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Poonawalla Fincorp consolidated PAT jumps 118% to ₹ 141 Cr in Q1FY23 AUM up 22.4% YoY at ₹ 17,660 Cr | NS3 down to 0.95%

Poonawalla Fincorp consolidated PAT jumps 118% to ₹ 141 Cr in Q1FY23
AUM up 22.4% YoY at ₹ 17,660 Cr | NS3 down to 0.95%
Pune, July 27, 2022: The Board of Direct no huors (Board) of Poonawalla Fincorp Limited (Company), a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, today announced its unaudited results for the quarter ended June 30, 2022.
Performance Highlights (Consolidated)
• Assets Under Management (AUM) for Q1FY23 increased to ₹ 17,660 Cr, recording a growth of 22.4% YoY and 6.5% QoQ respectively while disbursements stood at ₹3,436 Cr, growing by 98.3% YoY and 3% QoQ.
• Organic disbursements grew by 27% in Q1FY23 QoQ.
• NIM stood at 9.5% as of Q1FY23, an improvement of 155 Bps YoY.
• Consolidated PAT for Q1FY23 stood at ₹ 141 Cr up 118% YoY and 18.5% QoQ.
Asset Quality (Consolidated)
Gross Stage 3 and Net Stage 3 assets stood at 2.19% and 0.95% respectively as at June’22 down from 2.66% and 1.11% respectively as of March’22, the same stood at 5.38% and 2.71% respectively as of June’21. The Company has healthy Stage 3 provision coverage ratio at 57%.
Liquidity and Cost of Borrowings (Consolidated)
The Company continues to maintain a strong liquidity position with surplus of ₹ 4,654 Cr. The repricing of all eligible term loans and new borrowing at competitive rates resulted in further bringing down the average cost of borrowing to 6.9% in Q1FY23 from 7.4% in Q4FY22. The Company and its subsidiary PHFL continues to have long-term rating of ‘AA+ / Stable’ by CRISIL and CARE.
Business Update (Consolidated)
The product focus on pure retail segments of consumer and MSME finance continued. The Company leveraged the momentum gained in Q4FY22 in Q1FY23, resulting in it consolidating the leadership board position in the Pre-Owned Cars and Loan to Professionals segment. Also, the quarterly disbursements across product lines of Business Loans, Personal Loans, Loan to Professionals, Pre-Owned Cars and Loan Against Property were the highest in Q1FY23. This coupled with consistent increase in lending via the Direct, Digital and Partnership (DDP) model of origination has further strengthened and diversified the distribution. The Direct, Digital and Partnership (DDP) contribution increased to 34.1% in Q1FY23 up from 17.5% in Q4FY22. The Company continued its focus on capability building with deep investments in technology and people. The Company’s efforts led it to being recognized as one of the “Most Preferred Workplaces 2022-2023” by Team Marksmen in association with India Today.
Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said “We have had a great start to this financial year. Our execution excellence has ensured that this quarter(Q1FY23) has been better than last quarter(Q4FY22). Strong disbursements, on the back of excellent organic disbursement growth, is a validation of our business model. We have worked across the functions to get a multiplier effect on efforts, further leading to ‘strengthening of our strengths’ and ‘weakening of our weaknesses’. The distribution is diversified, the processes are digitized, the credit underwriting stands strengthened along with best-in-class collection and risk management practices. With ticks on all the right boxes, we are now truly into the growth phase as per our ‘Consolidate, Grow and Lead’ strategy. We will continue our rigor on execution, investment in people, building technology and a strong retail consumer franchise. We are well on course to deliver an exceptional performance.”

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