PIRAMAL ENTERPRISES: Retail gaining momentum, slippages continue in Wholesale; intermittent constraints in Pharma (PIEL IN, Mkt Cap USD5.3b, CMP INR1773, TP INR2200, 24% Upside, Buy PIEL reported a consolidated PAT of ~INR4.9b in 1QFY23 (PY: INR5.3b). Revenue grew by ~22% YoY to INR35.5b in 1QFY23 (PY: INR29.1b). AUM in Financial Services (FS) grew 37% YoY to ~INR646b, while Retail loans grew over 4x to ~INR223b. The share of the Retail book rose to 37% (PY: 12%) primarily through the DHFL ...
The independent financial analyst theScreener just lowered the general evaluation of PIRAMAL ENTERPRISES (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date February 22, 2022, the c...
Three Directors at Piramal Enterprises Limited sold after exercising options/bought/maiden bought 54,323 shares at between 2,556.294INR and 2,600.000INR. The significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
PIRAMAL ENTERPRISES (Annual Report Update): Financial Services’ domination increases; Moderating growth(PIEL IN, Mkt Cap USD5.5b, CMP INR1965, TP INR2400, 22% Upside, Buy) ** The liquidity crisis, lag impact of demonetization, RERA implementation and stress in the Real Estate financing space has weighed down the growth of PIEL's Financial Services (FS) business. FY19 saw PIEL's customer assets grow by 34% YoY to INR566b v/s 50%+ in the past few years. Nevertheless, dominance of FS in overall re...
PIRAMAL ENTERPRISES: Stable quarter; loan growth moderates; asset quality improves sequentially (PIEL IN, Mkt Cap USD5.2b, CMP INR1787, TP INR2400, 34% Upside, Buy) Piramal Enterprises (PIEL) reported 1QFY20 PAT of INR4.5b (core PBT up 20% YoY). The quarter was characterized by a moderation in loan growth (flat QoQ and 20% YoY v/s 30%+ earlier), an improvement in asset quality (GNPA flat QoQ; stage 2 loans down to 0.5% from 1.5% in 4Q) and an expansion in the Pharma EBITDA margin to 22% (...
PIRAMAL ENTERPRISES: Loan growth, margins under some pressure (PIEL IN, Mkt Cap USD6.3b, CMP INR2410, TP INR2974, 23% Upside, Buy) Piramal Enterprises (PIEL) reported 4QFY19 PAT of INR4.6b (core PBT up 22% YoY). The quarter was characterized by a moderation in loan growth and a marginal deterioration in asset quality. Financial Services: Loan book growth moderated to 2% QoQ/34% YoY, below the historical trend. The share of the real estate loan book continued declining and stood at 71% as of...
Piramal Enterprises: Financing business stable, liquidity situation well managed (PIEL IN, Mkt Cap USD4.6b, CMP INR2170, TP INR2775, 28% Upside, Buy) Piramal Enterprises’ (PIEL) 3QFY19 PAT grew 23% YoY to INR6.0b, in keeping with the trend of the past few quarters. Although growth in the Financial Services (FS) business slowed down incrementally, it is commendable against the backdrop of the tough liquidity situation of the past quarter. PIEL raised INR100b in the form of term loans and N...
Piramal Enterprises: A steady quarter for FS business; Pharma business disappoints (PIEL IN, Mkt Cap USD4.6b, CMP INR1865, TP INR2735, 46% Upside, Buy) Piramal Enterprises’ (PIEL) 2QFY19 PAT grew 25% YoY to INR4.8b. The Financial Services business continued its strong operating performance, while the Healthcare business witnessed continued sluggishness in sales. Financial Services: While loan book growth of 12% QoQ/59% YoY is commendable, margins have been under pressure. NIM has consis...
Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below. • Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACW...
PIRAMAL ENTERPRISES: Builds up a head of steam in Financial Services; Focus more on profitability than growth; looks to be among top 10 HFCs (PIEL IN, Mkt Cap USD8.2b, CMP INR3202, TP INR3685, 15% Upside, Buy) Piramal Enterprises (PIEL) hosted an analyst meet to discuss its Financial Services business in detail. Management believes that opportunities in corporate lending are aplenty, given that most public sector banks and some private sector banks are not so active in this space. Hence, ...
Piramal Enterprises: Retail housing finance scaling up; one-time loss on sale of subsidiary (PIEL IN,Mkt Cap USD7.1b, CMP INR2664, TP INR3125, 17% Upside, Buy) Piramal Enterprises’ (PIEL) 1QFY19 adjusted PAT grew 27% YoY to INR3.8b. However, due to an INR4.5b loss on sale of its subsidiary, Piramal Imaging SA, the company reported a consolidated net loss of INR698m. Financial Services – The loan book grew in line with trend at 64% YoY to reach INR470b. The share of real estate lending co...
Piramal Enterprises: Robust growth on FS business; Profitability lower than expectation (PIEL IN, Mkt Cap USD6.8b, CMP INR2468, TP INR3300, 34% Upside, Buy) Piramal Enterprises’ (PIEL) 4QFY18 consol. PBT grew 16% YoY to INR4.7b. However, a DTA benefit (on account of reverse merger of subsidiaries) of INR35b led to PAT of INR39b in the quarter. During the quarter, PIEL merged all its lending subsidiaries into one, namely, Piramal Capital & Housing Finance Ltd. This would help the company ...
Piramal Enterprises: Strong quarter; rapid scale-up of retail housing finance segment (PIEL IN, Mkt Cap USD7.6b, CMP INR2766, TP INR3500, 26% Upside, Buy) Piramal Enterprises’ (PIEL) 3QFY18 consolidated PAT grew 21% YoY to INR4.9b, driven by strong growth in financial services business. While PBT grew 50% YoY normalization of tax rate (33% in 3QFY18 vs 17% a year ago) led to 23% YoY growth in reported PAT. Lending business exhibited a strong performance – loan book grew 67% YoY to INR380b, ...
Piramal Enterprises: Final piece of the jigsaw in place; Completes its real estate lending product suite with launch of HFC arm(PIEL IN, Mkt Cap USD6.9b, CMP INR2612, TP INR3266, 25% Upside, Buy)Piramal Enterprises (PIEL) hosted a conference call to discuss the launch of its housing finance business. The call revolved around the strategy, competitive positioning and outlook for this segment.Post the receipt of the HFC license in the first week of September, PIEL is off to a good start, driven by...
​PIRAMAL ENTERPRISES: Capitalizing on multiple opportunities; NBFC and Pharma are key value drivers(PIEL IN, Mkt Cap USD7.5b, CMP INR2798, TP INR3044, 9% Upside, Buy)Piramal Enterprises (PIEL) has carved a niche for itself in wholesale lending, and is now one of the dominant players in most of the segments in which it operates. In the lending business, the company has one of the lowest GNPAs and the highest profitability. Post the initial years of lower-tenure loan book, PIEL is moving toward ...
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