Piramal Enterprises to raise Rs 500 crore through NCDs issuance

The board will decide on 28 February. 

While the broad market indices have had a blood bath today as the tensions between Russia and Ukraine rise, Piramal Enterprises Ltd was one of the few stocks in the news today.

The company has decided to raise funds through the issue of non-convertible debentures (NCDs). The board of directors of the company will consider and approve the issue of secured, rated, listed, redeemable, principal-protected, market-linked non-convertible debentures up to Rs 100 crore along with an option to retain oversubscription up to Rs 400 crore, the total size aggregating up to Rs 500 crore, on a private placement basis, according to its press release.

Talking about the financials of the company, in Q3FY22, revenue grew by 20.44% YoY to Rs 3816.16 crore from Rs 3168.61 crore in Q3FY21. On a sequential basis, the top-line was up by 22.88%. PBIDT (Ex OI) was reported at Rs 2169.95 crore, up by 14.76% as compared to the year-ago period and the corresponding margin was reported at 56.86%, contracting by 282 basis points YoY. PAT was reported at Rs 704.88 crore, up by 8.11% from Rs 651.99 crore in the same quarter for the previous fiscal year. The PAT margin stood at 18.47% in Q3FY22 contracting from 20.58% in Q3FY21.

Piramal Enterprises Ltd is one of the largest pharmaceutical companies in India. It is also engaged in providing financial services. About 34% of its revenues are generated outside India. On 24th February 2022, the stock has fallen by over 7.2% to Rs 1,948.55. The stock has a 52-week high of Rs 3,013.00 and a 52-week low of Rs 1,612.00.