Poonawalla Fincorp Ltd shares gained more than 2% after the company reported a healthy double-digit jump of over 50% in its total disbursements for the final quarter of the financial year 2023-24, while the assets under management (AUM) also witnessed growth.
The financial company reported a 52% year-on-year (YoY) uptick in total disbursements at ₹9,680 crore during the quarter ended March 31, 2024, from ₹6,371 crore in the year-ago period. Total disbursements increased 11% quarter-on-quarter (QoQ) compared to ₹8,731 crore in the December 2023 quarter.
The company’s Assets Under Management (AUM) jumped 54% on a YoY basis and 13% quarter-on-quarter to about ₹24,800 crore as on March 31, 2024.
Poonawalla Fincorp stated that its gross Non Performing Asset (GNPA) and Net Non-Performing Asset (NNPA) are likely to show further improvement and fall under 1.2% and 0.6% respectively, going ahead.
As per its guidance, Poonawalla Fincorp noted that it would strive to maintain the NNPA below 1% in line with the company’s Management Vision 2025.
Further, the company continues to showcase an ample amount of liquidity of almost ₹3,600 crore at the end of FY24.
“FY24 was the year of significant growth across all business parameters reflective of successful and seamless transformation. The year witnessed remarkable improvement not only on AUM but also on profitability and credit quality across four quarters. Q4FY24 was the best quarter thus far with highest ever quarterly disbursement across all products, all through organic route, with best-in-class asset quality,” said the Managing Director of Poonawalla Fincorp, Abhay Bhutada on April 3, 2024.
Shares of Poonawalla Fincorp were trading 0.6% higher at ₹495.35 apiece on BSE at 10:55 am.
