Poonawalla Fincorp Posts Highest Ever Profit Of Rs 585 Cr In FY23

Poonawalla Fincorp Posts Highest Ever Profit Of Rs 585 Cr In FY23

Poonawalla Fincorp on Wednesday reported that it has posted its highest ever profit after tax (PAT) at Rs 585 crore for the financial year ended 31 March, 2023.

The annual profit saw a 100 per cent year-on-year (YoY) rise.

The firm also posted its highest quarterly PAT at Rs 181 crore for the quarter ended 31 March, 2023.

The profit for the quarter grew 103 per cent YoY and on a sequential basis saw a rise of 20 per cent.

Its Net Interest Margin (NIM) for the quarter under review came in at 11.3 per cent, registering an 87 bps YoY improvement.

The NBFC had its highest ever quarterly disbursements at Rs 6,371 crore, up 151 per cent YoY and 89 per cent quarter-on-quarter (QoQ).

The quarter also saw the highest ever Return on Assets (RoA) at 5 per cent, up 178 bps YoY and 53 bps QoQ. For FY23, RoA stood at 4.4 per cent, up 172 bps YoY.

The board has recommended a divided of Rs 2 per share (100 per cent of face value) for FY23, subject to shareholder’s approval.

“FY23 has been a year of exemplary performance across business growth, credit quality and profitability. Our strong fundamentals and execution are reflected in our credit rating upgrade to AAA by both CRISIL and CARE. We have led the way in building a real Fintech model at scale, with asset quality which is best-in-class, along with superior profitability,” said CA Abhay Bhutada, Managing Director, Poonawalla Fincorp.

CRISIL recently upgraded the long-term credit rating of the firm to AAA.

“Our ability to innovate, understand future trends, deliver at pace, and build a strong digital eco-system, has made us a lender of choice. With an efficient cost of borrowing, lower operating cost, controlled credit cost and a branch-lite tech-led model, we are well poised to deliver a sustainable and exceptional performance,” Bhutada added.

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