Poonawalla Fincorp posts highest ever quarterly PAT of Rs 200 Crore in Q1FY24, jumps 62 per cent YoY
Jul 25, 2023
BusinessWire India
Pune (Maharashtra) [India], July 25: The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC, focusing on consumer and MSME finance, today announced its unaudited financial results for the quarter ended June 30, 2023.
Key Highlights – Q1FY24 (Standalone):
Assets:
- Highest ever quarterly Disbursements at Rs 7,063 crore, up 143% YoY and 11% QoQ.
- Assets Under Management (AUM) at Rs 17,776 crore, up 41% YoY and 10% QoQ.
- Direct Digital Program (DDP) contribution in disbursements increased to 86% in Q1FY24 as compared to 81% in Q4FY23.
Asset Quality:
- Gross NPA at 1.42%, reduced 126 bps YoY and 2 bps QoQ.
- Net NPA at 0.76%, reduced 35 bps YoY and 2 bps QoQ.
Profitability:
- Highest ever quarterly PAT at Rs 200 crore for Q1FY24, up 62% YoY and 11% QoQ.
- Return on Assets (RoA) for Q1FY24 at 4.8%, up 67 bps YoY.
- Net Interest Margin (NIM) for Q1FY24 was at 11.4%, an improvement of 108 bps YoY and 12 bps QoQ.
- Operating expenses for Q1FY24 stood at Rs 183 crore, down 4% YoY and 7% QoQ.
- Operating Profit (PPOP) for Q1FY24 was at Rs 294 crore, up 148% YoY and 39% QoQ.
Capital Adequacy and Liquidity:
- Capital Adequacy Ratio stood at 36% as of June 30, 2023.
- Liquidity buffer stood at Rs 4,020 crore as of June 30, 2023.
Commenting on Poonawalla Fincorp’s Q1FY24 performance, CA Abhay Bhutada, Managing Director, said “We have taken the FY23 momentum ahead with a fantastic start to FY24. The business growth has been strong, complemented with best-in-class asset quality and superior profitability. Our Fintech model, with the focus on increasing productivity and improving efficiency, has led to a further reduction in operating expenses. We continue to focus on the future as we constantly innovate, invest in future trends, remain agile and build a deep eco-system play. We are all geared up and excited about the journey ahead and are confident of delivering an exceptional performance.”
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