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Interview | With digital-first focus, we are aiming for double digit growth in FY22: Poonawalla Fincorp MD CA Abhay Bhutada

The company has shifted focus to the consumer and small-business loan segment and discontinued some non-focused products. This financial year, factoring in the third wave, Poonawalla Fincorp expects to see double-digit growth thanks to its huge liquidity, 8,000-plus staff, 300 branches and digital-first approach

August 16, 2021 / 04:40 PM IST

The rebranded Poonawalla Fincorp — it was formerly Magma Fincorp — announced its Q1FY22 numbers on August 14. The non-bank lender saw flat growth in its assets under management (AUM) at Rs 14,424 crore and a consolidated profit before tax of Rs 81 crore as compared to Rs 47 crore in Q4FY21. The capital adequacy ratio increased to 57.8 percent in June 2021 from 20.3 percent in March 2021, largely due to a capital infusion of Rs 3,456 crore.

In an exclusive interaction with Moneycontrol, CA Abhay Bhutada, MD of Poonawalla Fincorp, said the company was building a strong retail franchise based on a “conservative and calibrated approach to risk management and strong asset quality.”

This financial year, factoring in the third wave, the company expects to see double-digit growth thanks to its huge liquidity, 8,000-plus staff, 300 branches and digital-first approach. Edited Excerpts:

This is the first quarter for your NBFC after the name change to Poonawalla Fincorp, How significant was this quarter for you from a rebranding perspective?