CRISIL Scores has upgraded its score on the long-term financial institution services and non-convertible debentures of Poonawalla Fincorp Ltd (PFL) to ‘AAA/Secure’ from ‘AA+/Secure .
The score on business paper has been reaffirmed at ‘A1+’.
The aforementioned rankings are for PFL’s financial institution mortgage services aggregating ₹2,000 crore, non-convertible debentures aggregating ₹3,000 crore and e Business Paper aggregating ₹1,500 crore.
CRISIL mentioned the score motion is pushed by the elevated strategic significance of PFL to the Cyrus Poonawalla Group, whose flagship firm is Serum Institute of India Pvt Ltd.
“That is according to the group’s give attention to home consumption as a key theme of their progress philosophy.
“Submit the divestment of Poonawalla Housing Finance Ltd (PHFL), PFL will play a key function by means of which this technique will probably be applied within the areas of curiosity of the group — shopper and MSME (micro, small and medium enterprises) financing by means of tech pushed lending,” the company mentioned.
Learn: Poonawalla Fincorp PAT up 88% on document disbursements, higher asset high quality
As per the enterprise replace for Q4FY23 given by the corporate, the AUM has elevated additional by 16 per cent Quarter on Quarter and 37 per cent 12 months on 12 months to succeed in ₹16,120 crore as on March 31, 2023.
