It’s Positive Q1FY24 Business Updates For Poonawalla Fincorp

MUMBAI, 23 JULY, 2023 (GPN): Led by MD Abhay Bhutada, Poonawalla Fincorp has reported its highest-ever quarterly PAT of Rs 200 crore. The NBFC, based in Pune, has shown PAT growth of 62% YoY and AUM growth of 41% YoY. Here’s the rundown of highlights from the NBFC:

1. Liquidity: Poonawalla Fincorp continues to have ample liquidity of approximately ₹4,000 crore as of 30 June 2023. With its digital-first, customer-centric approach, Poonawalla Fincorp looks to further cement its position in the lending space.
2. Asset Quality and AUM (Assets Under Management): Poonawalla Fincorp’s AUM grew by 41% YoY and 10% QoQ to approximately Rs 17,770 crores as of 30 June 2023. They reported a GNPA is at 1.42%, having reduced by 126 bps YoY and 2 bps QoQ. NNPA is at 0.76%, reduced by 35 bps YoY and 2 bps QoQ.
3. Disbursements: Total disbursements during Q1FY24 were the highest ever at approximately Rs 7,050 crores, up 143% YoY and 11% QoQ. Direct Digital Program (DDP) contributed 86% of the total disbursements in Q1FY24 compared to 81% in Q4FY23.
4. Profitability: The NBFC reported their highest-ever quarterly PAT at Rs 200 crore for Q1FY24, up 62% YoY and 11% QoQ.

Addressing the performance, Abhay Bhutada, Managing Director, Poonawalla Fincorp, said “We have taken the FY23 momentum ahead with a fantastic start to FY24. Our Fintech model, with the focus on increasing productivity and improving efficiency, has led to a further reduction in operating expenses. We are all geared up and excited about the journey ahead and are confident of delivering an exceptional performance.”Ends