Poonawalla Fincorp Achieves Significant Milestone of GNPA Below 1 per cent and NNPA Below 0.5 per cent as on 31st May 2024
Jun 03, 2024
BusinessWire India
Pune (Maharashtra) [India], June 3: Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, has achieved a significant milestone of Gross NPA below 1 per cent and Net NPA below 0.5 per cent as on 31st May 2024. It continued to register robust financial performance, demonstrating strong growth in AUM, profitability, and superior asset quality.
Management Commentary:
"Under the dynamic leadership of our Managing Director, Abhay Bhutada, the company has successfully changed its trajectory to emerge as a leader in the lending space with the biggest transformation over the last 3 years witnessed in the NBFC space, with AUM crossing Rs. 25,000 crore and PAT crossing Rs. 1,000 crore in FY2024. At the time of acquisition in 2021, as per management stated Vision 2025, the target was to achieve Net NPA below 1% in 2025, however, the company achieved Gross NPA below 1% and Net NPA below 0.5% as at 31st May 2024. The company has been able to give stellar results, with pristine asset quality due to its strategic business model, robust risk & governance practices, and improvement in collection efficiency."
Biggest & Successful Transformation in NBFC sector at a glance
* With combined efforts of business growth, prudent credit policies & improved collection efficiency, the GNPA and NNPA numbers have further improved to less than 1% and 0.5% respectively, as of 31st May 2024.
Long Term Guidance on Financial Metrics (achieved across all parameters)
The company's performance on the key financial metrics as against its long-term guidance is as under:
* With combined efforts of business growth, prudent credit policies & improved collection efficiency, the GNPA and NNPA numbers have further improved to less than 1% and 0.5% respectively, as of 31st May 2024.
About Poonawalla Fincorp Limited
Poonawalla Fincorp Limited ("the Company") is a Cyrus Poonawalla Group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
The Company's identity "P" stands for Passion, Principles, Purpose, People and Possibilities. The Company has widespread coverage across 19 states. The Company has a standalone AUM of Rs. 25,003 crore as on March 31, 2024, and employs around 2300 people. The Company's offerings include pre-owned car finance, personal loans, loan to professionals, business loans, loan against property, co-branded credit card, machinery loans, medical equipment loans and consumer loans.
For more information, please log on to: www.poonawallafincorp.com
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