Piramal Finance to double retail lending AUM to Rs 1 trillion by FY28

20 Jun 2024 CW Team

Piramal Finance aims to grow its retail lending AUM from over Rs 500 billion to Rs 1 trillion by 2027-28 (FY28), focusing on expanding its presence in small towns.

The company plans to increase total AUM to Rs 1.5 trillion by FY28, with retail lending making up 75% of its loan book. As of March 31, 2024, the total AUM stands at Rs 688.45 billion, with the retail book accounting for 70%, according to a statement from Piramal Enterprises (PEL).

PEL operates its financial services business through its wholly-owned subsidiary, Piramal Capital & Housing Finance, under the customer brand Piramal Finance.

Jairam Sridharan, MD, Piramal Capital & Housing Finance, highlighted the significant business opportunity in small-town markets of ?Bharat?.

The company plans to expand its branch network by adding 50-100 more branches by FY25. Piramal Finance offers 13 loan products, including home, business, personal loans, and loans against securities (LAS), with mortgages making up 68% of the retail AUM. Mortgages grew 38% YoY in FY24. The housing loan business averaged Rs 8 billion in monthly disbursements in FY24, with an average ticket size of Rs 1.9 million.

Following the acquisition of Dewan Housing Finance Corporation Limited (DHFL) in 2021, the company has expanded its branch network from 300 to 490 as of March 31, 2024. The non-banking financial company?s network now spans 26 states, 625 districts, and 404 cities and towns, with a customer base of 4.1 million. Employee strength increased from 5,000 to 13,000 during this period. (Source: Business Standard)

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