FY22 revenues at INR 13,993 Cr.; FY22 Net Profit at INR 1,999 Cr.
Q4 FY22 Net Profit of INR 151 Cr. vs Loss of INR 510 Cr. in Q4 FY21
The Board has recommended a dividend of INR 33 per share, subject to shareholders’ approval
FS business Pre-provision Operating Profit (PPOP) of INR 379 Cr. in Q4 FY22 vs. INR 243 Cr. in Q4 FY21
Overall AUM grew +33% YoY to ~INR 65,185 Cr; retail loan book grew 306% YoY to INR 21,552 Cr.
DHFL acquisition completed with most branches integrated and re-activated
Pharma business revenues grew 16% YoY to INR 6,701 Cr for FY22
India Consumer Healthcare grew 48% YoY and Complex Hospital Generics business grew 20% YoY during FY22
EBITDA margin for the Pharma business stood at 18% during FY22
Expect to complete the demerger in Q3 FY23, subject to various required approvals
India: Piramal Enterprises Limited (‘PEL’, NSE: PEL, BSE: 500302) today announced its consolidated results for the Fourth Quarter (Q4) and Full Year (12M) FY2022 ended 31st March 2022.
§ Overall Performance:
- Q4 FY22 revenues growth of 22% YoY to INR 4,163 Cr.; FY22 revenues at INR 13,993 Cr.
- Q4 FY22 Net Profit of INR 151 Cr.; FY22 Net Profit at INR 1,999 Cr.
o Reported net profit factors in additional provisioning of
INR 822 Cr. and interest reversal of INR 215 Cr. (totalling INR 1,037 Cr.) in Q4 FY22
- The Board has recommended a dividend of INR 33 per share, subject to shareholders’ approval at the AGM; the total dividend pay-out would be INR 788 Crores (Dividend Pay-out Ratio of 39%)
§ Financial Services (FS):
- DHFL acquisition completed in FY 2022; branches integrated and re-activated
- Retail loan disbursements up 100% QoQ in Q4 FY22 to INR 1,480 Cr.
- YoY decline in GNPA by 70 bps to 3.4% and NNPA by 50 bps 1.6%
- Created additional provisions for wholesale non-RE assets in Stage-2; overall provisions equivalent to 5.7% of AUM
- Over the next 5 years, i.e. by end-FY2027, aspire to achieve:
- Retail-Wholesale mix of 2/3rd Retail and 1/3rd wholesale
- Double the AUM of the FS lending business
- Retail disbursement growth at 40-50% (5-year CAGR)
§ Pharma Business:
- Acquired additional stake in Yapan Bio in April 2022, taking the overall stake to 33% and broadening our services in the biologics space
- Aurora plant commenced operations post $23 Mn API expansion
- Launched new production block for Oral Solid Dosage forms at Pithampur in May 2022
- Announced $74 Mn expansion for Antibody Drug Conjugates and API in Grangemouth and Morpeth
- Witnessed healthy growth in Development order book
- Executed multiple contract extensions with major GPOs in the US
- Launched 40 new products in the India Consumer Healthcare business in FY22
- Littles crossed Rs. 100 Cr. and Tetmosol crossed Rs. 50 Cr. in FY22 revenues
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “We have 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% Q-on-Q 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. We will continue to make requisite investments in talent and technology, to strengthen our ability to tap the latent business opportunities in the Bharat market. Post the DHFL acquisition, we will now leverage our sizable retail lending platform to double our AUM over the next 5 years, thereby significantly improving our mix towards retail.
During the quarter, we further strengthened our balance sheet by making additional provisions towards Stage 2 assets. We also continue to retain the extraordinary provisions made in March 2020 towards the pandemic related risks.
In pharmaceuticals, we have been investing organically and inorganically across all our businesses. All our key businesses have a compelling plan for their growth and have continued to deliver against their respective strategic priorities despite challenging macro-environment. We remain firmly on track to complete the demerger of the pharmaceuticals business by Q3 of FY23 and unlock significant value for our stakeholders.”