Poonawalla Fincorp registers highest disbursement of Rs 6,370 cr in Q4 FY23

Adar Poonawalla-controlled non-banking finance company Poonawalla Fincorp on Wednesday said its total disbursement grew 151 per cent year-on-year to record Rs 6,370 crore in the March 2023 quarter.

Its assets under management (AUM) increased by 37 per cent year-on-year and 16 per cent quarter-on-quarter to about Rs 16,120 crore at March-end 2023, despite a sharp reduction in the discontinued loan book, the company said in a regulatory filing.

Discontinued onbook reduced to approximately Rs 625 crore at March-end 2023.

"Total disbursements during Q4 FY23 were highest ever at approximately Rs 6,370 crore, up 151 per cent Y-o-Y and 89 per cent Q-o-Q compared to disbursements of Rs 2,539 crore in Q4FY22 and Rs 3,369 crore in Q3FY23," it said.

Gross NPA and net NPA are expected to improve further to less than 1.55 per cent and 0.85 per cent, respectively, at the end of the last fiscal.

The company said it would strive to maintain the NNPA below 1 per cent in line with its Management Vision 2025.

"We continued strong growth momentum during Q4FY23 by achieving highest-ever quarterly disbursement through 100 per cent organic route, highest-ever customer acquisition with best-in-class asset quality and continue to have amongst the lowest cost of funds," it said.

It further said the company continues to have ample liquidity of approximately Rs 3,000 crore at the fiscal end.

Poonawalla Fincorp Limited is a Cyrus Poonawalla group-promoted non-deposit-taking systemically important non-banking finance company.

Consequent to the capital raise of Rs 3,456 crore in May 2021, the company is now part of the Cyrus Poonawalla Group, with a majority stake owned by Rising Sun Holdings Private Limited, a company controlled by Adar Poonawalla.