Non-banking finance company, Poonawalla Fincorp Ltd on January 18 reported a 76.3 percent rise in its standalone net profit to Rs 265.14 crore in the October-December quarter of the financial year 2023-24.
In July-September quarter, net profit the lender stood at Rs 1,258.89 crore.
This was on back of better asset quality and interest income.
"We continued to showcase exemplary growth in Q3FY24 with highest ever quarterly disbursement and profit and strong AUM growth while maintaining a superior asset quality," Abhay Bhutada, Managing Director of Poonawalla Fincorp was quoted saying in a release.
The interest income of the company stood at Rs 714.41 crore in October-December quarter, as compared to Rs 460.48 crore in a year ago period and Rs 690.07 crore in a quarter ago period.
In the reporting quarter, Net Interest Margin (NIM) of the lender was at 11.02 percent, which saw an improvement of 33 basis points (bps) on-year.
Asset quality
In October-December quarter, the asset quality of the lender shown an improvement with Gross Non-Performing Assets (NPA) easing 36 bps and Net NPA easing 19 bps on a yearly basis.
Gross NPA of the company stood at 1.33 percent in October-December quarter, as compared to 1.36 percent in a quarter ago period and 1.69 percent in a year ago period.
Similarly, net NPA in reporting quarter stood at 0.70 percent, as against 0.72 percent in a quarter ago period and 0.89 percent in a year ago period.
The Provision Coverage Ratio (PCR) of the lender stood at 47.33 percent, release said.
AUM and disbursement
Poonawalla Fincorp disbursed Rs 8,731 crore in the reporting quarter, which was up 159 percent on-year and on quarterly basis, it rose 12 percent.
The Assets Under Management (AUM) of the company stood at Rs 21,946 crore, up 58 percent on-year and 9 percent on-quarter, release said.
The Capital Adequacy Ratio of the company stood at 38.2 percent and liquidity buffer stood at Rs 2,973 crore, release said.
Bond issuance
The board of directors of the company approved raising Rs 4,000 crore through issuance of Non-Convertible Debentures on private placement basis for the financial year 2024-25.
On the tenure of the bonds front, company said secured will not be exceeding 10 years, for Subordinated at least 5 years and other securities as may be decided by the Finance Committee.
Shares of Poonawalla Fincorp was 1.42 percent up to Rs 490.40 a piece on January 18.
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