Piramal Enterprises Ltd reported a 32.1 per cent drop in its consolidated net profit to Rs 426.49 crore for the second quarter of the fiscal as against Rs 628.31 crore in the same period in the last fiscal.

For the quarter ended September 30, 2021, revenue from operations declined 5.9 per cent to Rs 3,105.52 crore from Rs 3,301.84 crore a year ago.

Total income fell 3 per cent on a year-on-year basis to Rs 3,234 crore in the second quarter of this fiscal.

PEL completed the acquisition of Dewan Housing Finance Corporation Ltd (DHFL) and its merger with Piramal Capital and Housing Finance Limited (PCHFL) in September 2021.

The profit and loss performance of PEL for the second quarter and first-half of the fiscal, however, does not include the acquisition of DHFL.

“We successfully completed the acquisition and merger of DHFL and the total assets under management has grown 42 per cent quarter-on-quarter to Rs 66,986 crore. 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 underserved customers. Leveraging our data, analytics and technology capabilities, we aim to be a dominant player in the growing Tier 2 and 3 cities and be the lender of choice for budget-conscious customers,” said Ajay Piramal, Chairman, PEL.

In a statement, PEL said there has been an improvement in asset quality metrics post the DHFL acquisition. The gross NPA ratio declined 140 basis points quarter-on-quarter to 2.9 per cent. Net NPAs also fell by 75 basis points sequentially to 1.5 per cent.

The pharma business reported a 20 per cent growth in revenue year-on-year to Rs 2,983 crore for the first half of the fiscal.

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