Piramal Finance (PIRAMALFIN) Q1 24/25 earnings summary

Executive summary

• Unaudited standalone financial results for the quarter ended June 30, 2024, were approved by the Board on August 13, 2024.

• The company is transitioning from a Housing Finance Company (HFC) to a Non-Banking Finance Company - Investment and Credit Company (NBFC-ICC) after not meeting the Principal Business Criteria for HFCs.

• A Composite Scheme of Arrangement with the holding company and other stakeholders was approved, with an appointment date of April 1, 2024.

Financial highlights

• Total income for the quarter was Rs. 166,310 lakhs, up from Rs. 154,973 lakhs in the same quarter last year.

• Net profit after tax for the quarter was Rs. 3,655 lakhs, compared to Rs. 4,920 lakhs in the same quarter last year.

• Earnings per share (basic and diluted) stood at Rs. 0.02 for the quarter.

• Net profit margin for the quarter was 2.20%.

Outlook and guidance

• The company has applied to the RBI for conversion to NBFC-ICC and will continue to comply with HFC regulations until the new certificate is received.

• The Composite Scheme of Arrangement is subject to regulatory and stakeholder approvals.