Poonawalla Fincorp on Wednesday reported a 153 per cent jump in its consolidated net profit to Rs 96 crore in the quarter ended September 2021.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The company had posted a net profit of Rs 38 crore during the corresponding quarter of the previous financial year.

See Zee Business Live TV Streaming Below:

Its total income during July-September 2021, however, fell nearly 15 per cent to Rs 513 crore, against Rs 603 crore in the year-ago period, Poonawalla Fincorp said in a regulatory filing.

The non-deposit-taking non-banking financial company (NBFC) also registered a 15 per cent fall in its interest income to Rs 483 crore in the September 2021 quarter, from Rs 566 crore in the year-ago quarter.

Assets under management (AUM) grew nearly six per cent quarter-on-quarter to Rs 15,275 crore at the end of September 2021, Poonawalla Fincorp said in a statement.

Collections showed an improving trend from 93.1 per cent in June 2021 to 98 per cent in July to further 99.9 per cent in September 2021, it said.

"Consequent to improvement in collections in Q2FY22, gross stage-3 (non-performing assets/ NPAs) and net stage-3 assets decreased from 5.4 per cent and 2.7 per cent, respectively, as at June 2021 to 4.1 per cent and 2 per cent, respectively, as at September 2021 on a consolidated basis," it added.

The company continues to maintain a strong liquidity position with around Rs 1,700 crore of surplus liquidity, with additional term loan sanctions in the hand of Rs 1,750 crore.

"Significant amount of existing loans were re-priced in Q2FY22, with reduction of over 120 bps (basis points). New sanctions received at sub-6.5 per cent," it added.

Pune-based Poonawalla Fincorp (formerly Magma Fincorp) is owned by Cyrus Poonawalla group, which focuses on consumer and small business financing.

Shares of Poonawalla Fincorp on Wednesday closed at Rs 164.45 apiece on the BSE, up 2.52 per cent from the previous close.