Care Ratings Ltd (Care) has upgraded the long-term rating of Poonawalla Fincorp Limited (PFL) and its subsidiary, Poonawalla Housing Finance Limited (PHFL) to “CARE AAA (Triple A), Stable”. This rating is applicable for bank loan facilities, non-convertible debentures, market-linked debentures, and subordinated debt.

Mr. Adar Poonawalla, Chairman, PFL stated, “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 its 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 upgrade, Mr. Abhay Bhutada, MD, PFL, said, “This upgrade reflects our relentless focus on executing our stated strategy and building a strong foundation for 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 being 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”

The complete details of the rating upgrade can be found in the appended annexure.

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital raise of Rs 3,456 Crore in May’21, the Company is now part of the Cyrus Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.

The Company’s new identity “P” stands for Passion, Principles, Purpose, People, and Possibilities. Poonawalla Fincorp Limited (“PFL”) has wide coverage with 231 branches across 21 States. The Company along with its subsidiary has an AUM of ₹17,660 crores and employs more than 5,000 people. Its financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, supply chain finance, medical equipment, consumer loans, and affordable home loans.

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