Poonawalla Fincorp stock jumps over 6% on strong quarterly results

Shares of financial services company Poonawalla Fincorp on Tuesday jumped over 6 per cent in early trade after the firm reported a rise in net profit for the third quarter.

The stock climbed 6.27 per cent to Rs 308.55 in morning trade on the BSE.

On the NSE, it zoomed 6.17 per cent to Rs 308.75.

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

The non-banking financial company (NBFC) focusing on consumer and MSME finance had reported a net profit of Rs 80 crore in the year-ago period.

Total income in the quarter rose to Rs 519 crore as against Rs 394 crore a year ago, it said.

Net Interest Margin of the company rose to 10.7 per cent, an improvement of 94 basis points.

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