Piramal Enterprises loss widens to Rs 196 cr on dip in Shriram investment
Non-bank lender Piramal Enterprises on Friday reported a widening of loss to Rs 196 crore from the year-ago period's Rs 42 crore, driven by a dip in the value of its investments in Shriram Group.
The company's chief executive Jairam Sridharan told reporters that if one were to exclude the mark-to-market impact of Rs 375 crore over the Shriram investments, the company's core operations would have been growing.
The core net interest income came at Rs 1,128 crore, down 4 per cent from Rs 1,172 crore in the year-ago period.
Sridharan said even though the lender's assets under management stayed broadly flat at over Rs 63,000 crore, it was able to achieve significant improvement on the loanbook diversification front, and retail and wholesale books are placed at even keel.
This was made possible by a 49 per cent growth in retail assets, even as the wholesale book declined to Rs 29,000 crore from being at Rs 42,000 crore level in the year-ago period.
Going forward, the lender will keep ..