Non-banking finance company Poonawalla Fincorp on Thursday said it registered a 44% year-on-year growth and an 8% sequential rise in consolidated disbursement to Rs 3,720 crore for the second quarter of this fiscal. Organic disbursement contributed around 97% to total disbursements, against 80% in Q1FY23.
Consolidated assets under management grew 21% year-on-year and 5% sequentially to Rs 18,550 crore as on September 30, 2022. The company said this growth was despite a sharp reduction in the discontinued loan book which stood at Rs 1,300 crore at end of the second quarter. The AUM for its subsidiary, Poonawalla Housing Finance, stood at Rs 5,600 crore.
The company’s gross non-performing assets (NPA) as on September 30 was at 1.6%. Net NPAs were at 0.9%. The company said the target was to maintain the net NPA below 1%. Liquidity at the NBFC was Rs 4,730 crore.
Care Ratings has upgraded the long-term rating of Poonawalla Fincorp and its housing subsidiary to ‘AAA’ (Triple A), Stable’. This rating is applicable for bank loan facilities, non-convertible debentures, market-linked debentures and subordinated debt.
Adar Poonawalla, chairman, Poonawalla Fincorp, said the financial services business has been identified to be of strategic importance for Cyrus Poonawalla Group.