Earnings Review
Poonawalla Fincorp PAT up 46% on firm revenue growth
This story was originally published at 19:53 IST on 20 July 2024
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By Kabir Sharma
NEW DELHI – Poonawalla Fincorp Ltd reported a consolidated net profit of 2.92 bln rupees for the quarter ended June on the back of a robust growth in revenue. The profit was up 45.8% from 2 bln rupees in the year-ago period, but sharply down from 3.32 bln rupees in Jan-Mar. In the March quarter, the company saw a one-time gain of 413 mln rupees, which had given a boost to the bottomline.
The net profit was broadly in line with the Street's expectations. Shares of the company closed 0.4% lower at 411.80 rupees on the National Stock Exchange on Friday.
Total revenue of the company saw an increase of 41% on year and 6.8% on quarter in Apr-Jun and was at 9.78 bln rupees. Interest income, the main component of revenue, rose 37.7% on year to 8.96 bln rupees. Fees and commission income saw a handsome increase of 80.2% on year to 253.2 mln rupees. Total income of the company rose 40.8% on year to 9.96 bln rupees.
The company saw a 148.9% on-year increase in net gain on derecognition of financial instruments, which rose to 510 mln rupees.
Total expenses of the company rose 37.8% on year to 6.06 bln rupees. Other expenses of the company almost doubled to 1.25 bln rupees in Apr-Jun, weighing on the bottomline. Impairment on financial instruments rose 60% on year to 424.9 mln rupees in Apr-Jun.
In its provisional data released earlier, the company told the exchanges that its total disbursements for the June quarter rose 5% on year to 74 bln rupees. Its assets under management grew 52% on year to 269.7 bln rupees as of Jun 30. On the liquidity front, the company continues to have ample liquidity of about 52 bln rupees as of Jun 30, it said. End
Reported by Kabir Sharma
Edited by Deepshikha Bhardwaj
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