Key Points of Poonawalla Fincorp Achieves Record disbursement News:
- Poonawalla Fincorp Limited, a non-banking finance company promoted by Cyrus Poonawalla group, reported a staggering 151% YoY growth in its total disbursement, amounting to Rs 6,370 crore, in the March 2023 quarter.
- The company’s assets under management (AUM) also grew by 37% YoY and 16% QoQ, reaching approximately Rs 16,120 crore by the end of March 2023, despite a significant reduction in the discontinued loan book.
- The strong financial performance was attributed to achieving the highest-ever quarterly disbursement through an entirely organic route, best-in-class asset quality, and having one of the lowest cost of funds.
- Poonawalla Fincorp’s discontinued loan book reduced to approximately Rs 625 crore by the end of the last fiscal year.
- Poonawalla Fincorp aims to maintain the net non-performing asset (NNPA) below 1% in line with its Management Vision 2025. Gross and net NPAs are also expected to further improve to less than 1.55% and 0.85%, respectively, by the end of the previous fiscal year.
- The company is now part of the Cyrus Poonawalla Group after raising Rs 3,456 crore in May 2021. Rising Sun Holdings Private Limited, a company controlled by Adar Poonawalla, owns a majority stake in the company. Poonawalla Fincorp Limited is a systemically important non-deposit-taking non-banking finance company.
Details of Poonawalla Fincorp Achieves Record disbursement News:
Poonawalla Fincorp Limited, a non-banking finance company promoted by Cyrus Poonawalla group, reported a staggering 151% YoY growth in its total disbursement, amounting to Rs 6,370 crore, in the March 2023 quarter. The company’s assets under management (AUM) also grew by 37% YoY and 16% QoQ, reaching approximately Rs 16,120 crore by the end of March 2023, despite a significant reduction in the discontinued loan book.
Poonawalla Fincorp attributed its strong financial performance to achieving the highest-ever quarterly disbursement through an entirely organic route, best-in-class asset quality, and having one of the lowest cost of funds.
The company further disclosed that its discontinued loan book had reduced to approximately Rs 625 crore by the end of the last fiscal year. In addition, Poonawalla Fincorp aims to maintain the net non-performing asset (NNPA) below 1% in line with its Management Vision 2025. Gross and net NPAs are also expected to further improve to less than 1.55% and 0.85%, respectively, by the end of the previous fiscal year. The company is also reported to have ample liquidity of approximately Rs 3,000 crore at the end of the fiscal year.
Poonawalla Fincorp Limited, a systemically important non-deposit-taking non-banking finance company, is now part of the Cyrus Poonawalla Group after raising Rs 3,456 crore in May 2021. Rising Sun Holdings Private Limited, a company controlled by Adar Poonawalla, owns a majority stake in the company.
About Poonawalla Fincorp:
As of 2022, Poonawalla Fincorp is a Non-Banking Finance Company under the Cyrus S. Poonawalla group, specializing in financing for consumers and MSMEs. The company has a presence in 21 states with over 279 branches.
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