NBFC Poonawalla Fincorp Ltd on October 25 announced loss of Rs 471 crore for the quarter ended September 30, 2024. It reported net profit of Rs 1,259 crore in the year-ago period.
The company's revenue from operations rose 34% to Rs 989 crore in Q2FY25 from Rs 738 crore in Q2FY24.
At 2:55 pm on October 25, Poonawalla Fincorp's shares were trading 14% lower at Rs 309 apiece.
The company's net interest income (NII) increased by 17.5% from the year-ago quarter to Rs 558.4 crore.
Its asset quality weakened as gross NPA for the quarter stood at 2.1% as against 0.67% during the June quarter.
In a press release, Poonawalla Fincorp said that the Gross NPAs were higher during the quarter on account of higher slippages seen in the Short-term Personal Loan (STPL) portfolio. "STPL portfolio one-time provisioning of Rs 666 crore was taken during the quarter and recalibrated on credit parameters," said the company.
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