Poonawalla Fincorp net profit jumps 5 times to Rs 860 crore
economictimes.indiatimes.comPoonawalla Fincorp's consolidated net profit rose five times to Rs 860 crore in the quarter ended September 2023 from Rs 163 crore a year ago, helped by gains from the company's sale of its housing finance business and a record loan disbursement during the quarter.
Profits were helped by a gain of Rs 2,309 crore due to the sale of Poonawalla Housing Finance to TPG Global LLC, which was approved by the Reserve Bank of India in May. Excluding this exceptional item, the company still made a record quarterly net profit of Rs 230 crore, up 77% year on year.
During the quarter the company more than doubled its disbursement to Rs 7,807 crore.
Assets under management increased 54% to Rs 20,215 crore. The loan growth was led by lending to MSMEs which make up 35% of its loan book, and person and consumer loans which make up 22% of the loans.
