Poonawalla Fincorp, a Non-Banking Financial Company (NBFC) based in Pune and a part of the Poonawalla Group known for being the world’s largest Covid vaccine maker through Serum Institute of India, has reported its financial results for the first quarter of the current fiscal year.
According to the regulatory filing, Poonawalla Fincorp’s net profit for the June quarter saw an impressive growth of 62% compared to the same period last year, amounting to Rs 200 crore. In the corresponding period of the previous fiscal year, the company had recorded a net profit of Rs 124 crore.
Furthermore, the total income for the first quarter of the current fiscal rose to Rs 712 crore, a substantial increase from Rs 429 crore in the same quarter of the previous year.
The improvement in the company’s financial performance can be attributed to an increase in interest income, which reached Rs 656 crore in the current June quarter compared to Rs 386 crore in the corresponding quarter of 2022. However, the total expenses of the NBFC also rose to Rs 445 crore in the current quarter as compared to Rs 295 crore in the year-ago period.
Additionally, Poonawalla Fincorp’s asset quality showed signs of improvement, with gross non-performing assets (NPAs) declining to 1.42% of gross advances at the end of the June quarter, down from 2.68% in the same period last year. The net non-performing assets or bad loans also decreased to 0.76% from 0.78% in the year-ago period.
Overall, the financial results indicate a positive performance for Poonawalla Fincorp in the first quarter of the fiscal year, with significant growth in net profit and total income, along with an improvement in asset quality.