Adar Poonawalla-controlled non-banking finance company Poonawalla Fincorp Ltd reported its highest-ever quarterly disbursements of ₹8,730 crore for the October-December quarter.
According to a business update filed by the NBFC with the stock exchanges, total disbursements rose 159% year-on-year to ₹8,730 crore in the September quarter compared to ₹3,369 crore in the same period a year ago. Disbursements were up 12% sequentially.
Its assets under management (AUM) surged 57% year-on-year to ₹21,850 as of December 31, 2023. The AUM grew 8% compared to the September quarter.
The company expects its asset quality to improve further in both gross NPA (non-performing-asset) and net NPA. In accordance with the Management Vision 2025, the aim is to sustain NNPA below 1%.
The company continues to have ample liquidity of about ₹2,875 crore as on December 31, 2023.
Poonawalla Fincorp, which focuses on consumer and MSME loans, posted a net profit of ₹1,258.9 crore for the second quarter that ended September 30, 2023.In the corresponding quarter last year, the company reported a net profit of ₹163.1 crore
The massive surge in net profit was due to an exceptional gain of ₹1,221.2 crore in the second quarter.
The gross non-performing asset (GNPA) was at 1.36% in the September quarter as against 1.42% in the June quarter. The net non-performing asset (NNPA) came at 0.72% against 0.76% quarter-on-quarter.
In monetary terms, gross NPA was at ₹266 crore against ₹245 crore quarter-on-quarter, whereas net NPA came at ₹140 crore against ₹131 crore quarter-on-quarter.
In November, Poonawalla Fincorp Ltd announced that it expects a marginal impact from the RBI's tightened norms, with the risk weight on their consumer credit exposure rising from 100% to 125%, approximately 220 basis points.
At 10.26am, shares of Poonawalla Fincorp were trading 1.89% higher at ₹438.95 apiece.
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