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Poonawalla Fincorp net profit before tax up 151% YoY to Rs 126 cr

10:45 AM Oct 28, 2021 | Agencies

The Board of Directors of Poonawalla Fincorp Limited (PFL), a non-deposit taking systemically important NBFC focusing on consumer and small business finance, today announced its un-audited results for the quarter ended September 30, 2021 (Q2 FY22).

Consolidated PBT was up 151 per cent YoY, increasing from Rs 50 crore in Q2 FY21 to Rs 126 crore in Q2 FY22, driven largely by reduction in interest expenses and credit costs.

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The consolidated results include the performance of PFL’s wholly-owned housing finance subsidiary, Poonawalla Housing Finance Limited (PHFL), and its joint venture, Magma HDI General Insurance Company Limited (MHDI).

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The Company continues to maintain a strong liquidity position with around Rs 1,700 crore of surplus liquidity, with additional term loan sanctions in hand of Rs 1750 crore. Significant amount of existing loans were repriced in Q2FY22, with reduction of over 120 bps. New sanctions received at sub-6.5 per cent

The company’s long-term rating was upgraded by two notches to ‘AA+; Stable’ by Care Ratings following its review process. The short-term rating was retained at the highest level of ‘A1+’.

Revised Product Focus Pursuant to the capital infusion and rebranding, the Company launched new products like Personal loans, Loans to Professionals, and SME LAP. Other products at an advanced stage of rollout are: medical equipment loan, small ticket LAP, and co-lending/fintech partnerships.

(With inputs from PTI)

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