Poonawalla Fincorp Q2 Results: NBFC slips into red with loss of Rs 471 crore as personal loan provision multiplies
The company reported a loss of Rs 471 crore in the September 2024 quarter from a profit of Rs 860 crore a year ago because of 32 times increase in provision to Rs 910 crore from Rs 28 crore a year ago.
Provisions for the STPL portfolio stood at Rs 666 crore. The company said it had recalibrated credit parameters and improved the provision coverage ratio to 84.47% from 52.53% in June 2024.
«We have made provisioning for the STPL book with a clear intent for better risk management and financial resilience. We are strengthening our balance sheet for a long-term strategy. With the management depth that is already on board, we are confident that we will take the existing 4 products to a total of 10 products. I believe this will transform Poonawalla Fincorp within the first 4-6 quarters both in terms of diversity of customer segments, distribution, recalibration of overall risk, substantial lift in AUM and a foundation for recalibration of profit in the third year,» CEO Arvind Kapil said in a press statement.
Gross NPA increased mainly due to higher slippages in STPL portfolio.
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