Poonawalla Fincorp Q2FY24: Record PAT of Rs 230cr, a 77% YoY boost

Pune-based Poonawalla Fincorp Limited, a significant non-deposit-taking NBFC emphasizing consumer and MSME finance, released its unaudited financial results for the quarter concluding on September 30, 2023. Notably, the company recorded its highest-ever quarterly Profit After Tax (PAT) of ₹ 230 crore, indicating a remarkable 77% YoY growth. This accomplishment is a testament to the company’s robust financial trajectory.

Assets Under Management and Disbursement Show Impressive Growth

The financial results highlight Poonawalla Fincorp’s strong performance in asset management. The company’s Assets Under Management (AUM) surged to ₹ 20,215 crore, displaying a 54% YoY and 14% QoQ growth. Additionally, Poonawalla Fincorp celebrated its most significant quarterly disbursement, totaling ₹ 7,807 crore, marking a 151% YoY and 11% QoQ increase.

Asset Quality and Profitability Metrics Reflect Stability

Diving into the company’s asset quality, the Gross NPA is documented at 1.36%, showcasing a decline of 41 bps YoY and 6 bps QoQ. Concurrently, the Net NPA stands at 0.72%, dropping 22 bps YoY and 4 bps QoQ. These figures reflect the firm’s commitment to maintaining commendable asset quality. On the profitability front, the Return on Assets (RoA) observed a rise, positioning at 5.0%, with a Net Interest Margin (NIM) of 11.42%.

Statements from the Management on the Company’s Future

Abhay Bhutada, the Managing Director of Poonawalla Fincorp, commented on the outstanding results, “The first half of FY24 has been extremely promising for us with exceptional results for the second quarter as well. We continued to build on the momentum by crossing ₹ 20,000 crore mark in AUM, achieving the highest profitability, and significant growth across various financial parameters. We are fully prepared and excited about the journey ahead.”

With these remarkable Q2FY24 results, Poonawalla Fincorp is undoubtedly paving a promising path in the financial sector, benefitting both consumers and MSMEs.