MARKETS

Poonawalla Fincorp Shares Jump More Than 6% on Strong Quarterly Results

Poonawalla Fincorp snapped a three-day losing streak on a strong third-quarter performance.

Shares in financial services company Poonawalla Fincorp rose more than 6% in early trade on Tuesday after the company reported an increase in third-quarter net profit.

The stock was up 6.27% at Rs 308.55 in morning trade on the BSE. On the NSE, it rose 6.17% to Rs 308.75.

In a regulatory filing on Monday, Poonawalla Fincorp reported an 88-fold jump in net profit to Rs 150 crore for the third quarter ending December 2022.

The non-banking financial company (NBFC), which focuses on consumer and MSME finance, reported a net profit of Rs 80 crore in the same period last year.

The company said total revenue rose to Rs 519 crore in the quarter, compared with Rs 394 crore a year ago.

The company’s net interest margin rose to 10.7%, improving 94 basis points.

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