<p> New Delhi: Piramal Enterprises Ltd (PEL) on Monday posted a loss of Rs 2,378 crore on a consolidated basis in the December quarter on account of huge provisions towards its exposure in alternative investment funds.</p>.<p> The diversified NBFC earned a consolidated net profit of Rs 3,545 crore in the third quarter of FY23.</p>.<p> The firm had made a provision of Rs 3,540 crore during the October-December quarter after the Reserve Bank of India (RBI) came out with norms on lenders' exposure in AIF.</p>.<p> During the period under review, the consolidated income declined to Rs 2,546 crore as against Rs 2,867 crore a year ago.</p>.<p> Interest income also fell to Rs 1,931 crore from Rs 2,006 crore in the year-ago period.</p>.<p> However, the total expenses of the company stood at Rs 2,414 crore as against Rs 2,807 crore in the same period a year ago.</p>.<p> The company's gross Non-Performing Assets (NPAs) stood at 2.41 per cent while net NPAs were 1.11 per cent at the end of December 2023.</p>.<p> On January 27, the company announced its intention to sell the entire direct investment of 20 per cent of the fully paid-up equity share capital held in Shriram Investment Holdings Pvt Ltd (formerly known as Shriram Investment Holdings Ltd) to Shriram Ownership Trust (SOT), for a consideration of Rs 1,440 crore.</p>.<p> The transaction is subject to receipt of requisite regulatory approvals by SOT and expected to be completed before March 31, 2024, PEL had said in a separate regulatory filing.</p>.<p> The contribution of SIHPL in the revenue of the company for the year ended March 31, 2023, was nil, it had said.</p>.<p>"This transaction is aligned with our focus on monetising non-core assets. The proceeds from the transaction will further strengthen our balance sheet," it had said.</p>.<p> SOT is the promoter of Shriram Capital Private Ltd, which is the overarching holding company of Shriram Group.</p>.<p> Shriram Group offers a wide range of financial products in commercial vehicle financing, retail financing, chit funds, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory through its entities.</p>
<p> New Delhi: Piramal Enterprises Ltd (PEL) on Monday posted a loss of Rs 2,378 crore on a consolidated basis in the December quarter on account of huge provisions towards its exposure in alternative investment funds.</p>.<p> The diversified NBFC earned a consolidated net profit of Rs 3,545 crore in the third quarter of FY23.</p>.<p> The firm had made a provision of Rs 3,540 crore during the October-December quarter after the Reserve Bank of India (RBI) came out with norms on lenders' exposure in AIF.</p>.<p> During the period under review, the consolidated income declined to Rs 2,546 crore as against Rs 2,867 crore a year ago.</p>.<p> Interest income also fell to Rs 1,931 crore from Rs 2,006 crore in the year-ago period.</p>.<p> However, the total expenses of the company stood at Rs 2,414 crore as against Rs 2,807 crore in the same period a year ago.</p>.<p> The company's gross Non-Performing Assets (NPAs) stood at 2.41 per cent while net NPAs were 1.11 per cent at the end of December 2023.</p>.<p> On January 27, the company announced its intention to sell the entire direct investment of 20 per cent of the fully paid-up equity share capital held in Shriram Investment Holdings Pvt Ltd (formerly known as Shriram Investment Holdings Ltd) to Shriram Ownership Trust (SOT), for a consideration of Rs 1,440 crore.</p>.<p> The transaction is subject to receipt of requisite regulatory approvals by SOT and expected to be completed before March 31, 2024, PEL had said in a separate regulatory filing.</p>.<p> The contribution of SIHPL in the revenue of the company for the year ended March 31, 2023, was nil, it had said.</p>.<p>"This transaction is aligned with our focus on monetising non-core assets. The proceeds from the transaction will further strengthen our balance sheet," it had said.</p>.<p> SOT is the promoter of Shriram Capital Private Ltd, which is the overarching holding company of Shriram Group.</p>.<p> Shriram Group offers a wide range of financial products in commercial vehicle financing, retail financing, chit funds, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory through its entities.</p>