Poonawalla Fincorp rises as Q1 PAT climbs 62% YoY to Rs 200 cr

Profit before tax in Q1 FY24 was at Rs 267.58 crore, registering a growth of 72.7% from Rs 154.96 crore posted in Q1 FY23.

Net interest margin (NIM) for Q1 FY24 was at 11.4%, an improvement of 108 bps YoY.

Assets under management (AUM) for the first quarter of FY24 increased to Rs 17,776 crore, recording a growth of 41% YoY and 10% QoQ. The company reported its highest ever quarterly disbursements at Rs 7,063 crore, up by 143% YoY and 11% QoQ.

Direct Digital Program (DDP) contribution in disbursements increased to 86% in Q1 FY24 as compared to 81% in Q4 FY23.

Pre-provision operating profit (PPOP) was at Rs 294 crore, up 148% YoY during the period under review.

On asset quality front, Gross Stage 3 and Net Stage 3 assets reduced to 1.42% and 0.76% as of 30 June 2023 from 2.68% and 1.11% respectively as of 30 June 2022. The company reported Stage 3 provision coverage ratio at 46.43%.

Capital adequacy ratio stood at 36% as of 30 June 2023 and liquidity buffer stood at Rs 4,020 crore as of 30 June 2023.

On consolidated basis, the company's net profit (from continuing operations) jumped 80.64% to Rs 200.06 crore on 64.39% rise in total income to Rs 707.30 crore in Q1 FY24 over Q1 FY23.

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.?

Poonawalla Fincorp has a diversified product offering in consumer and MSME finance including personal loans, loans to professionals, business loans, consumer loans, loan against property, pre-owned car loans, supply chain finance, machinery, and medical equipment loans.

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