Poonawalla Fincorp’s Rating Upgraded to AAA by Care Ratings

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Pune, Maharashtra, India:
 Care Ratings Ltd (Care) has upgraded the long-term score of Poonawalla Fincorp Limited (PFL) and its subsidiary, Poonawalla Housing Finance Limited (PHFL) to “CARE AAA (Triple A), Stable”. This score is relevant for financial institution mortgage amenities, non-convertible debentures, market linked debentures and subordinated debt.

Mr. Adar Poonawalla, Chairman, PFL said, “The financial services business has been identified to be of strategic importance for Cyrus Poonawalla Group. The current rating upgrade by CARE to AAA (Triple A) reaffirms the strength of the organization and its leadership along with the financial and operational excellence. This is an important milestone in our journey towards becoming a leader in financial services and is a testimony of our commitment towards building a strong institution.”

Commenting on the improve, Mr. Abhay Bhutada, MD, PFL, stated, “This upgrade reflects our relentless focus on executing our stated strategy and building a strong foundation for a long-term sustainable leadership in the industry. This upgraded rating would further strengthen our liability franchise and accelerate our growth journey in line with our vision and mission. We stay committed to be amongst the top 3 NBFCs in consumer and MSME segments through tech-enabled growth in a customer centric manner and create value for all stakeholders.”

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly often known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted non-deposit taking systemically vital non-banking finance firm (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company began operations practically three a long time again and is listed on the BSE Limited (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital increase of Rs 3,456 Crore in May’21, the Company is now a part of the Cyrus Poonawalla Group with majority stake owned by Rising Sun Holdings Private Limited, an organization owned and managed by Mr. Adar Poonawalla.

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The Company’s new id “P” stands for Passion, Principles, Purpose, People and Possibilities. Poonawalla Fincorp Limited (“PFL”) has a widespread protection with 231 branches throughout 21 States. The Company together with its subsidiary has AUM of ₹17,660 crore and employs greater than 5,000 folks. Its monetary providers choices embrace pre-owned automotive finance, private loans, mortgage to professionals, business loans, SME LAP, provide chain finance, medical tools, client loans and reasonably priced dwelling loans.

For extra info, please go online to: www.poonawallafincorp.com

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