Poonawalla Fincorp’s recorded a 62 per cent YoY growth on profit after tax (PAT) for the first quarter of the current financial year (Q1FY24) to Rs 200 crore, and a quarter-on-quarter (QoQ) increase of 11 per cent. This is the company’s best-ever quarterly performance.
During Q1FY24, Poonawalla Fincorp achieved its highest ever quarterly disbursements, reaching a staggering ₹ 7,063 crore. This marked an impressive YoY growth of 143 per cent and a solid 11 per cent increase compared to the previous quarter. The Assets Under Management (AUM) also witnessed substantial expansion, standing at ₹ 17,776 crore, reflecting a substantial YoY surge of 41 per cent and a steady 10 per cent growth on a quarter-on-quarter (QoQ) basis.
Poonawalla Fincorp demonstrated impressive improvements in asset quality during the quarter. The Gross Non-Performing Assets (NPA) reduced to 1.42 per cent, showcasing a substantial YoY decline of 126 basis points (bps) and a marginal QoQ decrease of 2 bps. The Net NPA also witnessed a positive trend, standing at 0.76 per cent with a notable YoY reduction of 35 bps and a marginal 2 bps improvement compared to the previous quarter.
Poonawalla Fincorp’s financial metrics also showcased remarkable progress. The Net Interest Margin (NIM) for Q1FY24 stood at 11.4 per cent, signifying an impressive YoY improvement of 108 bps and a steady QoQ enhancement of 12 bps. Operating expenses during the quarter were effectively managed, with a YoY reduction of 4 per cent and a QoQ decline of 7 per cent. The Operating Profit (PPOP) witnessed a substantial YoY surge of 148 per cent and a commendable QoQ growth of 39 per cent, reaching ₹ 294 crore.
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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