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Motilal Oswal Report
Over the past two years, Piramal Enterprises Ltd. has:
strengthened its balance sheet by running down its wholesale loan book;
ensured that its wholesale book is granular, with no exposure of over 5% and only 10 exposures over 2% of wholesale assets under management;
improved the texture of liability mix, driving lower cost of borrowings; and
fortified itself against contingencies, with expected credit loss provisions at 6.2% of AUM.
Over the next two years, we expect Piramal Enterprises to make meaningful inroads into retail, led by mortgages and complemented by shorter tenure loans originated through digital partnerships.
Product diversification within retail will help Piramal Enterprises deliver strong growth and reduce concentration risks.
We expect a loan book compound annual growth rate of ~19% over FY23-25, incorporating the wholesale book consolidation over the next one year.
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