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Sanjay Chamria steps down from the board of Poonawalla Fincorp

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Poonawalla Fincorp said that Sanjay Chamria has stepped down as the executive vice chairman of the company after serving as the co-founder since inception of the company.

Adar Poonawalla, chairman, Poonawalla Fincorp said, Mr. Chamria has been associated with the company since inception and led the company with distinction. Now he has decided to retire as the professional leadership team has taken over the reins of the management. We wish Mr. Chamria all the very best in his future endeavors and record our appreciation of his contribution to the growth of the company.

Poonawalla Fincorp (earlier known as Magma Fincorp) is a Cyrus Poonawalla group promoted NBFC-ND-SI that focuses on consumer and small business financing. The company's financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, affordable home loans and general insurance.

The company's consolidated net profit surged 151.01% to Rs 95.51 crore on 15.01% decline in net sales to Rs 515.34 crore in Q2 September 2021 over Q2 September 2020.

The scrip rose 1.63% to currently trade at Rs 199.35 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 24 2021. 14:45 IST