Poonawalla Fincorp Q2FY23 PAT jumps 71% YoY to ₹ 163 Crores

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Poonawalla Fincorp

AUM up by 22% YoY to ₹ 18,560 Crores; NNPA down by 118 bps YoY to 0.83%

Pune, October 21, 2022: 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 Sep 30, 2022. 

Poonawalla Fincorp

Key Highlights – Q2FY23 (Consolidated):

  • Assets under management (AUM) at ₹ 18,560 Crores, up by 22% YoY and 5% QoQ. 
  • Disbursements grew to ₹ 3,721 Crores, up by 44% YoY and 8% QoQ. 
  • Highest ever PAT at ₹ 163 Cr up 70.8% YoY and 15.8% QoQ.
  • Highest ever RoA at 3.6% up by 102 bps YoY and 24 bps QoQ.
  • NII at ₹ 446 Crores up by 33% YoY and 12% QoQ.
  • NIM at 9.8% an improvement of 77 bps YoY and 35 bps QoQ.
  • Gross NPA at 1.52% down by 259 bps YoY and 67 bps QoQ while Net NPA at 0.83% down by 118 bps YoY and 13 bps QoQ despite alignment with revised NPA definition as per RBI circular. These are the best asset quality numbers in last 38 quarters.
  • The DDP (Direct Digital Program) mix increased to 47% in Q2 from 34% in Q1 and 17.5% in Q4FY22.
  • CARE upgraded the long-term rating to ‘AAA/Stable’.
  • Liquidity buffer stood at ₹ 4,812 Crores as of 30th Sep 2022.
  • Standalone Capital Adequacy Ratio stood at 44.9% as of 30th Sep’22.
  • Given the strong ALM management, and diversification of liabilities, the impact of recent interest rate hikes on cost of borrowing will be gradual.

Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, said Q2 has been an excellent quarter with differentiated strategy and execution excellence leading to all round performance across business growth, improved credit quality and profitability. It was a quarter marked by highest ever organic disbursement, customer acquisition, lowest GNPA & NNPA in 38 quarters, and highest ever PAT & RoA. This sets the momentum for an even exciting second half and beyond.”

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly, Magma 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 in India (NSE). Consequent to the capital raise of Rs 3,456 Crores in May-2021, the Company is now part of the Cyrus Poonawalla Group with majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.The Company’s new identity “P” stands for Passion, Principles, Purpose, People and Possibilities. The Company has a widespread coverage with 231 branches across 21 States. The Company along with its subsidiary has AUM of ₹18,560 Crores and employs more than 4,000 people. The Company’s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, supply chain finance, medical equipment, consumer loans and affordable home loans.

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