Motilal Oswal's research report on Piramal Enterprises
Piramal Enterprises (PIEL) reported a 4QFY25 net profit of ~INR1b (PQ: ~INR386m). This included an exceptional gain of ~INR3.7b from recoveries in the AIF portfolio. For FY25, the total gain from the AIF portfolio stood at INR9.2b. FY25 net profit stood at INR4.85b (vs. a loss of INR16.8b in FY24). NII rose 28% YoY to ~INR8.5b. PPOP stood at ~INR8.3b (PQ: INR7.1b). Total AUM grew 17% YoY and 3% QoQ to INR807b. Wholesale 2.0 AUM rose ~44% YoY and 2% QoQ to INR91.2b, while Wholesale 1.0 AUM declined ~33% YoY/53% QoQ to INR69b.
Outlook
We reiterate our Neutral rating with a revised TP of INR1,085 (based on Mar’27E SoTP).
For all recommendations report, click here
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