Bengaluru, 9th July 2024: Piramal Enterprises Limited, in its 77th Annual General Meeting, highlighted its focus on expanding its retail lending business, setting ambitious targets for the future. The company aims to grow at 15% year-over-year and expand its total assets under management (AUM) to INR 80,000 crore by end of FY25. The company has set a target of expanding its total AUM to INR 1.5 lakh crore by FY28.
The company’s diversified portfolio has a favourable AUM mix of 70% retail and 30% wholesale lending, with retail AUM surpassing the INR 50,000 crore mark in June 2024. The company plans to expand its retail business to constitute 75% of the total book, with the remaining 25% as wholesale lending.
Piramal Finance, the wholly-owned subsidiary of Piramal Enterprises Limited, is a leader in affordable housing finance. The company offers a range of financial products, including mortgage loans, housing finance, and unsecured loans. With a strong customer base of 4.1 million, including 1.3 million active customers, Piramal Finance operates through 490 conventional branches and 194 microfinance branches across 26 states and 625 districts, serving over 13,000 pin codes of the country in metro-adjacent areas and Tier 1, 2, and 3 cities.
Ajay Piramal, Chairman, Piramal Enterprises, explained, “Piramal Enterprises focuses on growth by being data-driven and using technology and analytics. We invest heavily in people, distribution channels, technology, and analytics to build a strong foundation for future growth. Our retail lending business is growing well, and we provide accessible financial solutions that support the government’s MSME promotion goals.
We are a market leader in affordable housing finance, committed to offering financial solutions for budget customers. Our diverse product portfolio and wide presence help us support financial inclusion and the government’s MSME promotion goals.”, Mr. Piramal added.
Sustainability remains at the core of Piramal Enterprises’ business ethos. The company continues its commitment to environmental, social, and governance (ESG) principles, making sustainability a cornerstone of its long-term profit growth. Rooted in values, Piramal Enterprises’ business strategies are driven by the philosophy of ‘Doing Well and Doing Good’. Aligned with the government’s MSME promotion goals, the company supports small businesses and micro-enterprises, as well as empowers individuals by providing them access to credit and serving Bharat’s underserved segments.
