Piramal Enterprises reported a consolidated net profit of ₹150.53 crore in the fourth quarter of 2021-22 as against a net loss of ₹510.39 crore. However, on a sequential basis, its consolidated net profit was down from the net profit of ₹887.96 crore in the third quarter of last fiscal.

For the full financial year 2021-22, PEL reported a 41.5 per cent jump in its consolidated net profit to ₹1,998.77 crore from ₹1,412.86 crore in 2020-21.

For the quarter ended March 31, 2022, net sales were up 22 per cent to ₹4,163 crore versus ₹3,402 crore in the same period a year ago. Expected credit loss is at ₹817 crore in the fourth quarter.

In the financial services business, assets under management grew 33 per cent year on year to ₹65,185 crore by March 31, 2022. The retail loan book grew 306 per cent year on year to ₹21,552 crore.

In a statement on Thursday, PEL said the acquisition of Dewan Housing Finance Corporation complete and most branches have been integrated and re-activated.

“We have not only retained over 3,000 employees of DHFL, but also created over 3,000 new jobs in the merged entity across India,” said Ajay Piramal, Chairman, PEL.

Post the DHFL acquisition, we will now leverage our sizeable retail lending platform to double our AUM over the next five years, thereby significantly improving our mix towards retail, he further said.

Pharma demerger

PEL also remains firmly on track to complete the demerger of the pharmaceuticals business by the third quarter of the fiscal, Piramal said. Pharma business revenues grew 16 per cent year on year to ₹6,701 crore for 2021-22.

The board has recommended a dividend of ₹33 per share, subject to shareholders’ approval.