Piramal Enterprises' Profit Surge and Leadership Transition
Piramal Enterprises reported a 52% rise in consolidated profit to Rs 276 crore for the June quarter, driven by increased net interest income and assets under management. The company is shifting focus towards retail, with a significant part of its portfolio in housing and loans against property. As part of a leadership transition, CFO Upma Goel has resigned, and Vikash Singhla will assume the role following a merger with Piramal Finance.
- Country:
- India
Piramal Enterprises has announced a remarkable 52% increase in its consolidated profit for the June quarter, reaching Rs 276 crore. This surge is largely attributed to a 25% rise in core net interest income and expanded consolidated assets under management. The company's strategic pivot towards a retail-centric approach continues, with a significant portion of its portfolio now dedicated to housing or loans against property.
In a notable leadership change, Upma Goel, the Chief Financial Officer, has resigned to pursue opportunities outside Piramal. Vikash Singhla, currently CFO of Piramal Finance, is set to take over as CFO of the merged entity upon the completion of the merger anticipated by September. This transition aligns with the company's ongoing restructuring processes.
The financial markets responded to these developments with a slight increase in Piramal Enterprises' stock, closing at Rs 1,294.65 on the BSE. This reflects a minor gain compared to the broader market, which saw a 0.55% rise on the benchmark index. Overall, the company's performance indicators suggest a robust financial trajectory and strategic recalibration.
(With inputs from agencies.)
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