Poonawalla Fincorp Reports Highest Disbursements and Growth in Q4FY24

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Poonawalla Fincorp Limited has announced its financial results for the quarter ended March 31, 2024. The company reported record-high disbursements of approximately Rs. 9,680 crore during Q4FY24, marking a 52% year-on-year increase and an 11% quarter-on-quarter increase. This surpasses the disbursements of Rs. 6,371 crore in Q4FY23 and Rs. 8,731 crore in Q3FY24.

The Assets Under Management (AUM) of Poonawalla Fincorp also saw significant growth, with a 54% year-on-year increase and a 13% quarter-on-quarter increase, reaching approximately Rs. 24,800 crore as of March 31, 2024.

The company expects its asset quality to improve further, with Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) projected to be less than 1.20% and less than 0.60% respectively. The management aims to maintain the NNPA below 1% in line with its vision for 2025.

Poonawalla Fincorp maintains a strong liquidity position, with approximately Rs. 3,600 crore in liquidity as of March 31, 2024.

Abhay Bhutada, the Managing Director of Poonawalla Fincorp, commented that the fiscal year 2024 showed significant growth across all business parameters, indicating a successful transformation. He highlighted the successful quarter, Q4FY24, with the highest ever quarterly disbursements across all product lines, achieved organically with exceptional asset quality. Bhutada expressed confidence in achieving the company’s Vision 2025, aided by the lowest cost of funds in the industry.

Note: The reported information is provisional and subject to audit by the company’s statutory auditors.

Poonawalla Fincorp Limited operates in the financial services industry, specifically in the area of lending and asset management. The company provides various financial products and services, including loans, investment management, and wealth management. With its record-high disbursements and impressive growth in Assets Under Management (AUM), Poonawalla Fincorp has showcased its position as a leading player in the industry.

The financial results for the quarter ended March 31, 2024, indicate a strong performance by the company. The year-on-year increase of 52% in disbursements and 54% in AUM reflects the growing demand for Poonawalla Fincorp’s products and services. This can be attributed to the company’s focus on meeting the financial needs of its customers and offering competitive terms.

Moreover, Poonawalla Fincorp expects its asset quality to further improve. Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) are projected to be less than 1.20% and less than 0.60% respectively. Maintaining a low level of NPAs is crucial for the company’s long-term success and stability.

The management of Poonawalla Fincorp is confident in achieving its Vision 2025, which includes maintaining the NNPA below 1%. This vision reflects the company’s commitment to managing risks effectively and ensuring the financial health of its portfolio.

In terms of liquidity, Poonawalla Fincorp has a strong position with approximately Rs. 3,600 crore as of March 31, 2024. This indicates that the company has sufficient funds to meet its obligations and continue its business operations.

Overall, Poonawalla Fincorp’s financial performance and strategic focus position it well for future growth in the financial services industry. The company’s successful transformation and vision for the future, coupled with its strong liquidity position, make it an attractive player in the market.

For more information about Poonawalla Fincorp and its services, you can visit their official website: link.

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