Trying to bring Shriram Group units under one unit, says Ajay Piramal

Piramal Enterprises Chairman Ajay Piramal said the firm was looking at exiting the investment for a value
Piramal Enterprises is planning to merge the financial businesses of Shriram Group under one unit, Chairman Ajay Piramal said on Friday.

The company is also looking at exiting the investment for a value. But it was not possible to give a timeline for any such transaction, Piramal said.

Piramal Enterprises has a 20 per cent stake in unlisted Shriram Capital and 10 per cent each in Shriram Transport and Shriram City Union. 

Asked about the company’s interest in Dewan Housing Finance Ltd (DHFL), he said the company was looking at buying an asset portfolio, which would be subject to meeting quality norms. It was not interested in purchasing shares of DHFL. It was also not in the race to buy out portfolio of loans from Indiabulls, Piramal added. 
Piramal Enterprises on Friday reported an 88 per cent dip in consolidated net income at Rs 456.24 crore for the March quarter. This was on a high base due to a one-time gain in the year-ago period. In 2017-18, the company reported a net income of Rs 3,943.98 crore on the back of a deferred-tax gain of Rs 3,569.18 crore, following the merger of its subsidiaries.

Excluding this one-time gain, the company said its 'normalised net profit' rose 25 per cent to Rs 470 crore in the reporting period, from Rs 375 crore in the year-ago period.

Consolidated revenue from operations stood at Rs 3,679.67 crore for the reporting quarter, up from Rs 2,991.06 crore in the same period a year ago. 
With inputs from PTI

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