Non-banking Financial company Poonawalla Fincorp announced Q2FY24 results: Financial Performance Record-breaking Profit: Poonawalla Fincorp reported its highest-ever quarterly Profit After Tax (PAT) of Rs 230 crore in Q2FY24, marking a significant increase of 77% compared to the same period last year. Strong Disbursement Growth: The company achieved its highest-ever quarterly disbursement of Rs 7,807 crore, showcasing a remarkable growth of 151% YoY and 11% QoQ. Robust Asset Quality: Poonawalla Fincorp maintained a strong asset quality with Gross Non-Performing Assets (NPA) reducing to 1.36%, a decrease of 41 basis points YoY. Net NPA also improved to 0.72%, marking a decrease of 22 basis points YoY. Impressive Asset Under Management (AUM): The company's AUM reached a new high of Rs 20,215 crore, reflecting a strong growth of 54% YoY and 14% QoQ. This increase demonstrates the trust and confidence of its customers in Poonawalla Fincorp. Financial Ratios and Performance Indicators Capital Adequacy and Liquidity: Poonawalla Fincorp maintained a robust capital adequacy ratio of 42% and a liquidity buffer of Rs 3,823 crore, ensuring a strong financial position. Return on Assets (ROA): The company achieved a Return on Assets (ROA) of 5.0%, showing an improvement of 96 basis points YoY and 19 basis points QoQ. Net Interest Margin (NIM): Poonawalla Fincorp's Net Interest Margin (NIM) stood at 11.42%, indicating an improvement of 106 basis points YoY and 2 basis points QoQ. Controlled Operating Expenses: The company successfully reduced operating expenses to Rs 194 crore, showcasing a decrease of 8% YoY. Profit from Operations (PPOP): Poonawalla Fincorp achieved an operating profit of Rs 336 crore, marking a substantial increase of 167% YoY and 14% QoQ. Commenting on the results, Abhay Bhutada, Managing Director, Poonawalla Fincorp, said, “The first half of FY24 has been extremely promising for us with exceptional results for the second quarter as well. We continued to build on the momentum by crossing the Rs 20,000 crore mark in AUM, achieving the highest profitability, best-in-class asset quality, and significant growth across various financial parameters. We have started offering instant personal loans through our recently launched cutting-edge mobile app, a step forward in shaping the financial landscape. We are fully prepared and excited about the journey ahead and are confident of delivering stellar performance going ahead.” Result PDF
Non-banking Financial Company Poonawalla Fincorp announced Q1FY24 results: Highest ever quarterly Disbursements at Rs 7,063 crore, up 143% YoY and 11% QoQ. Assets Under Management (AUM) at Rs 17,776 crore, up 41% YoY and 10% QoQ. Direct Digital Program (DDP) contribution in disbursements increased to 86% in Q1FY24 as compared to 81% in Q4FY23. Gross NPA at 1.42%, reduced 126 bps YoY and 2 bps QoQ. Net NPA at 0.76%, reduced 35 bps YoY and 2 bps QoQ Highest ever quarterly PAT at Rs 200 crore for Q1FY24, up 62% YoY and 11% QoQ. Return on Assets (RoA) for Q1FY24 at 4.8%, up 67 bps YoY. Net Interest Margin (NIM) for Q1FY24 was at 11.4%, an improvement of 108 bps YoY and 12 bps QoQ. Operating expenses for Q1FY24 stood at Rs 183 crore, down 4% YoY and 7% QoQ. Operating Profit (PPOP) for Q1FY24 was at Rs 294 crore, up 148% YoY and 39% QoQ. Capital Adequacy Ratio stood at 36% as of June 30, 2023. Liquidity buffer stood at Rs 4,020 crore as of June 30, 2023. Commenting on Poonawalla Fincorp’s Q1FY24 performance, CA Abhay Bhutada, Managing Director, said, “We have taken the FY23 momentum ahead with a fantastic start to FY24. The business growth has been strong, complemented by best-in-class asset quality and superior profitability. Our Fintech model, with a focus on increasing productivity and improving efficiency, has led to a further reduction in operating expenses. We continue to focus on the future as we constantly innovate, invest in future trends, remain agile, and build a deep eco-system play. We are all geared up and excited about the journey ahead and are confident of delivering an exceptional performance.” Result PDF
Finance company Poonawalla Fincorp announced Q4FY23 results: Standalone Q4FY23: Highest ever quarterly Disbursements at Rs 6,371 crore, up 151% YoY and 89% QoQ Assets Under Management (AUM) at Rs 16,143 crore, up 37% YoY and 16% QoQ Direct Digital Program (DDP) contribution in disbursements increased to 81% in Q4FY23 as compared to 66% in Q3FY23 and to 24% in Q4FY22 Gross NPA at 1.44%, reduced 185 bps YoY and 25 bps QoQ Net NPA at 0.78%, reduced 52 bps YoY and 11 bps QoQ Highest ever PAT at Rs 181 crore for Q4FY23, up 103% YoY and 20% QoQ. Highest ever Return on Assets (RoA) for Q4FY23 at 5%, up 178 bps YoY and 53 bps QoQ. Net Interest Margin (NIM) for Q4FY23 was at 11.3%, an improvement of 87 bps YoY and 59 bps QoQ. Operating expenses for Q4FY23 stood at Rs 196 crore, down 4% QoQ Operating Profit (PPOP) for Q4FY23 was at Rs 212 crore, up 84% YoY and 36% QoQ Standalone FY23: PAT stood at Rs 585 crore, up 100% YoY RoA stood at 4.4%, up 172 bps YoY NIM was at 10.7%, an improvement of 89 bps YoY The Board has recommended a dividend of Rs 2 per share (100% of face value) for FY23, subject to shareholders’ approval The capital Adequacy Ratio stood at 39% as of March 31, 2023 Liquidity buffer stood at Rs 3,001 crore as of March 31, 2023 CRISIL upgraded the long-term credit rating to AAA. Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, said “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. Our ability to innovate, understand future trends, deliver at pace, and build a strong digital ecosystem, 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.” Result PDF