In its financial services business, assets under management (AUM) increased 33% year-on-year (y-o-y) to ₹65,185 crore in Q4. The share of retail in the overall loan book increased from 12% in March 2021 to 36% in March 2022, with the retail book growing 306% y-o-y to ₹21,552 crore.
According to the company, its retail loan disbursements increased 100% sequentially to ₹1,480 crore in Q4 FY22. It also said it acquired 132,000 customers in the March quarter and is on track to achieve guidance of ₹2,500-3,500 crore of disbursements in Q3 FY23.
The company said it completed acquisition of Dewan Housing Finance Corp. Ltd (DHFL) in FY22 and integrated and re-activated most branches.
The lender has also re-evaluated the wholesale portfolio, to detect any lasting impact of the pandemic or recent stress in the macro economy on clients.
“Based on this assessment, we moved some of our non-real estate exposures to Stage 2 and thus, we have made additional provisioning and interest reversal totalling ₹1,037 crore. These were high-yield, structured mezzanine loans done under the ‘holdco’ structure. We have discontinued doing such kind of deals," it said in a statement.
Ajay Piramal, chairman, Piramal Enterprises said that the company has delivered a resilient performance in Q4 and FY22 across financial services and pharmaceuticals, against the backdrop of the pandemic and macro-economic headwinds.
“In financial services, we completed the integration with DHFL and achieved 100% quarter-on-quarter growth in retail loan disbursements in Q4 of FY22. We have re-activated almost all the branches and not only retained over 3,000 employees of the DHFL, but also created over 3,000 new jobs in the merged entity across India," Piramal said in a statement.
