Financial Services News

Peerless General Finance targeting a turnover of ₹1,000 crore by FY’25

Kolkata, Sept 17

Peerless General Finance and Investment Company Ltd (PGFI) is targeting a turnover of ₹1,000 crore by FY-25. The company’s turnover currently stands at around ₹600 crore.

According to Partha Sarathi Bhattacharyya, Vice Chairman of PGFI, the growth would be primarily driven by the hospital and hotel businesses. Peerless is into hospitals, hotels, financial services and real estate verticals.

The group has inducted former Coal India chairman Bhattacharyya as the chairman of PGFI. He replaced S M Datta, who served in the Peerless board for over a decade.

“We want to expand the hospital network and we are looking to invest close to ₹350 crore in West Bengal. We have land adjacent to our existing hospital and we will add more capacity there,” Bhattacharyya said at a media interaction here on Friday.

Peerless Hospitals has 468 beds which would go up to 700 post the expansion.

“We shall take up a policy of how to increase return along with risk mitigation. We shall evaluate all the verticals and have to see how they are doing,” he said.

From a negative networth of ₹600 crore two decades back Peerless now has a positive networth of ₹2,000 crore.

‘Optimising’ of hotel business

Peerless would also look at “optimising” its hotels business before embarking on further expansion under the vertical. The company is currently evaluating strategies to optimize the assets. In hospitality, the company has properties in Kolkata, Durgapur, Hyderabad, Andaman and Mukutmanipur. It would look to “optimize” this. Peerless has 468 keys across its hotel properties.

The company’s management has initiated a process of introspection and created a strategic roadmap for the group and the verticals, he said.

Published on

September 17, 2022

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