 "Q2 earnings, Q2")
Poonawalla Fincorp posted 77 per cent growth in net profit in the second quarter of FY24 to Rs 230 crore from Rs 130 crore reported in Q2 FY23 on the back of record growth in disbursements.
The quarterly disbursements of the company rose by 151 per cent to record high levels of Rs 7807 crore from Rs 3110 crore in the year-ago period.
Assets Under Management (AUM) increased by 54 per cent to Rs 20215 crore from Rs 13161 crore in the second quarter of FY23. AUM remained diversified across products, geographies, and sourcing channels with the MSME and Consumer segment accounting for the major share.
The asset quality of the company continued to improve, with Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) slipping to their lowest levels.
The GNPA was down to 1.36 per cent from 1.42 per cent in Q1 FY24, whereas NNPA dipped to 0.72 per cent from 0.76 per cent across the time period.
Net Interest Margin (NIM) saw an improvement of 106 basis points to 11.42 per cent from the year-ago period.
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Commenting on the results, Abhay Bhutada, managing director at 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 20000 crore mark in AUM, achieving 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 forward.”
Further, the company has inducted Sunil Samdani as the whole-time director (Executive Director), for a period of five consecutive years effective from today.
