The Adar Poonawalla-controlled NBFC Poonawalla Fincorp Ltd on Thursday (January 18) posted its highest-ever quarterly profit at ₹265.1 crore during the third quarter of the financial year 2023-24.
Profit was up 76.3% over the corresponding period in the past financial year, In the corresponding quarter last year, Poonawalla Fincorp posted a net profit of ₹150.4 crore, the company said in a regulatory filing.
The company's revenue increased 52.1% to ₹762.6 crore as against ₹501.4 crore in the corresponding period of the preceding fiscal, it said.
Poonawalla Fincorp's Return on Assets (RoA) reported a notable increase, reaching 5.3%, marking an 84 basis-point (bps) improvement year-on-year and a 34 bps improvement quarter-on-quarter.
The Net Interest Margin (NIM) also exhibited strength at 11.02%, reflecting a YoY improvement of 33 bps. The Opex to AUM ratio showcased efficiency, standing at 4.00%, with a YoY improvement of 206 bps and a QoQ improvement of 18 bps.
The operating profit soared to ₹350 crore, marking a 125% year-on-year increase and a 4% quarter-on-quarter growth. The Capital Adequacy Ratio remained robust at 38.2%. Additionally, the liquidity buffer stood at ₹2,973 crore.
In terms of asset quality, Poonawalla Fincorp's gross non-performing assets (NPA) reduced to 1.33%, marking a 36 bps improvement year-on-year and a 3 bps improvement quarter-on-quarter. The net NPA showed similar improvement, standing at 0.70%, with a 19 bps reduction year-on-year and a 2 bps reduction quarter-on-quarter.
The company recorded the highest-ever quarterly disbursement, reaching ₹8,731 crore, reflecting an impressive 159% year-on-year increase and a 12% quarter-on-quarter growth. The Assets Under Management (AUM) also demonstrated robust growth, standing at ₹21,946 crore, showing a remarkable 58% year-on-year increase and a substantial 9% quarter-on-quarter growth.
The board has declared an interim dividend of ₹2 per equity share (100% of face value) for FY2023-24. The dividend will be paid on and after February 13, 2024. Wednesday, January 31, 2024, has been fixed as the record date to determine the entitlement of the members for such interim dividend.
The results came after the close of the market hours. Shares of Poonawalla Fincorp Ltd ended at ₹491.70, up by ₹8.00, or 1.65%, on the BSE.
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