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Poonawalla Fincorp records Rs 492 crore profit in 2021-22 fiscal

The press statement issued by the company mentioned strong liquidity position with surplus of Rs 3,890 crore, which has brought down the average cost of borrowing to 7.4 per cent in the last quarter of financial year 2022.

By: Express News Service | Pune |
Updated: May 19, 2022 7:33:17 am
Serum Institute of India CEO Adar PoonawallaSerum Institute of India CEO Adar Poonawalla (file photo)

After reporting loss of Rs 749 crore in the financial year 2020-21, Poonawalla Fincorp Limited has reported profit of Rs 492 crore in the fiscal of 2021-22. Results of the company, which were declared recently, also talked about growth of 158 per cent in disbursement, which stood at Rs 9,494 crore.

The non-deposit taking systematically important NBFC reported a healthy collection efficiency of 108.4 per cent in the financial year of 2021-22. Standard asset provision coverage ratio, as of March 2022, stood at 2.7 per cent and stage 3 provision coverage ratio stood at 58.9 per cent

The press statement issued by the company mentioned strong liquidity position with surplus of Rs 3,890 crore, which has brought down the average cost of borrowing to 7.4 per cent in the last quarter of financial year 2022.

“The company and its subsidiary PHFL continues to have long-term rating of ‘AA+ / Stable’ by CRISIL and CARE,” the report said. The focus of the company remained on consumer and small business segments, with the company entering leadership in pre-owned cars and loan to professional segments. Direct, digital and partnership model of origination registered 43.7 per cent quarter-on-quarter growth. The board has recommended a dividend payment of 20 per cent subject to shareholders approval.

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“The Board has accorded in-principle approval to raise funds in Poonawalla Housing Finance Limited, with raise not exceeding ?1,000 crore and stake dilution of less than 15% in one or more tranches by way of preferential issue during the financial year 2022-23,” read a press release by the company.

CA Abhay Bhutada, managing director of the company, said the last fiscal was a year of consolidation for them. “ As we grow, the focus will continue to be on building a sustainable business on pillars of technology and digital first approach, customer centricity, risk management and the alternate distribution channels of Digital, Direct and Partnerships.”

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