Piramal Enterprises, a leading diversified NBFC announced its consolidated results for the fourth quarter (Q4) and Annual FY2023 that ended 31 March 2023.
The company reported Profit After Tax (PAT) 1 for FY23 grew 5 per cent YoY to Rs 1,902 crore and the total assets under management (AUM) stood at Rs 63,989 crore, whereas, retail lending grew to 50 per cent of AUM, from 33 per cent in FY22.
Retail AUM2 grew 49 per cent YoY to Rs 32,144 crore, Quarterly disbursements grew 34 per cent QoQ and 361 per cent YoY to Rs 6,828 crore in the retail business.
Wholesale 1.0* AUM reduced by 33 per cent YoY to Rs 29,053 crore, whereas, the wholesale 2.0^ AUM grew by 510 per cent YoY to Rs 2,792 crore. Stage 2+3 Wholesale assets reduced by 39 per cent QoQ.
The Board has recommended a dividend of Rs 31 per share, subject to shareholders’ approval, the total dividend pay-out would be Rs 740 crore.
Chairman of Piramal Enterprises, Ajay Piramal said, “We are pleased with our resilient performance amid macroeconomic and geopolitical headwinds. India continues to remain a relative ‘bright spot’ in the world and will likely contribute significantly to global growth in the coming years.”
In retail, we have achieved substantial growth and this business now contributes to 50 per cent of our AUM. We are consciously pivoting to a technology-led multi-product strategy to continue building a large diversified NBFC.
As we continue to expand our retail lending business, we are also investing in manpower, branch infrastructure, technology and analytics for its future growth, he added.