MUMBAI : Piramal Enterprises Ltd’s September quarter net revenue for its financial services business grew 13% from a year-ago to ₹1,954 crore, thanks to a three-fold growth in housing loan book, the company said on Tuesday. The Ajay Piramal-led Piramal Capital and Housing Finance’s total loan book stood at ₹53,055 crore at the end of Q2, compared to ₹56,605 crore in the preceding quarter. Its housing finance loan book grew three-fold year-on-year to ₹6,393 crore, but quarter-on-quarter growth was muted at 4%. The financial services business saw repayments of ₹6,525 crore from its wholesale loan portfolio as on 30 September, compared to ₹4,785 crore in the preceding quarter. In June, rating agency Icra had downgraded the long-term rating of Piramal Capital and Housing Finance to AA from AA+, citing funding problems.

Source: Mint October 21, 2019 19:29 UTC