Poonawalla Fincorp achieves significant milestone of GNPA below 1% and NNPA below 0.5% as on 31st May 2024

Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, has achieved a significant milestone of Gross NPA below 1% and Net NPA below 0.5% as on 31st May 2024. It continued to register robust financial performance, demonstrating strong growth in AUM, profitability, and superior asset quality.

Management Commentary: "Under the dynamic leadership of our Managing Director, Mr. Abhay Bhutada, the company has successfully changed its trajectory to emerge as a leader in the lending space with the biggest transformation over the last 3 years witnessed in the NBFC space, with AUM crossing Rs. 25,000 crore and PAT crossing Rs, 1,000 crore in FY2024. At the time of acquisition in 2021, as per management stated Vision 2025, the target was to achieve Net NPA below 1% in 2025, however, the company achieved Gross NPA below 1% and Net NPA below 0.5% as at 31st May 2024. The company has been able to give stellar results, with pristine asset quality due to its strategic business model, robust risk & governance practices, and improvement in collection efficiency."

Shares of Poonawalla Fincorp Limited was last trading in BSE at Rs. 449.60 as compared to the previous close of Rs. 448.40. The total number of shares traded during the day was 22738 in over 925 trades.

The stock hit an intraday high of Rs. 453.15 and intraday low of 441.45. The net turnover during the day was Rs. 10144388.00.

Source : Equity Bulls

Keywords

PoonawallaFincorp INE511C01022 Milestone GNPA AssetQuality