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ICICI Securities Report
Poonawalla Fincorp Ltd., in its first quarter of transitioning to new promoter and management change, reported 1.8% return on asset drawing support from normalised credit cost and reduction in borrowing cost.
Accelerated write-offs and contingency buffer created in Q4 FY21 helped contain credit cost at 1.4%.
Expected credit loss provisioning at 7% of assets under management seems adequate for existing stress pool (5.4% stage-III up 5.9% restructuring).
Poonawalla Fincorp's Vision 2025 is to be a diversified tech-enabled non banking financial company with focus on risk-calibrated growth in consumer and business financing.
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