Motilal Oswal's research report on Piramal Enterprises
Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b). This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio. NII rose ~17% YoY and 9% QoQ to ~INR8.8b. PPOP at ~INR4b grew ~58% YoY. In 1HFY25, PAT declined 38% YoY to INR3.4b. Total AUM grew 12% YoY and 6% QoQ. Wholesale 2.0 AUM grew 12% QoQ to INR78.9b while Wholesale 1.0 AUM declined ~49% YoY/7% QoQ to INR121b. Retail AUM grew ~42% YoY to INR547b, with its share in the loan book increasing to ~73% (PQ: 72%).
Outlook
We expect PIEL to deliver ~1.3% RoA and ~5% RoE in FY26E. We value the lending business at 0.6x Sep’26E P/BV and reiterate our Neutral rating on the stock with a revised TP of INR1,015 (premised on Sep’26E SOTP).
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