External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP grew ~7% YoY to ~INR3.7b (in line).</li><li>Other income declined ~2% YoY and ~32% QoQ to ~INR581m, due to no assignment income or write-backs in 3Q.</li><li>Opex in 3QFY25 rose 50% YoY to INR3b, with C/I ratio declining to ~45% (PQ: 57%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP grew ~7% YoY to ~INR3.7b (in line).Other income declined ~2% YoY and ~32% QoQ to ~INR581m, due to no assignment income or write-backs in 3Q.Opex in 3QFY25 rose 50% YoY to INR3b, with C/I ratio declining to ~45% (PQ: 57%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Poonawalla Fincorp - Legacy Book Stress Keeps Credit Costs Elevated

<ul><li>Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP surged 103% YoY to ~INR4.1b (in line).</li><li>PFL’s 4QFY24 PAT jumped 84% YoY/25% QoQ to ~INR3.3b (9% beat), while its FY24 normalized PAT grew 75% YoY to ~INR10.3b.</li><li>Opex rose 12% YoY to ~INR2.3b (~9% above estimate), with the C/I ratio being broadly stable QoQ at ~36% (PY: ~51%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP surged 103% YoY to ~INR4.1b (in line).PFL’s 4QFY24 PAT jumped 84% YoY/25% QoQ to ~INR3.3b (9% beat), while its FY24 normalized PAT grew 75% YoY to ~INR10.3b.Opex rose 12% YoY to ~INR2.3b (~9% above estimate), with the C/I ratio being broadly stable QoQ at ~36% (PY: ~51%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Poonawalla Fincorp - Operating Profit in Line

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Poonawalla Fincorp (PFL), in its board meeting held on 14-Dec-2022, approved the sale of its housing finance subsidiary – Poonawalla Housing Finance (PHFL) – to TPG (Perseus SG Pte., an entity affiliated with TPG Global, LLC).</li><li>The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x.</li><li>This is broadly in line with our TP implied trailing Sep-22 valuation of 3.3x for the consolidated entity.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Poonawalla Fincorp (PFL), in its board meeting held on 14-Dec-2022, approved the sale of its housing finance subsidiary – Poonawalla Housing Finance (PHFL) – to TPG (Perseus SG Pte., an entity affiliated with TPG Global, LLC).The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x.This is broadly in line with our TP implied trailing Sep-22 valuation of 3.3x for the consolidated entity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Poonawalla Fincorp (PFL) - Sale of Housing Finance Subsidiary to TPG

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li><span style="font-size: var(--content-font-size);">Organic disbursements at Rs22bn and inorganic disbursements stood at Rs11.4bn.</span></li></ul><div><div><div><ul><li>March’22 disbursement of pre-owned cars stood at Rs1.65bn (entered leadership position); LTP March’22 disbursements stood at Rs1bn (entered leadership position) and SME LAP March’22 disbursement stood at Rs1bn.</li></ul><div><div><div><ul><li>Added digital consumption loan product to the retail product portfolio through the partnership mode.</li></ul></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Organic disbursements at Rs22bn and inorganic disbursements stood at Rs11.4bn.March’22 disbursement of pre-owned cars stood at Rs1.65bn (entered leadership position); LTP March’22 disbursements stood at Rs1bn (entered leadership position) and SME LAP March’22 disbursement stood at Rs1bn.Added digital consumption loan product to the retail product portfolio through the partnership mode.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Poonawalla Fincorp - Execution & Asset Quality Improve; Upgrade to Buy

India

Poonawalla Fincorp Limited operates as a non-banking finance company. The Company offers business, personal, pre-owned car, and home loan products and services, as well as loan against property and insurance solutions. Poonawalla Fincorp serves customers in India.

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Poonawalla Fincorp (POONAWAL IN)

Poonawalla Fincorp - Legacy Book Stress Keeps Credit Costs Elevated

Poonawalla Fincorp’s (PFL) 3QFY25 PAT declined ~93% YoY to ~INR187m (vs. MOFSLe: INR1.52b). NII grew ~25% YoY to ~INR6.1b (in line), while PPoP...

Motilal Oswal

Poonawalla Fincorp - Operating Profit in Line

Motilal Oswal's research report onPoonawalla Fincorp Poonawalla Fincorp (PFL)’s 4QFY24 NII grew 48% YoY to ~INR5.6b (in line), while its PPoP...

Motilal Oswal

Poonawalla Fincorp (PFL) - Sale of Housing Finance Subsidiary to TPG

The deal has been struck at Rs39bn, which values PHFL at a trailing Sep-22 P/BVPS of 3.4x. This is broadly in line with our TP implied trailing Sep...

Emkay

Poonawalla Fincorp - Execution & Asset Quality Improve; Upgrade to Buy

Poonawalla Fincorp (PFL) reported PAT of Rs1.2bn, ahead of our estimate due to write- back of excess provisions, which were partially offset by...

Nirmal Bang

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