Piramal Enterprises’ stock shed nearly 30 per cent in CY19 and trades have been almost flat on a year-to-date basis. At Rs 1,531, it is valued at 1.1x FY21 estimated book, which is attractive.
But, the question is whether this is a fair representation of the quality of the book. For instance, as of December 31, 2019, nearly 70 per cent of its book was concentrated by wholesale loans — 47 per cent was towards wholesale residential real estate projects, and 23 per cent was towards wholesale commercial real estate loans. Compared to its listed peers, which operate ...
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First Published: Mon, February 17 2020. 20:03 IST
