Poonawalla Fincorp's net profit climbed to its "highest-ever" of Rs 150 crore in the third quarter of fiscal year 2022-23 (Q3 FY23), according to the standalone results declared by the non-banking financial company (NBFC) on January 23.
At Rs 150 crore, the net profit of Poonawalla Fincorp jumped 88 percent as compared to the year-ago period, when it stood at Rs 80.22 crore. In the September quarter, the company's profit after tax had came in at Rs 130 crore.
Poonawalla Fincorp's return on assets (RoA) also surged to the highest-ever, at 4.50 percent, in Q3 FY23, a press release said. This marked a surge of 158 basis points year-on-year and 46 basis points as compared to the last quarter.
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The company's assets under management (AUM) grew 28 percent on-year and 6 percent sequentially to Rs 13,929 crore.
The NBFC also recorded the "highest-ever quarterly disbursements" at Rs 3,369 crores, which was up by 157 percent on-year and 8 percent, sequentially.
"We are thrilled to be in the middle of this high growth phase with improved asset quality and sustainable profitability for PFL. The quarter gone by, witnessed all round performance on the back of relentless execution with highest ever disbursement, PAT and ROA leading us to high growth trajectory," Poonawalla Fincorp's Managing Director CA Abhay Bhutada said.
The NBFC's gross non-performing assets (NPA) stood at 1.69 percent in the third quarter, which was down by 236 bps YoY and 8 bps QoQ. The net NPA was reported as 0.89 percent, which was down by 108 bps on-year and and 5 bps sequentially.
"The Direct Digital Program (DDP) mix increased to 66 percent in Q3FY23 from 54 percent in Q2FY23, and 39 percent in Q1FY23 and 24 percent in Q4FY22," the release noted.
The NBFC said its liquidity buffer stood at Rs 3,168 crore as of December 31, 2022, whereas, capital adequacy ratio stood at 44 percent at the end of the same period.
"Q3 FY23 also marked the announcement of sale of our housing subsidiary as Poonawalla Fincorp continues to focus on building a Tech-Led Digital-First financial services company, with leadership position in consumer & MSME financing. As per our long-term guidance on financial metrics, we expect AUM growth of 35-40 percent with RoA of 4-4.5 percent as we continue to build a strong retail franchise," Bhutada noted.
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