Highest ever PAT of ₹ 585 crore in FY23, jumps 100% YoY AUM up 37% YoY to ₹ 16,143 crore; NNPA at 0.78%Declares 100% Dividend

 

Pune, April 26, 2023: The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC, focusing on consumer and MSME finance, today announced its audited financial results for the quarter and the year ended March 31, 2023.

Key Highlights – Q4FY23 (Standalone): Assets:

• Highest ever quarterly Disbursements at ₹ 6,371 crore, up 151% YoY and 89% QoQ.

• Assets Under Management (AUM) at ₹ 16,143 crore, up 37% YoY and 16% QoQ.

• Direct Digital Program (DDP) contribution in disbursements increased to 81% in Q4FY23

as compared to 66% in Q3FY23 and to 24% in Q4FY22.

Asset Quality:

• Gross NPA at 1.44%, reduced 185 bps YoY and 25 bps QoQ.

• Net NPA at 0.78%, reduced 52 bps YoY and 11 bps QoQ.

Profitability:

• Highest ever PAT at ₹ 181 crore for Q4FY23, up 103% YoY and 20% QoQ. For FY23, PAT stood at ₹ 585 crore, up 100% YoY.

• Highest ever Return on Assets (RoA) for Q4FY23 at 5%, up 178 bps YoY and 53 bps QoQ. For FY23, RoA stood at 4.4%, up 172 bps YoY.

• Net Interest Margin (NIM) for Q4FY23 was at 11.3%, an improvement of 87 bps YoY and 59 bps QoQ. For FY23, NIM was at 10.7%, an improvement of 89 bps YoY.

• Operating expenses for Q4FY23 stood at ₹ 196 crore, down 4% QoQ.

• Operating Profit (PPOP) for Q4FY23 was at ₹ 212 crore, up 84% YoY and 36% QoQ.

Dividend: The Board has recommended a dividend of ₹ 2 per share (100% of face value) for FY23, subject to shareholders’ approval.

Capital Adequacy and Liquidity:

• Capital Adequacy Ratio stood at 39% as of March 31, 2023.

• Liquidity buffer stood at ₹ 3,001 crore as of March 31, 2023. Rating Upgrade: CRISIL upgraded the long-term credit rating to AAA.

         

    Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, said “FY23 has been a year of exemplary performance across business growth, credit quality and profitability. Our strong fundamentals and execution are reflected in our credit rating upgrade to AAA by both CRISIL and CARE. We have led the way in building a real Fintech model at scale, with asset quality which is best-in-class, along with superior profitability. Our ability to innovate, understand future trends, deliver at pace, and build a strong digital eco-system, has made us a lender of choice. With an efficient cost of borrowing, lower operating cost, controlled credit cost and a branch-lite tech-led model, we are well poised to deliver a sustainable and exceptional performance.”

About Poonawalla Fincorp

Poonawalla Fincorp Limited (“the Company”) is a Cyrus Poonawalla group promoted non- deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). Consequent to the capital raise of ₹ 3,456 crore in May-2021, the Company is now part of the Cyrus Poonawalla Group with majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.

The Company’s new identity “P” stands for Passion, Principles, Purpose, People and Possibilities. The Company has widespread coverage across 21 states. The Company has standalone AUM of ₹ 16,143 crore as on March 31, 2023 and employs around 2,500 people. The Company’s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, loan against property, supply ch

CANARA BANK ORGANIZES A MEGA RETAIL EXPO IN CHANDIGARH

Chandigarh, 25th April 2023:Canara Bank Regional office, Chandigarh organized a Mega Retail Expo for Housing, Vehicle, Education, Canara Mortgage, Personal & Canara Rent Loans at their Sec-34 A, Chandigarh, Circle Office today. Top builders and Car Dealers of Tricity Chandigarh participated actively in the event.

The event was graced by Sh. Ravi Prakash Jaiswal, General Manager from Head Office, Bengaluru, Smt. Salina Goyal, General Manager & Circle Head, Chandigarh. They both went around the expo interacting with the customers and visited the stalls at the expo. The builders and Car dealers present at the expo displayed salient features of their products at their stalls. The bank displayed its Retail Loan Products and educated the customers and participants about them. The event saw a good number of footfalls of customers and fresh leads were generated for home loans, vehicle loans and education loans.

Other dignitaries present at the Expo were Sh. Shailendra Nath Sheeth, Deputy General Manager, Shri. Ravindra Kumar Agarwal, Regional Head & Smt. Sunita Kumari, Asst. General Manager

LADY CAPTAIN’S DAY – 2023

On a pleasant morning with dewy petrichor post 

the rain, forty (40) Lady Golfers participated in 

Lady Captain’s Day 2023 Tournament in a

stableford format. They painted the course lilac

with their T-shirts! Ashu Singh, the Lady Captain 

of Chandigarh Golf Club did the ceremonial Tee-

off. 

Harinder Grewal was declared the winner, Minna 

Singh was the first runner up and Hanima Grewal

the second runner up. Harinder Grewal bagged 

prizes for Straightest Drive as well as Nearest to 

the Pin.

In the Junior Girls Section Gross Prize was bagged 

by Mehr Nijjar while Nadr Kaur was declared 

Runner Up Gross.

FICCI seminar on 'New Age Risks' to witness release of ‘India Risk Survey 2022’ Report

Chandigarh : The Federation of Indian Chambers of Commerce and Industry (FICCI) is organizing a seminar on 'New Age Risks' on April 19, 2023, at FICCI, New Delhi. The seminar aims to discuss and debate the trend of traditional risk parameters and emerging risks that may impact the industry and overall working environment. The highlight of the event will be the launch of the ‘India Risk Survey 2022 Report’, jointly released by FICCI and Pinkerton. The report sensitizes stakeholders about the emerging risks, enabling well-planned and strategic policy decisions.

India Risk Survey 2022 report is expected to provide valuable insights and actionable recommendations for businesses to better understand and mitigate risks in the dynamic business landscape of India. The event will bring together industry leaders, policymakers, experts, and stakeholders to engage in meaningful discussions and chart a path towards building a more resilient and risk-aware business environment.

 The India Risk Survey (IRS) report is a widely recognized predictor of the risks faced by Indian firms. The survey identifies 12 key areas of concern for businesses and 5 emerging risks that could seriously impact India's business ecosystem. The results are derived from a comprehensive survey involving stakeholders and business executives from various industries. Businesses rely on the India Risk Survey Report to evaluate their risk exposure and make informed decisions on how to operate in India. The media and decision-makers also frequently reference the survey's conclusions as evidence of the challenges faced by Indian entrepreneurs. The report provides valuable information on risks such as natural hazards, information & cyber insecurity, intellectual property theft, fire, and crimes, empowering firms to make informed choices about their operations.

The goal of the India Risk Survey is to identify potential risks in the context of a changing global environment, allowing business leaders to assess their risk preparedness for disruptive events such as rapid digitalization, accidents, and business espionage in the future, and to enhance risk mitigation techniques. However, the risks identified and their effects may vary across industries based on their risk appetite and current risk mitigation plans. The survey's outcomes will help organizations develop a comprehensive 360-degree risk management strategy to anticipate and prepare for eventualities, minimize disruptions, and proactively safeguard against risks.

The seminar will feature panel discussions on ‘Information & Cyber Insecurity as a Threat to Businesses’ and ‘Emerging Risks to Businesses’, where experts will share their insights on the risks faced by businesses. Additionally, experts will deliver addresses on risks associated with IP infringement, accidents, and fire safety.

***

About FICCI:

FICCI is the oldest and largest apex business organization in India, representing the interests of over 250,000 companies. FICCI serves as the voice of Indian business and works towards creating a conducive policy environment, promoting innovation and entrepreneurship, and enhancing India's global competitiveness.

For more information, visit: www.ficci.com

About Pinkerton:

Pinkerton is a global leader in risk management solutions, providing a comprehensive range of services to help organizations identify, understand, and mitigate risks. With over 170 years of experience, Pinkerton has a proven track record of helping clients navigate complex risks and safeguard their people, assets, and reputation.

For more information, visit: www.pinkerton.com

PRESS RELEASE & PUBLIC STATEMENT WTC Chandigarh, Aerocity Mohali.

Chandigarh:   EO, GMADA has initiated the action of resumption of site in haste and arbitrarily. The matter is sub-judice before the appellate authority as WTC Chandigarh has already filed an Appeal under sec 45(5) of the Punjab Regional and Town Planning & Development act 1995 challenging the illegal action of EO, GMADA.  

Against allotment of plot for Rs. 131 Cr in September 2015, WTC Chandigarh has already paid Rs. 108 Cr to GMADA within the allowable time period extending to June 2026. Further, WTC Chandigarh has been regularly highlighting to GMADA the discrepancies in their calculations and delay in grant of PTM by GMADA against executed termsheet since 2022.  

The project is at a finishing stage, with more than 100% of receipts utilised towards project related expenses with significant future receivables and stock more than sufficient to cover any and all expenses.  

It is pertinent to mention that notices to various other developers / allottees issued by GMADA is indicative of both the instability in the micro market and the hasty approach being taken by the Authority.  

While we are deeply aggrieved and concerned about these recent developments, we urge GMADA that a policy in public interest is required to be framed urgently in this regard at the earliest to ensure that the interests of various stakeholders across various projects in the region are suitably addressed. This would pave a way for the revival of the entire Greater Mohali area as well as attracting continued v in the state. 

 We are confident about the merits in support of our appeal as well as the robust position of the WTC Chandigarh project, and reach out to all our Channel Partners and Customers to stand together and help make WTC Chandigarh the landmark project it is.

Chandigarh City Based Doctors honoured at 19th IOS Mid Year Convention in Vietnam.

Ho Chi Minh City Vietnam,11.04.23-City based dentist Dr Sarabjeet Singh and Dr Navreet Sandhu participated at 19th Indian Orthodontic Society Mid Year Convention at Ho Chi Minh City ,Vietnam on 11th April,2023 . Dr Sarabjeet Singh is Ex Vice President of IOS and chief convenor of Chandigarh Orthodontic Study Group. He spoke on the newer,faster and painless braces technique of Speedo-Orthodontics, where the braces treatment is highly aesthetic,fast , painless and very comfortable for patients.

Dr Navreet Sandhu an implantologist and Prosthodontist from The Perfect Smile Dental Clinic ,Chandigarh also emphasized on the role of multidisciplinary approach in Orthodontics.

The dignitaries present were Dr Balvinder S Thakkar(President,IOS),Dr Dong Kak Tham(President, VAO),Dr Jayesh Rahalkar(President Elect,IOS) along with Dr Anshu Kalra,Dr Sukhdeep Kahlon from Organising side.

More than 80 Doctors from across the globe participated in this international conference.

Millions of Students migrated by availing our genuine guidance and services

CHANDIGARH: Videsh Vidya team heartily welcomes and Felicitates the Founder and Promoter of Videsh Vidya Mr. Krishna Murthy Sagaram from Canada, an expert in advising about study visa, investor visa and business visa to Canada. We are happy to extend our invitation to those interested in availing those opportunities in Canada may visit to SCO 2923-294, Sector 22 C, Chandigarh.

Videsh Vidya is the pioneer in offering Visa Service in the Immigration sector at an affordable cost. Notable proficient industry professionals are present to offer their experience in education and migration placements. We offer complete assistance to the clients like you and make your dream come true with effective steps.

Videsh Vidya is a respected firm that has already provided high-quality, dependable immigration services to Millions of students seeking higher education. 

Our team thoroughly reviews the merits, abilities and shortcomings while choosing the best courses and processing your applications. We have been assisting to the immigration aspirants with our expert knowledge and recommendations to complete the procedures for moving abroad. 

We aspire to have 100% applicant satisfaction in opting for tailored career paths based on clients academic, legal and economic probabilities while ensuring the desirable results as we are the best competitors.

Simarpreet Singh of Hartek Group features in the Top 51 Sikh Business leaders of India by Outlook India

Mohali, India - We are proud to announce that our Director and Group CEO Mr. Simarpreet Singh, has been featured in the book “Sikh Business Leaders of India” by Outlook India which highlights the remarkable role played by Sikhs towards India's economy. The book features 51 inspirational and motivational sagas of dauntless Sikh heroes who have contributed immensely to society while following the tenets of Sikhism. Haryana’s Chief Minister Shri Manohar Lal Khattar ji released the book 'Sikh Business Leaders of India published by OUTLOOK media group in Delhi on 30th March 2023.

S. Simarpreet Singh is a young and dynamic Indian entrepreneur who is on a mission to create a better and sustainable world for future generations. As the Director of Hartek Group, he has been instrumental in driving the company's growth and success in the clean energy and sustainability sectors. As the Founder and CEO of Hartek Solar, the company installs rooftop solar projects across India with a mission to provide clean and affordable energy. The company partners with Industries, Buildings, Institutions, and utilities to meet their Sustainability targets by installing solar which reduces carbon footprint and helps meet the ESG goals. The company is among the Top 10 Solar EPC Companies in India

Simarpreet Singh has been recognized globally for his work. Some of his achievements include:

- Simarpreet Singh was named in the coveted Forbes 30 Under 30 Asia for his work in clean energy and Sustainability

- He was also named in the Top 100 most powerful Sikhs in the world

- He has received the “Pride of India” Award in Chicago by GSA 75 and was among the 75 Indians to be named globally and honoured for his work

- Simarpreet is a 2 time TEDx speaker and is a regular guest speaker in colleges and institutions and motivating/ mentoring/ investing in young entrepreneurs and startups.

- He is a renowned public figure and influencer in his field. He has given over 100+ motivational talks in various colleges, inspiring the youth to create a better sustainable world for future generations.

"It is an honor to be featured in the book 'Sikh Business Leaders of India' alongside so many inspirational and motivational Sikh heroes who have contributed immensely to India's economy," said Simarpreet Singh. "As a Sikh, I have always tried to follow the tenets of Sikhism and contribute to the welfare of society. I am grateful to my team at Hartek Group and all the stakeholders who have supported me in my mission to create a better and sustainable world for future generations."

We congratulate Simarpreet Singh on his achievement and wish him all the best in his future endeavors.

Hartek Solar bags 22 MW floating solar project from SJVN Green

31/03/2023 - Mohali, India, Hartek Solar, the renewable and solar EPC business unit of the Hartek Group, has been awarded a contract by SJVN Green Energy Limited to build a 22 MW floating solar PV power project at Nangal Pond, District Bilaspur, Himachal Pradesh. This project, upon commissioning, will become North India's largest floating solar power plant. The Project has been awarded by SJVN Green Energy Limited which is a wholly-owned subsidiary of SJVN limited. SJVN Limited, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved in hydroelectric power generation and transmission. The scope of the project includes complete EPC of the floating solar plant with 15 MW AC and comprehensive operation and maintenance.

The project is expected to have a DC capacity of approximately 22 MW and generate 33 million units of power output per year. This will significantly contribute to India's decarbonization efforts and help the country achieve its renewable target of installing 500 GW of renewable energy capacity by 2030. The floating solar project is also expected to reduce carbon dioxide emissions by 763,000 tonnes annually, making a significant contribution to the nation-building effort.

Hartek Solar is among the top 10 rooftop solar EPC companies in India and is also one of the largest players in the floating solar segment. The company recently commissioned a 2 MW floating solar plant for CREST in Chandigarh. The 2 MW project's foundation stone was laid by the Honorable President of India in October 2022.

Commenting on the project, Hartek Solar's Founder and CEO, Mr. Simarpreet Singh, said, "We are delighted to have been awarded this project, which is a significant step towards decarbonization and meeting India's renewable target of 2030. We are committed to providing clean energy solutions that contribute to the nation-building effort and are proud to be a part of this project."