Punawala Fincorp, previously Magma Fincorp, reported a consolidated profit (PAT) of Rs 118.9 crore for the quarter ended March 2022, Friday. NBFC has incurred a loss of Rs 647.7 crore in Q4FY21
Revenue declined 10.6% year-on-year to Rs 512.2 crore, while assets under management (AUM) of the firm increased 16.5% yoy to Rs 16,579 crore for FY22.
Abhay Bhutada, managing director of Punawalla Fincorp, says FY22 was the year of consolidation and the company is now poised for growth.
The company’s consolidated PAT for FY22 was Rs 375 crore, whereas PBT was Rs 492 crore, while FY21 had a loss of Rs 749 crore NIM 65 bps yoy increased by 8.9%. FY22 disbursed Rs 9,494 crore, an increase of 158% over FY21.
The Punawalla Fincorp Board has approved a capital increase of up to Rs 1,000 crore for the housing subsidiary, Punawalla Housing Finance (PHF), with a stake of less than 15% in one or more steps on a priority issue in FY23. PHF crossed the AUM mark of Rs 5,000 crore in March 2022.
Bhutada said the funds were raised to expand the network and support AUM growth. PHF AUM FY25 is estimated to be more than Rs 10,000 crore “There will also be value unlocking in the housing finance subsidiary in the future, including an initial public offering,” Bhutada said.