Turning our vision into reality
"Enabling a digital-first future"
Dear stakeholders,
We are delighted to present the 43rd Annual Report of our Company,
showcasing the realisation of our vision and the successful transformation of our goals
into tangible achievements.
In the past, when asked about the trajectory of Poonawalla Fincorp
Limited, my response has consistently been rooted in our shared vision of aligning with
India?s progress, "Moving where India moves". Today I reaffirm this
conviction as we navigate alongside India?s unwavering path towards digitalisation.
Embracing a robust digital transformation, we adapt to the evolving trends within our
nation and around the world, ensuring our resilience in the face of change.
Reflecting on FY 2022-23, it becomes evident that this period presented
numerous obstacles for global economies, including our own. The Russian-Ukraine conflict
and subsequent supply chain disruptions, coupled with surging commodity prices due to
persistent inflationary pressures worldwide, posed a challenging environment. As the
conflict escalated, food and energy prices increased, slowing the overall growth
globally-with the biggest of the banks unable to arrest the inflationary pressures.
Even amidst these bottlenecks, a silver lining emerged for India: the
recovery from the prolonged
COVID-19 pandemic. India?s growth story held its ground, with
strong domestic activities serving as a beacon of hope. Against all the odds, India?s
GDP grew at 7.2% in FY 2022-23 and is expected to grow at around 6.5% in FY 2023-24, as
per the Reserve Bank of India (RBI)?s projections- courtesy of the government's push
on infrastructure spending, healthy bank credit, a resurgence in corporate investments,
and a significant improvement in rural demand. Another case in point is the whopping
growth in the micro, small and medium enterprises (MSMEs) sector in the same period.
Behind the booming consumption cycle are India?s fast-evolving
banking, financial services, and insurance (BFSI) companies, helping consumers tide over
their financial needs by providing them with loans or suiting their capital needs allowing
them to start new ventures or expand their existing businesses. Moreover, the growth of
our economy is empowering individuals to increase their purchasing power, thereby
improving their standard of living through enhanced income sources and opportunities.
As the needs of individuals transform, so does our Company, dear
shareholders. Amidst the swift transition towards digitisation in our nation, we truly
embraced the unfolding opportunities it presented us with. With our innovation-led
approach, we are contributing significantly to India?s growing demands and fulfilling
rising aspirations. We witnessed the convergence of new technological advancements,
ensuring the uninterrupted functioning of various businesses. This transformation has
created an opportunity for us to develop more advanced and user-friendly digital platforms
within our operations, allowing us to surge ahead as a digital-first lender.
In this fast-changing digital landscape, we acknowledge the immense
potential and countless opportunities that lie ahead. PFL is currently at the forefront of
this digital lending revolution. We are not just investing in technology but are also
introducing seamless solutions to ensure we are ahead of the curve in terms of offerings
and creating customer delight.
We have replaced manual operations with digital solutions and are
utilising technology to engage with customers. In doing so, we are on track to achieving
our vision: To be the most trusted financial service brand in the country-with a mission
to help individuals and businesses achieve more by offering best-in-class customer-centric
products and solutions most conveniently.
Going beyond customer satisfaction, our growth mindset will permeate
all aspects of our operations, including stronger governance, enhanced employee
empowerment, and investments in analytics for informed decision-making.
Ahead of the curve
Firmly rooted in a stable business foundation and bolstered by
unwavering support and strong investments from our esteemed promoter group, Poonawalla
Fincorp has established itself as a distinguished brand, renowned for its legacy of
excellence and a high-performance culture. This robust backing ensures that we are amply
capitalised for the next 4 to 5 years, positioning us strategically to embrace promising
opportunities and embark on a remarkable journey of growth.
We remain committed to our vision and mission, leaving no stone
unturned in our pursuit of success. To that end, the disinvestment of Poonawalla Housing
Finance Limited stands
as compelling testament to our focused strategy. This reinforces our
capital reserves, enabling us to augment our capabilities and ascend to new levels of
achievement. It signifies our unwavering resolve to strengthen our position and embrace
opportunities for growth.
In the coming year, expect to witness a wave of targeted and
personalised products in the consumer and small and medium-sized enterprises (SME) lending
segments. Technology will continue to be the beating heart of everything we create as we
remain dedicated to delivering cutting-edge solutions that transform the financial
services industry.
Amidst our endeavours, we seek your enduring support for our dedicated
and experienced team. With continued encouragement, we remain confident that Poonawalla
Fincorp will thrive and flourish in the years ahead. Together, we will forge a path of
success and achieve remarkable milestones as we navigate the future with determination and
resilience. Your support is invaluable to us.
Best,
Adar Cyrus Poonawalla
Chairman