Piramal Enterprises looks at sustained growth, profitability: Chairman

Piramal is looking at sustained growth and profitability with last few years spent in making balance sheets and businesses more resilient to tide over unforeseen uncertainties, according to Chairman

ajay piramal, piramal enterprise

Press Trust of India New Delhi

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Piramal Enterprises is looking at sustained growth and profitability with the last few years spent in making balance sheets and businesses more resilient to tide over unforeseen uncertainties, according to Chairman Ajay G Piramal.
In his address to shareholders in Annual Report for 2022-23, the business leader said the efforts over the last years have shown positive results with the group ending the last fiscal with a net profit of Rs 9,969 crore and total assets of Rs 83,386 crore.
"We are now focused on sustained growth and profitability and to achieve our balance between three pillars - Growth, Risk and Profitability," Piramal stated.
Focused business entities ensure not only focus in terms of business strategies but also help strengthen and ensure efficient use of our capital and human resources, he added.
"We are certain that the consequent long-term value creation for all stakeholders will be achieved by strategically selecting our specialised bets in retail and wholesale backed by cutting-edge technology, assiduous risk management and exceptional leadership," Piramal said.
He noted that creating two separate pure-play entities in the financial services and pharmaceuticals has resulted in a stronger governance architecture, with dedicated Board and management teams for the two businesses.

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"The demerger allows us to ensure optimal capital structures for each business and will facilitate the businesses to grow independently, by pursuing both organic and inorganic growth plans," he added.
Piramal stated that in FY2023, the group's businesses have demonstrated a resilient performance while navigating the global macroeconomic and geopolitical headwinds.
The company continues on its stated path of implementing renewed strategies to drive sustainable growth, he added.
"The company's major transformation exercise saw fruition in FY2023, and it is the foundation on which sustainable growth will accrue in the coming time," Piramal said.
The group completed a one-year milestone of the DHFL acquisition and its integration, thereby driving growth and diversification of the business, progressing towards making it more retail-oriented.
In Wholesale, the group has completed the asset recognition cycle, adequately providing for assets and creating a healthy provisioning buffer.
"In real estate, we will focus on large and medium-sized developers, wherein 49 per cent of the projects are in late-stage or completed. Leveraging our retail setup, we will also be selectively entering into Tier-2 and Tier-3 markets, which are relatively under-penetrated," Piramal stated.
He noted that the group remains confident about the long-term success of the financial services business, as it inches closer towards its FY27 stated aspirations.
"PEL with its unique business model, size and balance sheet strength is poised to tap growth opportunities profitably and create sustainable long-term value," Piramal said.
Piramal Group has a presence across the pharma, financial services and real estate sectors.
It has offices in over 30 countries and a global brand presence in more than 100 markets.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jun 8 2023 | 7:35 PM IST

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