Poonawalla Fincorp reports highest ever quarterly profit of Rs 230 crore in Q2FY24
New Delhi: Poonawalla Fincorp on Friday reported highest ever quarterly standalone profit after tax (excluding exceptional item) of Rs 230 crore for the quarter ending September 2023 (Q2FY24).
The non-banking finance company had posted a profit of Rs 130.17 crore in the same quarter a year ago.
The company's standalone net profit for the September quarter including the exceptional item stood at Rs 1,258.89 crore.
Poonawalla Fincorp sold its investment in Poonawalla Housing Finance Limited on July 26, 2023 (effective date) with the requisite regulatory approvals pursuant to execution of a definitive share purchase agreement with Perseus SG Pte. Ltd.
The company in a statement said that it achieved the highest ever quarterly disbursement of Rs 7,807 crore in the July-September quarter, up 151% year-on-year.
"Poonawalla Fincorp's Assets Under Management (AUM) stood at Rs 20,215 crore, up 54% YoY and 14% QoQ. It reflects the trust and confidence placed by its customers," the company said.
Commenting on the results, Abhay Bhutada, Managing Director, Poonawalla Fincorp, said, “The first half of FY24 has been extremely promising for us with exceptional results for the second quarter as well. We continued to build on the momentum by crossing Rs 20,000 crore mark in AUM, achieving highest profitability, best-in-class asset quality and significant growth across various financial parameters."
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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