Poonawalla Fincorp Ltd.'s standalone net profit rose 76.3% in the third quarter of the current fiscal, meeting analysts' estimates.
The non-banking financial company's profit increased to Rs 265.1 crore for the quarter ended December, according to an exchange filing on Thursday. Analysts polled by Bloomberg estimated a profit of Rs 255.4 crore.
Sequentially, the profit was up 15%.
The lender's total income stood at Rs 773.8 crore, up 48.9% year-on-year.
Poonawalla Fincorp Q3 FY24 Highlights (Standalone)
Net profit up 76.3% at Rs 265.1 crore (YoY).
Total income up 48.9% at Rs 773.8 crore (YoY).
Gross NPA: 1.33% vs 1.36% (QoQ).
Net NPA: 0.70% vs 0.72% (QoQ).
The company's assets under management stood at Rs 21,946 crore, up 58% year-on-year. Sequentially, it grew 9%.
Its return on assets stood at 5.3% in Q3, up 54 basis points quarter-on-quarter. The provision coverage ratio stood at 47.33%.
As of Dec. 31, the lender's capital adequacy ratio stood at 38.2%. Its total balance sheet size grew to Rs 21,232 crore, up 40% year-on-year.
The net interest margin compressed 40 bps quarter-on-quarter to 11.02%, from the previous 11.42%.
The lender has declared an interim dividend of Rs 2 per share. It also approved fundraising of up to Rs 4,000 crore via non-convertible debentures.
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