Poonawalla Fincorp reports highest-ever profit at Rs 163 cr in Sep quarter

Poonawalla Fincorp Limited on Friday reported its highest-ever net profit of Rs 163 crore in the September 2022 quarter, a 71 per cent increase year-on-year.

The non-deposit-taking non-banking finance company (NBFC) focusing on consumer and MSME finance had reported a net profit of Rs 95.51 crore in the year-ago period.

The total income in the September 2022 quarter rose to Rs 654.89 crore against Rs 512.58 crore a year ago, Poonawalla Fincorp said in a regulatory filing.

Also, it registered the highest ever RoA (return on assets) at 3.6 per cent, up by 102 bps year-on-year.

The company's disbursements during the quarter rose 44 per cent to Rs 3,721 crore. Its asset under management surged 22 per cent to Rs 18,560 crore at the end of the September quarter.

On asset quality, the gross non-performing assets (NPAs) fell to 1.52 per cent, down by 259 basis points (bps) year-on-year. The net NPAs stood at 0.83 per cent, 118 bps lower.

These are the best asset quality numbers in the last 38 quarters, the company 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 and NNPA in 38 quarters, and highest ever PAT and RoA. This sets the momentum for an even exciting second half and beyond," its MD Abhay Bhutada said.

Poonawalla Fincorp shares closed at Rs 315.75 apiece on BSE, down 4.58 per cent from the previous close.