Poonawalla Fincorp Q1 business update: Disbursements grow 143% YoY to ₹7,050 crore; stock hits 52-week high
Poonawalla Fincorp rallied over 4% on Wednesday after the company reported robust business update for the first quarter ending June 2023. The stock hit its fresh 52-week high of ₹375.80 apiece on the BSE during the session. The NBFC recorded its highest ever total disbursements of ₹7,050 crore during Q1FY24, registering a growth of 143% from ₹2,901 crore in the same period last year.
Sequentially, disbursements rose 11% from ₹6,371 crore in Q4FY23. Direct Digital Program (DDP) continued a healthy trajectory, contributing 86% of the total disbursements in Q1FY24 compared to 81% in Q4FY23, 66% in Q3FY23, 54% in Q2FY23 and 32% in Q1FY23, Poonawalla Fincorp said in a regulatory filing. Also Read: HDFC Bank’s Q1 is healthy; merger synergies to ease margin pressure The company’s Assets Under Management (AUM) grew by 41% YoY to ₹17,770 crore as on June 30, 2023. The sequential growth in AUM was 10%.
On asset quality, Poonawalla Fincorp said that gross non-performing assets (GNPA) and net non-performing assets (NNPA) were expected to improve further. Also Read: Hero MotoCorp share price zooms to 52-week high; Harley X440 launch seen boosting market share “As guided, we would strive to maintain the NNPA below 1% in line with its Management Vision 2025," the company said. Moreover, the company continues to have ample liquidity of approximately ₹4,000 crore as on June 30, 2023, it added. Poonawalla Fincorp share price jumped more than 61% in the last one year.
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