Poonawala Fincorp Reports Highest Ever Disbursements Of Rs 9,680 Cr In Q4

Poonawalla Fincorp, a leading non-banking financial institution, has announced its performance for the quarter ended 31 March 2024, showcasing robust growth and resilience in the face of evolving market dynamics.

According to the official communique, Poonawalla Fincorp showcased remarkable performance in Q4FY24, reporting its highest-ever total disbursements, which surged to approximately Rs 9,680 crore. 

This figure represents a significant 52 per cent year-on-year increase and an 11 per cent quarter-on-quarter surge compared to the previous year's figures of Rs 6,371 crore in Q4FY23 and Rs 8,731 crore in Q3FY24, respectively. 

Concurrently, the company witnessed substantial growth in its Assets Under Management (AUM), soaring by 54 per cent year-on-year and 13 per cent quarter-on-quarter to approximately Rs 24,800 crore as of 31 March 2024. 

With a strong focus on asset quality, Poonawalla Fincorp anticipates further enhancements, aiming to keep Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) below 1.20 per cent and 0.60 per cent, respectively. 

The company remains committed to maintaining NNPA below 1 per cent in alignment with its Management Vision 2025. 

Additionally, Poonawalla Fincorp continues to bolster its financial stability with substantial liquidity, boasting approximately Rs 3600 crore available as of 31 March 2024, ensuring operational agility and resilience in the face of evolving market dynamics.

Abhay Bhutada, Managing Director of Poonawalla Fincorp, expressed his satisfaction with the company's performance, stating, "FY24 was the year of significant growth across all business parameters, reflective of successful and seamless transformation. The year witnessed remarkable improvement not only in AUM but also in profitability and credit quality across four quarters."

He further added, "Q4FY24 was the best quarter thus far, marked by the highest-ever quarterly disbursements across all products, achieved organically, and accompanied by best-in-class asset quality. We continue to maintain one of the lowest costs of funds in the industry. This positions us well to achieve our stated Vision 2025."

Poonawalla Fincorp's robust performance in Q4FY24 underscores its commitment to delivering value to stakeholders while maintaining a strong focus on sustainable growth and prudent risk management practices. With a solid foundation and strategic vision in place, the company remains poised for continued success in the evolving financial landscape.