Piramal Enterprises Ltd

Piramal Enterprises Ltd

₹ 900 -0.09%
19 Jun 9:54 a.m.
About

Piramal Enterprises Limited (PEL) is one of India’s leading diversified non-banking financial companies (NBFC) with assets worth ~$10 billion, with a network of over 400 branches across 26 states/Union Territories, offering a wide range of financial products and solutions across retail and wholesale lending, fund-based platforms and investments.[1]

Key Points

Promoters[1]
PEL is the holding company of the Piramal Group headed by the Chairman, Ajay Piramal. The promoter group has presence in diversified businesses like financial services through PEL, pharma (CDMO, Critical Care, OTC) through Piramal Pharma Ltd (PPL), and real estate development and consulting (through a separate company).

  • Market Cap 20,293 Cr.
  • Current Price 900
  • High / Low 1,140 / 737
  • Stock P/E 56.3
  • Book Value 1,182
  • Dividend Yield 1.11 %
  • ROCE 3.91 %
  • ROE 1.25 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.76 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.18% over past five years.
  • Company has a low return on equity of 4.29% over last 3 years.
  • Dividend payout has been low at 11.7% of profits over last 3 years
  • Working capital days have increased from 45.4 days to 71.5 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
3,402 2,909 1,574 3,816 4,163 2,160 1,894 2,811 2,132 2,878 2,193 2,476 2,473
1,624 1,359 130 1,646 2,987 579 3,783 1,818 1,318 1,165 1,075 1,270 2,851
Operating Profit 1,778 1,550 1,444 2,170 1,176 1,582 -1,889 994 813 1,713 1,118 1,205 -377
OPM % 52% 53% 92% 57% 28% 73% -100% 35% 38% 60% 51% 49% -15%
270 253 6 434 426 7,787 687 110 24 42 18 -3,396 1,572
Interest 936 985 911 1,294 1,237 1,044 1,000 959 991 1,035 1,039 1,103 1,167
Depreciation 145 149 14 173 190 25 27 30 41 37 38 41 712
Profit before tax 966 669 525 1,137 174 8,301 -2,230 113 -194 682 59 -3,335 -684
Tax % 153% 20% 19% 22% 14% 2% 31% -3,024% -1% 25% 18% 29% 120%
-510 534 426 888 151 8,155 -1,536 3,545 -196 509 48 -2,378 137
EPS in Rs -25.33 22.60 17.56 35.82 4.59 341.66 -64.36 148.53 -8.21 21.31 2.14 -105.83 6.10
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,520 4,503 5,123 6,342 8,504 10,631 11,883 13,068 12,809 7,726 8,981 10,110
3,086 3,855 4,233 4,751 4,997 5,471 5,264 6,801 5,338 1,984 7,434 6,351
Operating Profit 434 648 890 1,590 3,506 5,160 6,619 6,268 7,471 5,741 1,547 3,759
OPM % 12% 14% 17% 25% 41% 49% 56% 48% 58% 74% 17% 37%
158 214 2,946 579 217 260 198 1,555 754 963 8,470 -1,865
Interest 575 1,050 511 959 2,031 2,978 4,100 5,321 4,209 4,225 3,994 4,344
Depreciation 210 247 290 255 382 477 401 520 561 74 123 829
Profit before tax -193 -435 3,035 954 1,310 1,964 2,316 1,982 3,456 2,405 5,900 -3,278
Tax % -13% -14% 11% 5% 17% -146% 37% 99% 59% 17% -69% 49%
-222 -501 2,850 905 1,252 5,120 1,464 21 1,413 1,999 9,969 -1,684
EPS in Rs -11.14 -24.58 139.70 44.35 61.39 250.81 70.26 1.07 59.08 80.57 417.62 -74.94
Dividend Payout % -133% -181% 12% 33% 29% 9% 35% 1,314% 56% 41% 7% -13%
Compounded Sales Growth
10 Years: 8%
5 Years: -3%
3 Years: -8%
TTM: 13%
Compounded Profit Growth
10 Years: 11%
5 Years: -27%
3 Years: -34%
TTM: -82%
Stock Price CAGR
10 Years: 8%
5 Years: -3%
3 Years: -11%
1 Year: 7%
Return on Equity
10 Years: 6%
5 Years: 3%
3 Years: 4%
Last Year: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 35 35 35 35 35 36 37 45 45 48 48 45
Reserves 10,689 9,287 11,701 12,914 14,848 26,526 27,187 30,526 33,973 35,441 31,011 26,512
Preference Capital 0 0 0 0 0 0 0 71 0 0 0 0
7,688 9,552 7,306 16,279 30,451 44,161 56,037 42,168 39,557 55,539 49,583 53,611
1,832 2,622 1,891 1,722 2,875 2,048 2,333 2,161 3,321 8,652 3,110 2,437
Total Liabilities 20,244 21,495 20,933 30,949 48,209 72,771 85,594 74,900 76,896 99,681 83,752 82,605
5,709 6,191 7,065 7,525 9,973 10,726 11,197 6,415 7,860 9,133 3,263 3,389
CWIP 372 491 277 355 880 647 494 517 636 1,188 6 20
Investments 7,877 9,446 7,768 16,317 25,181 28,842 25,747 19,443 22,029 24,857 22,332 12,513
6,285 5,367 5,823 6,752 12,176 32,556 48,156 48,525 46,371 64,503 58,151 66,683
Total Assets 20,244 21,495 20,933 30,949 48,209 72,771 85,594 74,900 76,896 99,681 83,752 82,605

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-1,570 -1,604 -2,207 -6,956 -10,057 -15,967 -11,611 7,516 3,665 8,443 1,378 26
-1,495 1,535 6,193 -594 -2,376 -1,747 -820 7,491 -2,766 -967 -646 -1,872
3,281 126 -3,865 7,544 13,570 18,650 10,752 -13,019 2,072 -6,774 -3,287 1,390
Net Cash Flow 216 57 122 -7 1,138 936 -1,679 1,988 2,970 702 -2,555 -455

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 62 58 59 56 48 47 43 37 44 77 1 0
Inventory Days 178 199 187 202 188 186 201 231 247
Days Payable 177 148 142 196 199 210 232 215 224
Cash Conversion Cycle 63 109 105 62 37 22 12 53 67 77 1 0
Working Capital Days 79 61 78 -3 -117 -100 -203 -204 -19 -23 87 72
ROCE % 3% 3% 4% 8% 9% 9% 9% 9% 10% 8% 2% 4%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
43.52% 43.51% 43.49% 43.49% 43.49% 43.48% 43.48% 43.48% 43.48% 46.20% 46.20% 46.20%
33.27% 34.97% 35.31% 35.03% 34.54% 32.05% 31.25% 28.67% 26.04% 19.69% 17.19% 16.97%
9.81% 8.42% 8.19% 8.44% 8.13% 7.85% 8.05% 9.59% 11.92% 12.06% 13.02% 13.19%
12.77% 12.58% 12.53% 12.65% 13.47% 16.10% 16.71% 17.75% 18.06% 21.56% 23.09% 23.14%
0.63% 0.52% 0.47% 0.39% 0.36% 0.50% 0.49% 0.49% 0.49% 0.50% 0.50% 0.49%
No. of Shareholders 1,28,5481,34,7371,53,9601,68,2511,84,2702,59,6352,65,2132,68,9462,82,9322,95,1093,14,9133,15,945

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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