net Profit

541

589

-8%

1,090

1,084

1%

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