New Delhi:
An announcement was made by the Board of Directors of Poonawalla Fincorp limited (PFL) which is a non-deposit taking and is a systematically important NBFC which focuses mainly on consumer and small business finance. It announced the audited results for the year end in March 31, 2022.
The Performance Highlights (Consolidated) Assets Under Management for FY22 witnessed an increment of Rs 16,579 Cr and recorded a growth of 17 per cent over the FY21. Whereas the disbursements were valued at Rs 9,494 growing by 158 per cent over FY21.
Housing Subsidiary Poonawalla Housing Finance Limited (PHFL) crossed the Rs 5000 Cr AUM tab in Mar’22. NIM saw an increase by 65 bps YoY to 8.9 per cent. Consolidated PBT for FY22 stood at Rs 492 Cr against a loss of Rs 749 Cr in FY21. Whereas PAT for FY22 was stalked at Rs 375 Cr.
The collections remained stale with a exceeding collection efficiency of 108.4 per cent in Mar’22 Asset Quality (Consolidated). In spite of gracious collections in Q4 FY22, the gross Stage 3 and Net Stage 3 assets depreciated from 3.5 per cent and 1.8 per cent respectively. This is also in alignment to depreciation of 2.7 per cent and 1.1 per cent respectively in Mar’22.
The company is doing well as per the coverage ratios across all the three stages. The standard asset provision coverage ratio for Mar’22 was 2.7 per cent. While the Stage 3 provision coverage ratio was stacked at 58.9 per cent.
Liquidity and Cost of Borrowings (Consolidated)
The liquidity position of the company stays firm at a surplus value of Rs 3890Cr. The recalibration of the of term loans and the updated borrowing rates reduced the average borrowing at 7.4 per cent in Q4 FY22 with an overall reduction of 209 bps YoY. The firm and its subsidiary PHFL withstood with there earlier rating of ‘AA+ / Stable’ by CRISIL and CARE.
The Board has accorded an in-principal approval to raise funds in Poonawalla Housing Finance Limited with raise not exceeding Rs 1,000 crore with stake dilution of less than 15 per cent in one or more tranches by way of preferential issue during the Financial Year 2022-23.
CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “We are excited to enter the new financial year with momentum by our side. FY22 has been a year of consolidation for us, and we made considerable progress in line with our Consolidate, Grow and Lead strategy. We are well poised to grow as the execution excellence of consolidation phase propels us now into the growth orbit. As we grow the focus will continue to be on building a sustainable business on pillars of technology and digital first approach, customer centricity, risk management and the alternate distribution channels of Digital, Direct and Partnerships.”
CA Abhay Bhutada, Managing Director, Poonawalla Fincorp said regarding the PHFL, “PHFL has grown at CAGR of ~29 per cent over last 4 years and the disbursement growth for this fiscal has been ~57 per cent over last year. Given the deep unserved potential of the affordable housing segment, favourable demographics and supportive government policies, the Company proposes to raise growth capital for its network expansion and to support AUM growth. We expect to double our book over the next 3 years and carve out our own niche and realize full potential.”
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