Poonawalla Fincorp's net income doubles to Rs 181 cr in March quarter

Poonawalla Fincorp on Wednesday said its net income more than doubled to Rs 181 crore (up 103 per cent) in the March quarter, driven by higher loan sales and better asset quality.

For the full year (FY23), the Pune-based company doubled its net income to Rs 585 crore, making it the highest-ever net income reported by the firm.

The company's on record loan disbursals also grew 37 per cent to Rs 16,143 crore in the financial year 2022-23 and the disbursal for the quarter were highest-ever as it jumped 151 per cent to Rs 6,371 crore.

The non-deposit taking NBFC, focused on consumer and MSME finance, said its overall asset quality improved massively with gross Non Performing Assets (NPAs) coming down by 185 basis points (bps) to 1.44 per cent and the net NPAs falling 52 bps to 0.78 per cent, thus boosting its bottom line.

Its digital disbursements increased to 81 per cent in the quarter from 24 per cent in Q4FY22.

Net interest margin climbed 87 bps to 11.3 per cent for the quarter und