Poonawalla Fincorp Q1FY24 Result: PAT Grows 62% YoY At Rs 200 Cr

Poonawalla Fincorp has reported its best-ever quarterly performance for Q1FY24, with a remarkable 62 per cent year-on-year (YoY) increase in profit after tax (PAT) to reach Rs 200 crore. Additionally, there was an 11 per cent quarter-on-quarter (QoQ) rise in PAT. The company also achieved a significant milestone with the highest-ever quarterly disbursements, reaching Rs 7,063 crore, showing impressive YoY growth of 143 per cent and a QoQ increase of 11 per cent.

Assets Under Management (AUM) witnessed substantial growth, reaching Rs 17,776 crore, reflecting a robust YoY growth of 41 per cent and a QoQ increase of 10 per cent. Furthermore, Poonawalla Fincorp's gross non-performing assets (NPA) reduced to 1.42 per cent, showcasing a noteworthy YoY decline of 126 basis points (bps) and a QoQ decrease of 2 bps.

Notably, the company's net NPA also exhibited improvement, declining to 0.76 per cent, marking a YoY reduction of 35 bps and a QoQ decrease of two bps. The return on assets (RoA) for Q1FY24 reached an impressive 4.8 per cent, indicating a YoY increase of 67 bps.

Abhay Bhutada, Managing Director of Poonawalla Fincorp, expressed satisfaction with the Q1FY24 performance, stating, "We have taken the FY23 momentum ahead with a fantastic start to FY24. The business growth has been strong, complemented by best-in-class asset quality and superior profitability."