Poonawalla Fincorp, a non-deposit-taking NBFC, on Wednesday said it has recorded the highest-ever profit after tax (PAT) of Rs 585 crore in FY23, which is around 100 per cent higher y-o-y as compared to the year-ago period. In the fourth quarter also (Q4 FY23), the company’s profit jumped about 103 per cent to its highest-ever PAT of Rs 181 crore.
The company also recommended a dividend of Rs 2 per share (100 per cent of face value) for FY23, subject to shareholders’ approval, according to a regulatory filing.
Poonawalla’s assets under management (AUM) also jumped 37 per cent to Rs 16,143 crore as on March 31, 2023.
On the assets quality front, gross non-performing assets (GNPAs) fell 185 basis points (bps) year-on-year to 1.44 per cent at the end of March 2023. Its net NPA also fell 52 basis points to 0.78 per cent. The company’s capital adequacy ratio stood at 39 per cent as of March 31, 2023.
Its net interest margin (NIM) rose 87 per cent year-on-year to 11.3 per cent in the March 2023 quarter.
Abhay Bhutada, managing director of Poonawalla Fincorp, said, “FY23 has been a year of exemplary performance across business growth, credit quality and profitability. Our strong fundamentals and execution are reflected in our credit rating upgrade to AAA by both CRISIL and CARE. We have led the way in building a real Fintech model at scale, with asset quality which is best-in-class, along with superior profitability.”
He added that the company’s ability to innovate, understand future trends, deliver at pace, and build a strong digital ecosystem, has made us a lender of choice. With an efficient cost of borrowing, lower operating cost, controlled credit cost, and a branch-lite tech-led model, we are well poised to deliver sustainable and exceptional performance.
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