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Poonawalla Fincorp returns to profit

Poonawalla Fincorp, previously Magma Fincorp, a city-based NBFC, claimed a return to profitability in the fourth quarter of FY22, as well as for the entire fiscal year. 

Abhay Bhutada, managing director of PFL, said the company plans to raise roughly Rs 1,000 crore through a preferential issue for its subsidiary Poonawalla Housing Finance. 

At the end of March 2022, Poonawalla Fincorp’s total assets under management had grown by roughly 16% yearly to around Rs 16,579 crore.

According to a filing with the BSE, the company’s board suggested a 20% dividend payout for FY22, subject to shareholder approval. PFL, formerly known as Magma Fincorp Ltd, closed 5.9% lower at Rs 216.5 a share.

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