Piramal Finance Q1 profit jumps 67%, board clears ₹4,000 crore fundraise

Pre-provision operating profit nearly doubled to ₹804 crore. The cost-to-income ratio improved sharply to 52.5% from 65.6% a year earlier.

Asset quality held broadly stable. Gross non-performing assets were 2.4% of the loan book, net NPAs 1.6%. The company's net worth stood at ₹28,906 crore, with cash and equivalents of ₹6,925 crore, or 6% of assets.

The board's fund-raise plan, subject to shareholder approval, adds capital flexibility as the lender continues to scale its branch network. Piramal Finance, formerly Piramal Capital & Housing Finance, now operates 780 branches across 607 cities and 26 states, serving 6 million customers.

The stock closed at ₹2,186.50 on the NSE Thursday, up 0.76%. It has gained 33% year-to-date and trades at a trailing price-to-earnings multiple of 57.51. The company carries a domestic long-term debt rating of AA+ Stable from CRISIL, ICRA and CARE.