Mumbai: Poonawalla Fincorp Limited has achieved a significant milestone of Gross NPA below 1% and Net NPA below 0.5% as on 31st May 2024.
The Company – a non-deposit taking systematically important NBFC focusing on customers and MSME finance — continued to register robust financial performance, demonstrating strong growth in AUM, profitability and superior asset quality.
“Poonawalla Fincorp Limited, under the dynamic leadership of Abhay Bhutada, has successfully changed its trajectory to emerge as a leader in the lending space with the biggest transformation over the last three years witnessed in the NBFC space, with AUM crossing Rs 25,000 crore, and PAT crossing Rs 1,000 crore in FY2024,” according to a company release.
“At the time of acquisition in 2021, as per management stated Vision 2025, the target was to achieve NET NPA below 1% in 2025. However, the company achieved Gross NPA below 1% and Net NPA below 0.5% as at 31st May 2024.”
“The company has been able to give stellar results with pristine asset quality due to its strategic business model, robust risk & governance practices, and improvement in collection efficiency.”
The Company is a Cyrus Poonawala group-promoted non-deposit that started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
