Poonawalla Fincorp consolidated net profit up 151% in Sept quarter

Poonawalla Fincorp Ltd has posted a 151 per cent rise in consolidated net profit at Rs 95.5 crore in the second quarter ended September 2021 (Q2FY22) on reduction in interest and credit costs.

PFL erstwhile Magma Fincorp had posted net profit of Rs 38.05 crore in the same quarter a year ago (Q2FY22).

The company stock closed 2.52 per cent up at Rs 164.45 per share on BSE.

Its total income on consolidated basis fell to Rs 512.57 crore in Q2FY22 from Rs 602.64 crore in Q2FY21. However, net interest margin including fees improved to 9.1 per cent in Q2FY22 from 8 per cent a year ago on reduction in interest expenses, PFL said in a statement.

According to the investor presentation the assets under management fell to Rs 15,275 crore in Q2FY22 from Rs 15,571 crore a year ago.  Its disbursements were Rs 2,580 crore in Q2Fy22 including acquired portfolio. It had disbursed Rs 380 crore in Q2FY21.   

The expenses for impairment on financial instruments were down to Rs 33.97 crore from Rs 130.69 crore. The credit cost fell to one per cent from 3.4 percent a year ago

Its Gross non-performing assets declined to 4.1 per cent from 5.1 per cent a year ago. The net NPAs were also down to 2 per cent from 3.2 per cent a year ago.

Its capital adequacy stood at 52.2 per cent, up from 27 per cent a year ago.