Poonawalla Fincorp announced that it has recorded highest ever total disbursements at Rs 9,680 crore, up 52% YoY as compared Rs 6,371 crore posted in Q4 FY23.
Sequentially, the disbursements increased 11% from Rs 8,731 crore reported in Q3 FY24.Asset under management (AUM) grew by 13% QoQ and 54% YoY to Rs 24,800 crore as on 31 March 2024.
The NBFC stated that gross non-performing assets (GNPA) and net NPA are expected to improve further and be less than 1.20% & less than 0.60% respectively.
The company said that it continues to maintain ample liquidity of approximately Rs 3,600 crore as on 31 March 2024.
Abhay Bhutada, managing director said, FY24 was the year of significant growth across all business parameters reflective of successful and seamless transformation. The year witnessed remarkable improvement not only on AUM but also on profitability and credit quality across four quarters. Q4FY24 was the best quarter thus far with highest ever quarterly disbursement across all products, all through organic route, with best-in-class asset quality. We continue to have amongst the lowest cost of funds in the industry. This sets us on course to achieve the stated Vision 2025.
Meanwhile, the firms board has approved issuance of 7,500 secured, redeemable, rated, non-convertible debentures having face value of Rs 1 lakh each, amounting up to Rs 75 crore with a green shoe option of up to Rs 375 crore, aggregating up to Rs 450 crore in one or multiple series through private placement.
Poonawalla Fincorp is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The companys financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, loan against property, supply chain finance, machinery loans, medical equipment loans and consumer loans.
The company reported 76% surge in net profit to Rs 265 crore on 49% jump in total income to Rs 774 crore in Q3 FY24 over in Q3 FY23.
The scrip rose 0.57% to trade at Rs 497.55 on the BSE.
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