Poonawalla Fincorp reports 71% rise in net profit at Rs 163 crore

MUMBAI: Poonawalla Fincorp has reported a net profit of Rs 163 crore, an increase of 70.8% over the corresponding quarter last year.
The increase in profits followed a 44% jump in disbursements which rose to Rs 3,721 crore.
The company, formerly Magma Fincorp, was acquired by Vaccine maker Cyrus Poonawalla group last year. Consequent to the capital raise of Rs 3,456 Crores in May 2021, the company was rechristened with a majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Adar Poonawalla.
The company’s assets under management (AUM) rose 22% year on year to Rs 18,560 Crores. The company’s asset quality showed a marked improvement, with gross NPAs at 1.52%, down by 259 basis points year on year, while Net NPA at 0.83% was down by 118 basis points year on year.
The company’s standalone capital adequacy ratio stood at 44.9% as of 30th Sep’22.
“It was a quarter marked by highest ever organic disbursement, customer acquisition, lowest gross NPA and net NPA in 38 quarters, and highest ever post-tax profits and return on assets. This sets the momentum for an even more exciting second half and beyond,” said Abhay Bhutada, Managing Director, Poonawalla Fincorp.