Poonawalla Fincorp, earlier Magma Fincorp, on Friday reported a consolidated profit after tax (PAT) of Rs 118.9 crore for the quarter ended March 2022. The NBFC had posted a loss of Rs 647.7 crore in Q4FY21.
Revenues declined by 10.6% year-on-year to Rs 512.2 crore, while the firm’s assets under management (AUM) for FY22 rose 16.5% y-o-y to Rs 16,579 crore.
Abhay Bhutada, managing director, Poonawalla Fincorp, said FY22 was a year of consolidation and the company is now poised for growth.
The company’s consolidated PAT for FY22 stood at Rs 375 crore, while PBT was at Rs 492 crore against a loss of Rs 749 crore in FY21. NIM increased by 65 bps y-o-y to 8.9%. The FY22 disbursements stood at Rs 9,494 crore, jumping 158% over FY21.
The Poonawalla Fincorp board has approved a capital raise of up to Rs 1,000 crore for the housing subsidiary, Poonawalla Housing Finance (PHF), with a stake dilution of less than 15% in one or more tranches by way of a preferential issue during FY23. PHF crossed the Rs 5,000-crore AUM mark in March 2022.
Bhutada said the fundraising is for network expansion and to support AUM growth. The PHF AUM is projected to grow to over Rs 10,000 crore by FY25. “There will also be value unlocking in the housing finance subsidiary with an initial public offering in future,” Bhutada said.