Piramal Enterprises back in the black on large tax write-back
On an annual basis, PEL swung to a loss of 1,684 crore from a profit of 9,969 crore, due to the impact of AIF provisions during the fiscal.
MUMBAI: (PEL), the non-banking finance company of the real estate and pharma group swung to a in the March quarter helped by a large even as higher and continued paring of its pressured earnings. The consolidated net profit was 137 crore from a of 196 crore a year earlier helped by a 1,203 crore tax write-back including the carrying forward of a loss of 10,627 crore, arising from the acquisition of the insolvent two years ago. The write-back also included tax gains from in alternative investment funds and other , CEO Jairam Sridharan said.On an annual basis, PEL swung to a loss of 1,684 crore from a profit of 9,969 crore, due to the impact of AIF provisions during the fiscal.
Total assets under management (AUM) were up 8% year-on-year led by a 49% growth in retail to 47,927 crore. Quarterly disbursements grew 30% to 8,910 crore. Piramal continued to reduce its legacy wholesale AUM, which halved to 14,572 crore YoY. This shrinkage impacted which fell 18% YoY to 755 crore.Piramal’s cost of funds increased to 6.50% from 6.20% a year ago.
Source: Stocks-Markets-Economic Times
