Pune Aug 09 :- Poonawalla Fincorp Limited (PFL) has reported 118 per cent year-on-year rise in net profit for the first quarter of the present fiscal. At Rs 141 crore, this rise was due to improvement in Net Interest Margins (NIM) by 155 basis points, according to a press statement issued by the company.
The non-deposit taking systematically NBFC, focused on consumer and MSME finance, has also reported a total asset under management of Rs 17,600 crore, which is a 6.5 per cent Quarter-on-Quarter (QoQ) growth.
Disbursements under the company’s Direct, Digital and Partnership model (DPP) have almost doubled from 17.5% in Q4 FY22 to 34.1% of the total disbursement in the current quarter.
Commencing with two or three products, PFL today offers a diverse product range which includes personal loans, pre-owned car finance, loans against property, professional loans, small business loans, loans for medical equipment, and newly-launched loans for machinery and supply chain finance products. Furthermore, PFL will launch EMI cards, credit cards, consumer finance, and merchant cash advances over a 12-18 month period.
The product focus on pure retail segments of consumer and MSME finance continued. The company further consolidated its leadership in pre-owned car finance and loan to professionals segment.
Also, quarterly disbursements across product lines of business loans, personal loans, loan to professionals, pre-owned cars and loan against property were the highest in Q1,FY23.
This, coupled with consistent increase in lending via the direct, digital and partnership (DDP) model of origination, has further strengthened and diversified the company’s distribution.
Poonawalla Housing Finance Limited (PHFL), the 100% subsidiary of PFL, crossed the AUM milestone of INR 5,000 crore, clocking 30.5% year-on-year growth to stand at an AUM of Rs 5,282 crore this quarter.
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