Piramal Enterprises Ltd. aims to increase its assets under management to Rs 1.5 lakh crore by fiscal 2028, constituting 75% of the loan book, the non-bank financial entity said in a press release.
As on March 31, 2024, the holding company's total AUM stood at Rs 68,845 crore, with the retail book constituting 70%.
Piramal Finance, which offers affordable housing loans, has surpassed Rs 50,000 crore mark in retail loans, it said in the release.
In the March quarter, Piramal Enterprises' net loss narrowed to Rs 742 crore from a net loss of Rs 8,968 crore a year ago. The company began retail disbursements after acquiring Dewan Housing Finance Corp. in 2021.
Since then, Piramal Finance's branch network increased from 300 to 490, across 26 states and union territories by the end of March. Its customer base also swelled to 41 lakh.
Mortgage loans account for 68% of the overall retail AUM, registering a 38% year‐on‐year rise in FY24. As a merged entity, Piramal Finance has launched over 13 loan products, including home, business, personal, loan against securities, and used car loans.
"Since the acquisition of DHFL in 2021, our goal has been to build on its strong customer franchise in smaller towns. It is gratifying to see us regain our position as a leading financial services company in the affordable housing space," said Jairam Sridharan, managing director of Piramal Capital & Housing Finance.
"Our business will continue to be focused on MSMEs and small salaried individuals across Bharat, providing more people access to formal credit,” he said.
The company plans to expand its branch network with 50‐100 branches by FY25.
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