Poonawalla Fincorp shares down over 1% after CTO Dhiraj Saxena resigns

Poonawalla Fincorp informed the exchanges on Friday that the company’s Chief Technology Officer Dhiraj Saxena tendered his resignation on September 5.

Last week, the Finance Committee of the company approved the allotment of 42,500 secured, redeemable, rated, listed, non-convertible debentures (NCDs) with a face value of ₹1,00,000 each, aggregating to ₹425 crore, through private placement. The debentures were offered at an interest rate of 8.2% per annum.

The financial services provider added that the debentures would be listed in the wholesale debt market segment of the BSE Limited. The tenure of the debentures is five years from the date of allotment and they will mature on September 05, 2029.

The company’s consolidated total revenue from operations for the June quarter increased nearly 41% to ₹977.59 crore compared to ₹693.48 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s total revenue from operations increased nearly 7% from ₹915 crore in the March quarter of FY24.

In Q1FY25, the company’s consolidated profit-after-tax increased 29% to ₹291.64 crore, compared to ₹225.99 crore in Q1FY24. Its consolidated profit-after-tax for Q1FY25 decreased 12% quarter-on-quarter from ₹331.7 crore in Q4FY24.

Shares of Poonawalla Fincorp have dropped more than 4% in the last one year. The stock has declined nearly 15% Year-To-Date (YTD) and over 21% in the last six months.