Poonawalla Fincorp Q1 profit rises 62% to Rs 200 crore

Interest income of the company improved to Rs 656 crore from Rs 386 crore in the 2022 June quarter.

Poonawalla Fincorp on Monday reported a 62 per cent rise in net profit to Rs 200 crore in the June quarter.

The Pune-based NBFC firm -- a financial services arm of the Poonawalla Group which is popular as the world's largest Covid vaccine maker under the flagship Serum Institute of India -- had posted a net profit of Rs 124 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 712 crore from Rs 429 crore in the same period a year ago, Poonawalla Fincorp said in a regulatory filing.

Interest income of the company improved to Rs 656 crore from Rs 386 crore in the 2022 June quarter.

Total expenses of the NBFC increased to Rs 445 crore as against Rs 295 crore in the year-ago period.

The company's asset quality showed improvement as gross non-performing assets declined to 1.42 per cent of gross advances at the end of the June quarter from 2.68 per cent a year ago.

Similarly, net non-performing assets or bad loans, declined to 0.76 per cent as against 0.78 per cent in the year-ago period.

The capital adequacy ratio of the increased to 36 per cent at the end of June 2023.