The company reported consolidated net profit of Rs 151 crore in Q4 March 2022 compared with net loss of Rs 510 crore in Q4 March 2021.
On a consolidated basis, total income rose 23% year-on-year to Rs 4,401 crore in Q4 March 2022. Non-operating other income jumped 45% to Rs 238 crore during the quarter, comprising interest on bank deposits, gain on sale of mutual fund investments, exchange gain, dividend income and settlement of claims.Pre-tax loss (before tax & exceptional items) stood at Rs 14 crore in Q4 March 2022 compared with pre-tax profit of Rs 861 crore in Q4 March 2021. OPBIDTA fell 27% YoY to Rs 1,414 crore during the period under review.
Total expenses rose 63.17% to Rs 4,414.55 crore. Cost of material consumed rose 24.38% to Rs 335.29 crore while employee benefits expenses rose 44.15% to Rs 612.31 crore.
During the quarter, financial services business revenue jumped 37% YoY to Rs 2,024 crore. Retail loan disbursements rose 100% QoQ in Q4 FY22 to Rs 1,480 crore. The business reported YoY decline in GNPA by 70 bps to 3.4% and NNPA by 50 bps 1.6%. During the year, Piramal Enterprises completed its acquisition of distressed home financier - Dewan Housing Finance (DHFL).
The company's financial services lending business reported loss of Rs 321 crore in March quarter (Q4FY22) due to additional provisioning and interest reversals totaling Rs 1,037 crore.
The pharma business revenue grew 11% YoY to Rs 2,139 crore. Within the pharma business, India Consumer Healthcare revenue stood at Rs 196 crore (up 55%), Complex Hospital Generics revenue was reported at Rs 548 crore (up 8%) and pharma CDMO revenue stood at Rs 1,394 crore (up 8%).
For the year, Piramal Enterprises' net profit rose 41% to Rs 1,999 crore on 12% increase in total income to Rs 14,713 crore in the year ended March 2022 over the year ended March 2021. OPBIDTA fell 8% YoY to Rs 7,170 crore in FY22.
The board has recommended a final dividend of Rs 33 per equity share for the financial year ended 31 March 2022.
The company reported operating cash flow (OCF) of Rs 8,749.59 crore in the year ended 31 March 2022 compared with OCF of Rs 3,664.54 crore in the year ended March 2021.
Ajay Piramal, chairman, Piramal Enterprises, 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."
Piramal Enterprises (PEL) is one of the large companies in India, with a presence in financial services and pharmaceuticals.
In financial services, the company offers a wide range of financial products and solutions, with a presence across both retail and wholesale financing.
Piramal Pharma offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network over 100 countries.
Shares of Piramal Enterprises fell 9.71% to Rs 1675.75 on the BSE. The stock hit a 52-week low of Rs 1658.35 in intraday today.
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