Piramal Capital Offloads Mumbai Property for ₹187 Crore to Shoquba Realty
Piramal Enterprises' arm Piramal Capital sells Mumbai property to Shoquba Realty for ₹187 crore. Get the latest market news and stock market updates on CNBC-TV18.
Piramal EnterprisesPiramal CapitalShoquba RealtyMumbai PropertyNonbank LenderReal Estate NewsSep 26, 2024
The sale was formalized through a deed of conveyance on September 26, 2024, and does not fall under the category of a related party transaction. Piramal Capital & Housing Finance Ltd (PCHFL), a wholly-owned subsidiary of Piramal Enterprises, was the seller in this transaction.
In a recent stock exchange filing, Piramal Enterprises reported a standalone net profit of ₹228 crore for the quarter ending June 30, 2024 (Q1FY25). This represents a drop of over 60% from ₹577 crore in the year-ago period. The company's revenue from operations in Q1FY25 came in at ₹545.20 crore, compared to ₹1,150.39 crore in the year-ago period.
The net interest income (NII) dropped by over 63% to ₹348.2 crore in the quarter, compared to ₹949 crore in the year-ago period. However, the company's total assets under management (AUM) rose 10% YoY to ₹70,576 crore, as per its investor presentation on exchanges.
Shares of Piramal Enterprises Ltd ended at ₹1,087.00, up by ₹19.00, or 1.78% on the BSE.
About Piramal Enterprises Ltd
Piramal Enterprises Ltd is a diversified non-banking financial company with a presence in the financial services, pharmaceuticals, and real estate sectors.
Information
Piramal Enterprises Ltd has been actively selling its non-core assets to focus on its core businesses. This sale is part of the company's strategy to monetize its non-core assets and reduce debt.
Keywords Piramal Enterprises, Piramal Capital, Shoquba Realty, Mumbai property, non-bank lender, financial services, real estate, pharmaceuticals
Frequently Asked Questions
Who is the buyer of Piramal Capital's Mumbai property?
Shoquba Realty Private Ltd
What is the total consideration for the sale of the property?
₹187 crore
Is the sale a related party transaction?
No
What is Piramal Enterprises' net profit for Q1FY25?
₹228 crore
What is the company's total assets under management (AUM) as of Q1FY25?
₹70,576 crore
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