Piramal Enterprises owned firm PCHFL sells property worth Rs.187 crore in Mumbai

On September 26, 2024, Piramal Enterprises Ltd announced that its wholly-owned subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), has sold its immovable property, including land and buildings, located in Santacruz East, Mumbai.

The property was sold to Shoquba Realty Private Ltd for a total consideration of Rs.187 crore, as stated in a stock exchange filing detailing the deed of conveyance between PCHFL and the purchaser.

We would like to inform you that Piramal Capital & Housing Finance Limited (PCHFL), a wholly-owned subsidiary of the company, has sold its immovable property, consisting of land and buildings located in Santacruz East, Mumbai, to Shoquba Realty Private Limited for a total consideration of Rs.187 crore.

This transaction was formalized through a deed of conveyance dated September 26, 2024, between PCHFL and the purchaser, as stated in a stock exchange filing.

The sale, formalized through a deed of conveyance on September 26, 2024, encompasses both the land and building assets. This transaction is not classified as a related party transaction.

Piramal Enterprises reported a standalone net profit of Rs.228 crore for the quarter ending June 30, 2024 (Q1FY25), reflecting a decline of over 60% from Rs.577 crore in the same period last year.

The company's revenue from operations for Q1FY25 was Rs.545.20 crore, down from Rs.1,150.39 crore in the previous year.

Net interest income (NII) fell by more than 63% to Rs.348.2 crore, compared to Rs.949 crore a year earlier. However, the company's total assets under management (AUM) increased by 10% year-on-year to Rs.70,576 crore, according to its investor presentation.

Piramal Realty was established in 2012, which is the real estate development division of Piramal Group, is among India's top developers, with 15 million square feet of residential and commercial projects underway in and around Mumbai.

In 2015, two renowned private equity investors invested $235 million for a minority stake in the company. The shares of Piramal Enterprises Ltd closed at Rs.1,087.00, rising by Rs.19.00, or 1.78%, on the BSE.