PoonawallaFincorp Share, the finance services company of the Poonawalla Group, has given amazing returns to its investors. After the excellent quarterly results, experts are bullish on this stock and are advising to buy it. According to market expert brokerage House ICICI Securities, the stock can reach Rs 335- and Nirmal Bang has given it a BUY rating with a target price of Rs 314. The company made a profit.
PoonawalaFincorp registered a growth of Rs 141 crore in the April-June quarter (Q1FY23) with a 118% increase in consolidated net profit on strong debt disbursements and better margins. The income in the reporting quarter rose to Rs 572 crore, from Rs 483 crorein the previous-year period. We would like to inform you that the merger with PoonawallaFincorp and Magma Fincorp has completed one year.
As per ICICI Securities, company's recently launched product segment as well as the direct, digital and partnership (DDP) based distribution platform gained massive popularity, and the company launched new products and focused on a 34% increasein AUM for FY23E/FY24E with cross-sale/up-sale.