{"id":20496,"date":"2022-02-02T10:20:00","date_gmt":"2022-02-02T04:50:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/poonawalla-fincorp-limited-3\/"},"modified":"2022-02-02T10:28:32","modified_gmt":"2022-02-02T04:58:32","slug":"poonawalla-fincorp-limited-3","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/poonawalla-fincorp-limited-3\/","title":{"rendered":"Poonawalla Fincorp Q3FY22 Consolidated Profit Before Tax up 651 Percent YoY to Rs. 130 Cr; Significant Reduction in Credit Costs and Improvement in Asset Quality"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1100438178\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Pune, Maharashtra, India \u2013 Business Wire India The Board of Directors of Poonawalla Fincorp Limited (PFL), a non-deposit taking systemically important NBFC focusing on consumer and small business finance, today announced its un-audited results for the quarter ended December 31, 2021 (Q3FY22).<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4188828146\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The consolidated results include the performance of PFL\u2019s housing finance subsidiary, Poonawalla Housing Finance Limited (PHFL) and its joint venture, Magma HDI General Insurance Company Limited (MHDI).<\/p>\n<p>Performance Highlights (Consolidated) \u2022 Assets Under Management remained at Rs. 15,228 crore<\/p>\n<p>\u2022 NIM increased by 25 bps YoY to 8.8% in Q3FY22, driven largely by a reduction in interest expenses<\/p><div class=\"trade-content_5\" id=\"trade-3960889896\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u2022 Consolidated PBT was up 651% YoY, increasing from Rs. 17 crore in Q3FY21 to Rs. 130 crore in Q3FY22, driven largely by a reduction in interest cost and recovery led credit costs<\/p>\n<p>\u2022 Collections continued to remain buoyant; above 99% in Dec\u201921 Asset Quality Consequent to healthy collections in Q3FY22, Gross Stage 3 and Net Stage 3 assets decreased from 4.1% and 2.0% respectively as of Sep\u201921 to 3.5% and 1.8% respectively as at Dec\u201921 on a consolidated basis. The Company has one of the best provision coverage ratios across all three stages. The standard asset coverage ratio as of Dec\u201921 stands at 3.3%; the Stage 3 asset coverage ratio stands at 50.1%.<\/p>\n<p>Liquidity and Cost of Borrowings The Company continues to maintain a strong liquidity position with over Rs. 3,200 crore of surplus liquidity, and additional term loan sanctions in the hand of Rs. 1,490 crore. The repricing of all eligible term loans has been competed in Q3FY22, with an overall reduction of over 160 bps. New loan sanctions received at sub 6.5%.<\/p>\n<p>The company was assigned a long-term rating of \u2018AA+ \/ Stable\u2019 by CRISIL. The short-term rating was retained at the highest level of \u2018A1+\u2019.<\/p>\n<p>Business Update The Company continued its product focus on consumers and small businesses. During the quarter, the Company entered into multiple co-lending \/ fintech partnerships along with adding small-ticket LAP and medical equipment loan products.<\/p>\n<p>About Poonawalla Fincorp Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI).<\/p><div class=\"trade-content-10\" id=\"trade-724455423\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital raise of Rs 3,456 Crore in May\u201921, the Company is now part of the Cyrus Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.<\/p>\n<p>The Company\u2019s new identity \u201cP\u201d stands for Passion, Principles, Purpose, People and Possibilities. Poonawalla Fincorp Limited (\u201cPFL\u201d) has a widespread coverage with 279 branches across 21 States.<\/p>\n<p>The Company has AUM of Rs.15,228 crore and employs more than 7,000 people. The Company\u2019s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, affordable home loans and general insurance.<\/p>\n<p>About Cyrus Poonawalla Group The Cyrus Poonawalla Group of Companies, headquartered in Pune, are a diversified group with business interests that include Pharmaceuticals &amp; Biotechnology, Financial Services, Clean Energy, Hospitality &amp; Realty and Aviation. Serum Institute of India Private Limited, the group\u2019s flagship company, is the world\u2019s largest manufacturer of vaccines, supplying to Indian as well as global markets.<\/p>\n<p>For more information, please log on to: www.poonawallafincorp.com PWR PWR<\/p>\n<div class=\"trade-after-content\" id=\"trade-1440302696\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Pune, Maharashtra, India \u2013 Business Wire India The Board of Directors of Poonawalla Fincorp Limited (PFL), a non-deposit taking systemically important NBFC focusing on consumer and small business finance, today announced its un-audited results for the quarter ended December 31, 2021 (Q3FY22). The consolidated results include the performance of PFL\u2019s housing finance subsidiary, Poonawalla Housing [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31],"tags":[],"class_list":["post-20496","post","type-post","status-publish","format-standard","hentry","category-company-results","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Poonawalla Fincorp Q3FY22 Consolidated Profit Before Tax up 651 Percent YoY to Rs. 130 Cr; Significant Reduction in Credit Costs and Improvement in Asset Quality - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/poonawalla-fincorp-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poonawalla Fincorp Q3FY22 Consolidated Profit Before Tax up 651 Percent YoY to Rs. 130 Cr; Significant Reduction in Credit Costs and Improvement in Asset Quality\" \/>\n<meta property=\"og:description\" content=\"Pune, Maharashtra, India \u2013 Business Wire India The Board of Directors of Poonawalla Fincorp Limited (PFL), a non-deposit taking systemically important NBFC focusing on consumer and small business finance, today announced its un-audited results for the quarter ended December 31, 2021 (Q3FY22). 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