Poonawalla Fincorp Shares Gain After Q3 Net Income Beats Analysts' Estimate
The company's net income of Rs 1,821.10 beat analysts' consensus estimates, according to Bloomberg data.
Shares of Poonawalla Fincorp Ltd. rose the most in four weeks since Dec. 26 as third-quarter income beat analysts' estimates.
The company's net profit rose 87.53% year-on-year to Rs 150.4 crore, the private lender said in its exchange filing. According to Bloomberg data, its net income of Rs 1,821.10 beat analysts' consensus estimates.
The lender's asset quality improved sequentially in the third quarter of the current fiscal.
Poonawalla Fincorp Q3 FY23
Net profit up 87.53% at Rs 150.4 crore (YoY)
NII up 33.2% Rs 360 crore (YoY)
Gross NPA at 1.69% vs 4.05% (QoQ)
Net NPA at 0.89% vs 1.97% (QoQ)
Shares of the company rose 4.49% to Rs 303.85 apiece as of 10 a.m., while the benchmark Nifty 50 gained 0.18. The total traded volume so far in the day was 5.4 times its 30-day average.
Out of the 11 analysts tracking the company, eight maintain a 'buy', two recommend a 'hold', and one suggests 'sell' the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 26.8%.