Poonawalla Fincorp gains 4% after posting highest ever disbursements

Asset quality showed improvement with gross non-performing asset (GNPA) and net non performing asset (NNPA) less than 1.55 percent and 0.85 percent respectively as on March 31, 2023, said Poonawalla Ficorp.

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Shares of Poonawalla Fincorp Ltd (PFL) surged around 4 percent on April 5 after reporting the highest-ever disbursements at approximately Rs 6,370 crore in Q4 of FY23, up 151 percent YoY and 89 percent QoQ.

Assets Under Management (AUM) grew by 37 percent YoY and 16 percent QoQ to approximately Rs 16,120 crore as on March 31, 2023, despite the sharp reduction in the discontinued loan book, the financier said in a regulatory filing. Asset quality showed improvement with gross non-performing asset (GNPA) and net non-performing asset (NNPA) less than 1.55 percent and 0.85 percent respectively as on March 31, 2023.

However, the stock shed its early gains on likely profit-taking and came off its day’s high. At 11:57 am, shares of PFL were trading at Rs 291.85, up 0.3 percent, on the BSE. Shares of the non-banking finance company have delivered 1,644 percent returns in the past three years.

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With digital as the core for the new management, Anand Rathi Share and Stock Brokers believes robust growth and competitive cost of funds will drive a 38 percent compounded annual growth in loans over FY23-25 for the company’s standalone unit. The brokerage firm has a ‘buy’ recommendation on the company’s stock with a target price of Rs 417.

“PFL has the ability to grow its AUM over 38 percent with sustainable RoAs (Return on Assets) of more than 3.8 percent in the medium to long run. With a strong parentage and focus on tech in place, it has resources to capture considerable market share,” Anand Rathi said.