A non-deposit taking NBFC, Poonawalla Fincorp Ltd, is registered with the RBI. It offers general insurance services, consumer and MSME lending, and other financial services.
Financial Results:
Poonawalla Fincorp Ltd.’s revenue in Q3FY23 rose 44% to ₹ 482 crores. Consolidated Profit After Tax came at ₹ 182 crores showcasing a 89% rise YoY over the corresponding period. In this quarter’s results, the reports suggested that the firm has continued to deliver consistent performance in all key operational and financial indicators in Q3Y23.
Management Commentary:
“It’s been 6 quarters since Magma acquisition; we have successfully completed Phase 1 of technology transformation and launched multiple new products as per our stated strategy. It has helped put in place a stable and scalable digital platform. With strong roots in place, the Company has now embarked on the phase 2 journey and on its way to launch EMI card, Credit card, and other Digital Loan offerings over the next 3 quarters through a state-of-the-art digital platform to offer superior customer experience.”
– Management in Q3FY23 Investor Presentation