Piramal Enterprises Sells Mumbai Property for ₹187 Crore

27 Sep 2024 , 03:10 PM

Piramal Enterprises Ltd announced the sale of a property located in Santacruz East, Mumbai, by its wholly-owned subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), for a total consideration of ₹187 Crore.

The sale was formalized through a deed of conveyance on September 26, 2024, encompassing both the land and building associated with the property.

The buyer of the property is Shoquba Realty Private Ltd, and the transaction does not fall under the category of a related party transaction.

In the first quarter of FY25, Piramal Enterprises reported a standalone net profit of ₹228 Crore, indicating a significant decline of over 60% compared to ₹577 Crore during the same period in the previous year.

The company’s revenue from operations for Q1FY25 was ₹545.20 Crore, a decrease from ₹1,150.39 Crore reported in the year-ago quarter.

The net interest income (NII) experienced a substantial decline of over 63%, dropping to ₹348.2 Crore from ₹949 Crore in the previous year.

Despite the challenges reflected in the profit and revenue figures, the company’s total assets under management (AUM) increased by 10% year-on-year, reaching ₹70,576 Crore, as indicated in their investor presentation.

The announcement of the property sale illustrates Piramal’s strategic focus on asset management and liquidity amid ongoing financial performance pressures.