Poonawalla Fincorp Q1FY24 result: PAT grows 62% YoY at Rs 200 crore

Gross non-performing assets have also decreased by 1.42%, showing a YoY decline of 126 basis points

Poonawalla Fincorp’s profit after tax (PAT) for the first quarter of the current financial year (Q1FY24) came in at Rs 200 crore, up 62 per cent year-on-year (YoY), and a quarter-on-quarter (QoQ) increase of 11 per cent. This is the company's best-ever quarterly performance.

The company also achieved the highest-ever quarterly disbursements, reaching Rs 7,063 crore, showing a 143 per cent YoY growth and an 11 per cent QoQ increase.

Assets Under Management (AUM) rose to Rs 17,776 crore, marking a 41 per cent YoY growth and a 10 per cent QoQ increase.

Gross non-performing assets (NPA) reduced to 1.42 per cent, showing a YoY decline of 126 basis points (bps) and a QoQ decrease of 2 bps.

Net NPA also saw an improvement, decreasing to 0.76 per cent, reflecting a YoY reduction of 35 bps and a QoQ decrease of two bps.

Return on assets (RoA) for Q1FY24 reached 4.8 per cent, showing a YoY increase of 67 bps.

Commenting on Poonawalla Fincorp’s Q1FY24 performance, 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.”