Poonawalla Fincorp's Dramatic Profit Plunge Amid Rising Expenses
Poonawalla Fincorp reported a 78.4% decline in net profit for the June quarter, falling to Rs 63 crore due to increased expenditure. Despite a rise in total income to Rs 1,314 crore from Rs 996 crore, expenses surged to Rs 1,231 crore. Shares closed down 4.34% on BSE.
- Country:
- India
Poonawalla Fincorp experienced a significant setback in its financial performance for the June quarter, reporting a 78.4% drop in net profit to Rs 63 crore. This decline is attributed to a notable increase in expenditures.
The non-banking financial company saw its total income rise to Rs 1,314 crore, compared to Rs 996 crore in the same period the previous year. However, total expenses more than doubled, reaching Rs 1,231 crore from Rs 606 crore, heavily impacting the bottom line.
On the stock market, shares of Poonawalla Fincorp plummeted, closing down 4.34% at Rs 413.50 on the BSE, reflecting investor concerns amidst the financial downturn.
(With inputs from agencies.)
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