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Shares of Poonawalla Fincorp hit all-time high

Stock Performance 

Poonawalla Fincorp which is an NBFC hits an all-time high today amid a rating upgrade. Today, shares of the company hit a high at Rs 494.80, while its 52-week low stands at Rs 273.95. In the last trading session, the stock closed at Rs 481.35. Today, it opened at Rs 482.10 and is currently trading at Rs 490.55, marking an increase of 1.91%. Over the past six months, the company’s shares have provided returns of 34.82%. Looking back over the past year, the company’s shares have yielded staggering returns of 66.37%, in the same time frame BSE Financial Services has changed by 19.29%.

About the Rating 

Acuite has upgraded its long-term rating to ‘ACUITE AAA  from ‘ACUITE AA+’  on the Rs 212.88 crore non-convertible debentures of Poonawalla Fincorp Limited (PFL). The outlook is revised from Positive to Stable. The rating upgrade reflects the significant improvement in the overall business volumes as seen by PFL’s disbursement levels and AUM growth since Q2FY23. The total disbursements for FY23 stood at Rs 15,751 crore as compared to FY22 numbers of Rs 7,524.H1FY24 disbursements amounted to Rs 14,870 crore surpassing previous year’s levels. On the back of traction in disbursements, the AUM has increased to Rs 20,215 crore as of September 30, 2023, compared to Rs 13,161 crore as of September 30, 2022. Acuite also highlighted the company’s management post acquisitions as one of the strengths of the company. 

About the Poonawalla Fincorp Limited (PFL):

Poonawalla Fincorp Limited (PFL) earlier known as Magma Fincorp Limited is a non-banking finance company (NBFC) registered with the Reserve Bank of India. Incorporated in 1978 as Magma Leasing Limited, the company entered the financing business in 1989. It was renamed MFL in 2008 and PFL in 2021 post-acquisition of a controlling stake of 60% by Rising Sun Holdings Private Limited entity owned and controlled by Adar Poonawalla. 

PFL has various product offerings aimed at the retail consumer and MSME segments including personal loans, pre-owned car loans, business loans and loans against property. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. 
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