More stress ahead from rundown of legacy AUM; downgrade to Neutral

Company
09 May 2024
5 Min read 
  • Piramal Enterprises Bloomberg Equity Shares (m) M.Cap.(INRb)/(USDb) 52-Week Range (INR) 1, 6, 12 Rel. Per (%) 12M Avg Val (INR M) PIEL IN 225 201.1 / 2.4 1140 / 716 5/-24/-2 1737 9 May 2024 4QFY24 Results Update
  •  Downgrade to Neutral due to more stress ahead from rundown of legacy AUM.
  •  4QFY24 credit costs of ~INR33.5b from rundown of wholesale 1.0.
  •  Financials & Valuations show a decline in PPOP and PAT.
  •  PIEL reported 4QFY24 net profit of ~INR1.37b.
  •  The company announced a corporate reorganization through a proposed merger of Piramal Enterprises with its subsidiary Piramal Capital & Housing Finance.
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