Piramal Enterprises Limited

Piramal Enterprises Limited NCD

Issue Size (Net)

upto to Rs. 1000 Crs

Credit Ratings

[ICRA] AA (Stable) & CARE AA; Stable

Issue Opening Date

19 Oct, 2023

Issue Closing Date

02 Nov, 2023

ROI Chart Term Sheet Company Highlights Financials Highlights Prospectus

Specific Terms for Each Series of NCDs
Series	I	II	III	IV
Frequency of Interest Payment	Annually	Annually	Annually	Annually
Tenor	2 Years	3 Years	5 Years	10 Years
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.00%	9.05%	9.20%	9.35%
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.00%	9.05%	9.19%	9.34%
Redemption Amount (Rs. / NCD) on Maturity for NCD Holders in all Categories of Investors	Rs. 1000	Rs. 1000	Rs. 1000	Rs. 1000
Put/Call Option	NA

1.Company Information

Piramal Enterprises Limited (‘PEL’) (Promoter – Mr. Ajay Piramal) is a non-deposit taking, RBI registered systemically important NBFC, engaged in providing wholesale and retail lending. Incorporated in Apr’47 it first entered the pharmaceuticals industry in ’88 With an aim to segregate the businesses of the Piramal Group, PEL entered into scheme of arrangement with Piramal Pharma Limited (‘PPL’) & PHL Fininvest Private Limited (’PFPL’) which was approved by the NCLT by way of its order dated August 12, 2022. Pursuant to this, pharmaceutical business was demerged from PEL, and wholly owned subsidiary PFPL was amalgamated into PEL.Over last 4 years, it has raised a significant amount of equity which significantly scaled up the consolidated net worth of PEL. During FY20 and FY21, it raised nearly ₹ 18,173 Cr. through multiple channels which were used to deleverage the balance sheet and provide capital for its financial services business

2. Ratings

[ICRA] AA (Stable) & CARE AA; Stable

3.Piramal Enterprises NCD Tranche I October 2023 Registrar

Link Intime India Private Ltd

C 101, 247 Park, L.B.S.Marg,

Vikhroli (West), Mumbai - 400083

Phone:+91-22-4918 6270

Email: pel.ncd@linkintime.co.in

Website: https://linkintime.co.in/mipo/ipoallotment.html

Piramal Enterprises Limited Financial Information (Restated Consolidated)

Period Ended	Assets	Revenue	Profit After Tax	Net Worth	Reserves and Surplus	Total Borrowing
30-Mar 23	74436.54	9086.74	9968.58	31059.00
31-Mar 22	84300.28	7910.89	1998.77	30120.00
Amount in Rs. Crore

Non-Current Liabilities 5 (including maturities of long term borrowings and short term borrowings)
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Financial Liabilities (borrowings, trade payables, and other financial liabilities)		4901.59	4137.49	3407.42
Provisions		13.7	11.16	8.49

Current Liabilities 4 (including maturities of long-term borrowings)
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Financial Liabilities (borrowings, trade payables, and other financial liabilities)		5915.9	4895.12	4560.05
Other non-financial liabilities	14.09	11.14	9.69	9.09
Provisions	28.09	11.41	8.52	7.53
Current tax liabilities (net)		1.56
Equity (including other equity)	4332.21	3939.8	3634.81	2669.08
Total equity and liabilities	14739.95	14795.1	12696.79	10661.66

Profit and Loss
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Total revenue	1293.47	2291.2	2031.14	1684.36
From operations	1292.19	2289.39	2027.79	1683.49
Other income	1.28	1.81	3.35	0.87
Total Expenses		1778.56	1836.85	1233.47
Exceptional Items	-	0	0	0
Profit / (Loss) before tax	385.9	512.64	194.29	450.89
Profit / (Loss) after tax	291.29	382.14	142.39	327.5
Other comprehensive income	3.6	-85.64	32.3	-27.33
Total comprehensive income	294.89	296.5	174.69	300.17

Cash Flow
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Net cash used in/generated from operating activities	-285.34	-1968.56	-364.32	-2301.95
Net cash used in / generated from investing activities	-297.73	-189.25	-31.67	-635.82
Net cash used in financing activities	-433.12	1684.38	1705.96	2928.66
Add : Opening cash and cash equivalents as at the beginning of the year	1401.16	1874.59	564.62	573.73
Cash and cash equivalents	411.97	1401.16	1874.59	564.62

Additional information
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Net worth	4276.85	3979.68	3588.8	2655.2
Cash and Cash Equivalents	411.97	1401.16	1874.59	564.62
Assets under Management	-	13731.72	11341.11	9896.49
Off Balance Sheets Assets		1162.25	1101.4	413.15
Total Debts to Total assets	68.29%	70.87%	69.16%	73.37%
Debt Service Coverage Ratios		NA	NA	NA
Interest Income		2124.79	1877.13	1617.19
Interest Expense		788.13	740.07	571.03
Interest service coverage ratio		NA	NA	NA
Provisioning & Write-Offs		449.44	646.9	238.98
Gross Stage 3 (%)	1.73%	3.16%	4.39%	1.51%
Net Stage 3 (%)	0.47%	0.95%	1.40%	0.37%
Tier I Capital Adequacy Ratio (%)	28.24%	25.87%	30.50%	22.30%
Tier II Capital Adequacy Ratio (%)	0.72%	0.67%	1.25%	1.30%

Issuer	Piramal Enterprises Limited
Instrument	Secured Redeemable Non-Convertible Debentures (NCDs)
Issue Opens on	19th October, 2023
Issue Closes on	02nd November, 2023
Issue Size	Rs. 200 Crs with an option to retain oversubscription up to Rs. 800 Crs aggregating upto to Rs. 1000 Crs
Issue Price / Face Value	1,000 per NCD
Minimum Application	Rs.10,000/- (10 NCD) and in multiples of Rs.1,000/- (1 NCD) thereafter
Credit Rating	[ICRA] AA (Stable) & CARE AA; Stable
Registrar	Link Intime India Private Limited
Listing	The NCDs are proposed to be listed on BSE and NSE
Category	I - Institutional	II - Non-Institutional	III -HNI	IV-Retail
Category Allocation	20%	20%	30%	30%
Put/Call Option	N.A.
Mode of Allotment	Compulsorily in dematerialized form.
Allotment	First Come First Serve Basis.
Depositories	NSDL and CDSL

Specific Terms for Each Series of NCDs
Series	I	II	III	IV
Frequency of Interest Payment	Annually	Annually	Annually	Annually
Tenor	2 Years	3 Years	5 Years	10 Years
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.00%	9.05%	9.20%	9.35%
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.00%	9.05%	9.19%	9.34%
Redemption Amount (Rs. / NCD) on Maturity for NCD Holders in all Categories of Investors	Rs.1000	Rs.1000	Rs.1000	Rs.1000
Put/Call Option	NA

Prospectus File

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