Poonawalla Fincorp Ltd reported the highest ever quarterly PAT at ₹200 crore for Q1FY24, up 62 per cent y-o-y and 11 per cent q-o-q.
The company reported highest-ever quarterly disbursements at ₹7,063 crore, up 143 per cent y-o-y and 11 per cent q-o-q and Assets Under Management (AUM) at ₹17,776 crore, up 41 per cent y-o-y and 10 per cent q-o-q.
The Direct Digital Program (DDP) contribution in disbursements increased to 86 per cent in Q1FY24 as compared to 81 per cent in Q4FY23.
The gross NPA was at 1.42 per cent, down 126 bps y-o-y and 2 bps q-o-q while net NPA was at 0.76 per cent down 35 bps y-o-y and 2 bps q-o-q. Return on Assets (RoA) for Q1FY24 was at 4.8 per cent, up 67 bps y-o-y.
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Commenting on the performance, CA Abhay Bhutada, Managing Director, said “We have taken the FY23 momentum ahead with a fantastic start to FY24. The business growth has been strong, complemented with best-in-class asset quality and superior profitability. Our fintech model, with the focus on increasing productivity and improving efficiency, has led to a further reduction in operating expenses”.
Bhutada added, “We continue to focus on the future as we constantly innovate, invest in future trends, remain agile and build a deep eco-system play. We are all geared up and excited about the journey ahead and are confident of delivering an exceptional performance.”