Poonawalla Fincorp's consolidated Q1 net profit up 118% to Rs 141 crore

Poonawalla Fincorp Ltd, erstwhile Magma Fincorp, posted 118 per cent year-on-year (YoY) rise in net profit at Rs 141 crore for the first quarter ended June 2022 (Q1FY23) on improvement in net interest margins (NIM).

It had posted a consolidated profit of Rs 64.5 crore in quarter ended June 2021 (Q1FY22) and Rs 119 crore in quarter ended March 2022 (Q4FY22). Its stock closed 3.5 per cent higher at Rs 271.95 per share on BSE.  

Poonawalla Fincorp’s NIMs were up by 155 basis points YoY to 9.5 per cent. Sequentially, however, they were down by seven basis points quarter on quarter (QoQ)