Sequentially, disbursements rose 3% in Q1 FY23 compared with Rs 3,330 crore in Q4 FY22, as company witnessed significant business momentum during the quarter.

Assets under management (AUM) stood at Rs 17,690 crore as of 30 June 2022, a growth of 23% YoY and 7% QoQ. The company expects the net stage 3 (NS3) below 1.10% and Gross Stage 3 (GS3) below 2.50% as of 30 June 2022. This is in line with the management vision 2025 to bring down net stage 3 below 1%.

The company said it had liquidity of approximately Rs 4,500 crore as on 30 June 2022.

The management in a regulatory filing commented, Q1 is generally a muted quarter, however the company continued the trend of significant improvement in its organic disbursements across all products in Q1 FY23. Organic disbursements were more than Rs 1,000 crore in month of June taking the annualized run rate to more than Rs 12,000 crore. We expect the growth momentum to continue in the coming quarters supported by change in the product mix and the increased contribution from the distribution pillars of direct, digital and partnerships (DDP). The share of DDP disbursements doubled to 35% in Q1 FY23 up from 17.5% in Q4 FY22. The company continued to make progress on technology and people initiatives.

Poonawalla Fincorp (Formerly known as Magma Fincorp) 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).

The NBFC reported a consolidated net profit of Rs 118.89 crore as against a net loss of 647.72 crore in Q4 FY22 over Q4 FY21. Total income fell 9.8% to Rs 529.46 crore during the period under review.

Shares of Poonawalla Fincorp rose 0.13% to Rs 229.90 on the BSE.

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