Annexure 1: Sr. No. Instrument Amount Rating Rating Action

Annexure 1
No. CARE/HO/RL/2024-25/3051
Shri Sanjay Miranka

Chief Financial Officer
Poonawalla Fincorp Limited
2nd Floor, Unit No.201 & 202, AP81,
Mundhwa Road, Near Raga Lawns,
Pune
Maharashtra 411036
October 24, 2024
Confidential
Dear Sir,
Credit rating for proposed Debt Issue / Non-Convertible Debentures
Please refer to our letter no. CARE/HO/RL/2024-25/2559 dated September 20, 2024, and your request for revalidation
of the rating assigned to the long term debt instruments of your company, for a limit of Rs.4,750.00 crore.
2. The following rating(s) have been reviewed:
Amount
Sr. No. Instrument Rating1 Rating Action
(₹ crore)
Non Convertible CARE AAA; Stable
1. 4,440.90 Reaffirmed
Debentures (Triple A; Outlook: Stable)
CARE AA+; Stable
2. Perpetual Debt 79.10 Reaffirmed
(Double A Plus; Outlook: Stable)
CARE AAA; Stable
3. Subordinate Debt 230.00 Reaffirmed
(Triple A; Outlook: Stable)
3. Please arrange to get the rating revalidated, in case the proposed issue is not made within six months from
the date of this letter.
1
Complete definitions of the ratings assigned are available at www.careedge.in and in other CARE Ratings Ltd.’s publications.
CARE Ratings Limited
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai
Phone: +91-22-6754 3456 • www.careedge.in
CIN-L67190MH1993PLC071691
Page 1 of 3
4. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of
placing the instrument:
Issu Name and

Details
e Coupon Terms of contact
Instrumen ISI Coupo Redemptio of top 10
Size Paymen Redemptio details of
t type N n Rate n date investor
(Rs t Dates n Trustee/IP
s
cr.) A
5. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based
on circumstances warranting such review, subject to at least one such review/surveillance every year.
6. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as a result of periodic
review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such
an action. In the event of failure on the part of the entity to furnish such information, material or clarifications
as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of
the debt instruments, CARE Ratings Ltd. shall carry out the review on the basis of best available information
throughout the life time of such instruments. In such cases the credit rating symbol shall be accompanied by
“ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore-
mentioned rating actions in any manner considered appropriate by it, without reference to you.
7. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which
may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced
and if triggered, the ratings may see volatility and sharp downgrades.
8. Users of this rating may kindly refer our website www.careedge.in for latest update on the outstanding rating.
9. CARE Ratings Ltd. ratings are not recommendations to buy, sell, or hold any securities.
If you need any clarification, you are welcome to approach us in this regard.
Thanking you,
Yours faithfully,
CIN-L67190MH1993PLC071691
Page 2 of 3
Lokesh Warjurkar Sudam Shrikrushna Shingade
Lead Analyst Associate Director
lokesh.warjurkar@careedge.in sudam.shingade@careedge.in
Encl.: As above
Disclaimer
The ratings issued by CARE Ratings Limited are opinions on the likelihood of timely payment of the obligations under the rated instrument and are
not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. These ratings do not
convey suitability or price for the investor. The agency does not constitute an audit on the rated entity. CARE Ratings Limited has based its
ratings/outlooks based on information obtained from reliable and credible sources. CARE Ratings Limited does not, however, guarantee the accuracy,
adequacy or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such
information. Most entities whose bank facilities/instruments are rated by CARE Ratings Limited have paid a credit rating fee, based on the amount
and type of bank facilities/instruments. CARE Ratings Limited or its subsidiaries/associates may also be involved with other commercial transactions
with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE Ratings Limited is, inter-alia, based on the capital
deployed by the partners/proprietor and the current financial strength of the firm. The rating/outlook may undergo a change in case of withdrawal of
capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE Ratings
Limited is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE Ratings Limited’s rating.
Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments
in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.
CIN-L67190MH1993PLC071691
Page 3 of 3
Press Release
Poonawalla Fincorp Limited(Revised)

October 01, 2024
Facilities/Instruments Amount (₹ crore) Rating1 Rating Action
Long Term Bank Facilities 12,655.65 CARE AAA; Stable Reaffirmed
Long Term / Short Term Bank Facilities 344.35 CARE AAA; Stable / CARE A1+ Reaffirmed
Short Term Bank Facilities 200.00 CARE A1+ Reaffirmed
Perpetual debt 79.10 CARE AA+; Stable Reaffirmed
Subordinate debt 230.00 CARE AAA; Stable Reaffirmed
Market Linked Debentures 250.00 CARE PP-MLD AAA; Stable Reaffirmed
Non-Convertible Debentures 4,440.90 CARE AAA; Stable Reaffirmed
Commercial Paper 6,500.00 CARE A1+ Reaffirmed

Details of instruments/facilities in Annexure-1.
Rationale and key rating drivers
The ratings continue to reflect the expectation of strong support from the Cyrus Poonawalla group and the healthy financial
flexibility of the group to provide this support. This is derived from the fact that the promoter, i.e., the Cyrus Poonawalla group
holds 62.09% stake through their core investment company (CIC) – Rising Sun Holdings Private Limited (RSHPL, rated ‘CARE
AAA; Stable / CARE A1+), with Mr Adar Poonawalla as the Chairman of the board. Furthermore, Rising Sun Holdings Pvt Ltd had
infused capital in Poonawalla Fincorp Ltd, which reflects the strategic importance of the financial services business to the group
and the expectation of timely need-based financial support. Furthermore, given the strong association with the Cyrus Poonawalla
group, PFL has been able to raise incremental funds at competitive rates in the debt market, reflecting the market perception of
the strong group support.
The Cyrus Poonawalla group is one of the leading players in the pharmaceuticals and biotechnology segment. The group’s flagship
company, SIIPL (rated ‘CARE AAA; Stable/CARE A1+’), is one of the world’s largest manufacturers of measles and DTP vaccines.
The group has also set up Serum Institute Life Sciences Pvt Ltd (SLS; rated ‘CARE AAA; Stable/CARE A1+’) to fulfil its adequate
response to COVID-19. SIIPL has diverse product offerings in the vaccine segment, including the COVID-19 vaccine ‘Covishield’.
The ratings also factor in the changes in the senior management team including appointment of Arvind Kapil as the MD & CEO of
the company along with other seasoned professional and revised product strategy post the change in management. It continues
to factor in better quality retail consumers and MSME businesses in urban and semi urban locations, credit tested with high CIBIL,
downsizing the low value-added businesses, improvement in the overall resource base with borrowings at competitive rates,
improvement in the asset quality and sufficient provisioning to cover from any major shocks, along with sequential improvement
in profitability.
The ratings also consider the growing yet relatively moderate assets under management (AUM) of ₹26,972 crore (standalone) as
on June 30, 2024, as against ₹ 25,003 crore as on March 31, 2024 (FY23: ₹16,143 crore). The ability of the company to profitably
1
Complete definition of ratings assigned are available at www.careedge.in and other CARE Ratings Limited’s publications.
1 CARE Ratings Ltd.

Press Release
scale up the business with new product lines remains monitorable. Furthermore, the parentage and strategic importance to the
group, overall gearing, asset quality and profitability are the key rating sensitivities.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors: Not applicable
Negative factors
• Weakening of the linkages with the parent group, promoter group or promoter family.
• Overall gearing exceeding 3.5x-4x on a sustained basis.
• Deterioration in the asset quality parameters such that the net non-performing assets (NNPA) remain above 2% on a
sustained basis.
• Decline in profitability with the return on total assets (ROTA) declining below 2% on a sustained basis.
Analytical approach:
CARE Ratings Limited (CARE Ratings) has evaluated the standalone credit risk profile of PFL factoring in the linkages with the
parent i.e., Rising Sun Holdings Private Limited (RSHPL; rated ‘CARE AAA; Stable’). The ratings continue to factor in the
expectation of need-based timely support to PFL from the Cyrus Poonawalla group, whose flagship company is Serum Institute
of India Private Limited (SIIPL, rated; ‘CARE AAA/Stable/CARE A1+’).
Outlook: Stable
CARE Ratings believes that PFL will continue to demonstrate a stable business profile with the expectation of need-based timely
support from the Cyrus Poonawalla group, whose flagship company is Serum Institute of India Private Limited, given the high
strategic importance, the shared brand name and the management control.
Detailed description of key rating drivers:
Key strengths
Strong and resourceful promoter
The Cyrus Poonawalla group holds 62.09% (June 2024) stake in PFL through RSHPL. RSHPL is the CIC of the group, having
investments in insurance, retail, pharma, and the financial services segment. During FY21 and FY22, the group’s flagship company,
SIIPL, invested ₹5,000 crore in RSHPL through CCPS. This capital was used to infuse funds in various businesses of the group
including PFL, with RSHPL making an equity infusion of ₹3,206 crore in PFL in May 2021.
Additionally, PFL is strategically important to the group, as indicated by sharing of the ‘Poonawalla’ name, Mr Adar Poonawalla
being the Chairman of the board, and the large investment made by the group to diversify into the financial services segment
with the acquisition of the retail lending, housing finance and general insurance businesses of the erstwhile Magma.
The Cyrus Poonawalla group is one of India’s reputed business houses and is a leading player in the pharmaceuticals and
biotechnology segments. The group’s flagship company, SIIPL, is one of the world’s largest manufacturers of vaccines, supplying
to around 170 countries. SIIPL has a robust financial profile with a total operating income (TOI) of ₹10,190 crore with a profit
after-tax (PAT) of ₹4,187 crore in FY23. The net worth stood at ₹36,815 crore as on March 31, 2023.
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SIIPL has a healthy liquid investment portfolio to the tune of ₹5,404 crore along with cash and bank balance of ₹733 crore as on
March 31, 2023. Furthermore, SIIPL generated strong cash accruals of ₹4,900 crore during FY23 and is expected to generate
cash accruals in the range of ₹4,000-4,500 crore every year in the medium term. Thus, the group has a robust financial profile
with healthy cash accruals and minimal debt obligations.
Experienced management team
PFL is being led by Mr. Adar Poonawalla as the Chairman and Non-Executive Director of the board along with a team of seasoned
professionals having specialisation in the financial services business with a track record of successful market leadership, which
are stable at all levels. The company is governed by a nine-member board of directors, including five independent directors. The
board comprises qualified and experienced professionals with considerable experience in functional areas. The board is supported
by a qualified senior management team led by Mr. Arvind Kapil, Managing Director & CEO. He took over the charge of the
management in the month of June 2024 and is a seasoned finance professional with over 25 years of diversified experience in
the commercial and retail lending domain. Apart from him, the company has made changes in the senior level management. Mr.
Arvind Kapil along with the new management will be driving the existing digitisation initiatives along with significant focus on the
increase of physical presence of the company. This would be instrumental in setting up the initial foray into the new products
which the management has envisaged to launch in the near future.
Diversified product approach in the retail segment
The management’s business plan revolves around diversified product strategy, targeting credit-tested, better-quality retail
consumers and MSME businesses in urban and semi-urban locations. PFL plans to achieve a 5x-6x growth in AUM, from current
levels, over the next 5-6 years. The company will be recalibrating some of its existing products for business and operational
efficiency. The company in recent years has added digital personal loans, digital loans to professionals, digital business loans,
digital consumer loans, loan against property, medical equipment loans and supply chain finance to its product basket and has
continued to disburse loans for pre-owned cars. Further, post change in the management, the company is planning to foray into
product segments like Shopkeeper loans, Used Commercial vehicle loans, Consumer durable loans and grow Prime PL loans in
order to achieve the AUM target over 5-6 years. The AUM as on June 2024, stood at ₹ 26,972 crore, of which the discontinued
products constitute 4% of the total portfolio which is expected to run down completely. PFL has achieved a certain level of
operating efficiency through the increasing use of technology and digitalization. PFL currently uses the branchless digital model
for its unsecured loan products, enabling deeper customer reach, and aiding scalability with diversification. However, with new
products expected to be launched, PFL will be planning to increase its branch infrastructure in order to support the growth of its
new products.
Comfortable asset quality metrics
PFL reported gross non-performing assets (GNPA) of 0.67% as on June 30, 2024, as against 1.16% as on March 31, 2024, and
1.44% as on March 31, 2023, showing an improving trend. The reduction in GNPA is primarily on account of adopting a more
conservative write-off policy, as part of the company’s new strategy.
The improvement was also on account of lower NPAs in the new product segments. The new management has realigned the
product mix of the company with greater focus on better quality, credit-tested, higher CIBIL and better credit worthiness in urban
and semi-urban geographies. The company will continue to maintain a secured to unsecured proportion, broadly in the range of
50:50 amongst its product offerings.
The ability of the company to grow its portfolio, while maintaining comfortable asset quality metrics will remain a key monitorable.
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Press Release
Healthy Capitalisation and diversified resource profile
The sizeable equity infusion of Rs 3,456 crore during FY22 and stake sale of Poonawalla Housing Finance Ltd resulted in healthy
capitalization of the company. PFL reported a net worth of Rs. 8,370 crores as on June 30, 2024, and a total borrowing of Rs.
17,121 crores. The gearing as on June 30, 2024, stood comfortably at 2.08 times which was 1.90 times as on March 31, 2024.
With new products expected to be launched and company having plans to grow its AUM by 5x-6x over the next 5-6 years, the
company has sufficient headroom available in terms of gearing to grow its book from current levels. Further, as per management,
the promoters will be infusing growth capital as and when required to support the growth trajectory anticipated by the new
management.
Further, the company has a diversified resource profile in terms of the mix of bank and debt capital markets borrowings. PFL’s
standalone borrowings as on June 30, 2024, was in the form of term loans (50%) followed by commercial paper (22%), cash
credit and working capital demand loans (19%), non-convertible debentures (NCDs) (7%), perpetual and sub-debt (1%) and
others (1%). CARE expects the proportion of commercial paper in the total borrowings will remain rangebound upto 25% and
will vary basis the demand of its short-term products and availability of credit at competitive pricing in the capital market. Further,
the management maintains a liquidity buffer in the form of free cash and undrawn bank lines, and as on June 30, 2024, the
company had a liquidity of Rs. 5,192 crores (incl. undrawn lines). Moreover, the overall gearing continues to remain low at 2.05x
as on June 30, 2024. The company has managed to keep its gearing around 2 times during FY24 due to incremental capital
through stake sale of its housing subsidiary, PHFL. PFL has received ₹ 2,966 crore as post-tax consideration. With the improving
scale of operations and branch network, and expected launch of new products, CARE Ratings expects the gearing to increase in
the medium term. The company is expected to be able to leverage and raise further debt capital to embark on a growth plan
envisaged by the new management. For PFL, the diversification of the resource profile with increasing relationships across various
categories of banks and capital market investors has resulted in a stable liability profile.
Key weaknesses
Moderate scale of operations, and market position

As on June 2024, PFL’s standalone AUM stood at ₹26,972 crore (₹ 25,003 crore as on March 31, 2024) as compared with ₹16,143
crore as on March 31, 2023. Currently the AUM is spread across 6 major asset classes which gives PFL the benefit of diversity,
however the scale of operations and market position remains moderate within each asset class. PFL has, however, reported growth
in each asset class quarter-on-quarter. Further, the company in the recent times has forayed into new product lines, in which its
market share remains modest. Post the change in management, PFL has planned to launch new products, hence the launch and
growth of AUM through new products remains a key monitorable. PFL would come up with products like Shopkeeper loans, Used
Commercial vehicle loan, Consumer durable loans and grow Prime PL. It will continue to maintain a secured to unsecured ratio
broadly in the range of 50:50 amongst its diversified AUM. The growth in AUM will be done through integration of digital as well
as physical mode. Branch network will be expanded for the products demanding physical presence.
However, the ability of the company to launch new products, profitably scale up its portfolio across diverse segments, improve
its market position and manage the credit costs will remain a key monitorable.
Liquidity: Strong
As on June 30, 2024, the asset liability maturity (ALM) profile of PFL shows a significant surplus position across all the time
buckets, aided by a large equity base, lower debt level, and inherently short-to-medium duration of assets. PFL had a strong
liquidity of ₹5,192 crores (including undrawn lines) as on June 30, 2024.
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Environment, social, and governance (ESG) risks
PFL maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding its
grievance redressal, related party transactions, fair practice code, whistle blower policy and prevention of sexual harassment
policy. The board comprises of nine directors, of which there is two female directors; further, there are five independent directors.
The entity has the necessary Audit Committee, Nomination and Remuneration committee and Corporate Social Responsibility
(CSR) committee in place. The company is also governed by an Information Technology framework as recommended by RBI. PFL
has constituted an ESG Committee, and it reports to the board. PFL continues to work on several community development
initiatives through its CSR projects.
Applicable criteria
Definition of Default
Rating Outlook and Rating Watch
Financial Ratios - Financial Sector
Short Term Instruments
Non Banking Financial Companies
Market linked Notes
Factoring Linkages Parent Sub JV group
About the company and industry
Industry classification
Macroeconomic indicator Sector Industry Basic industry
Financial Services Financial Services Finance Non Banking Financial
Company (NBFC)
PFL is a non-deposit-taking systemically important non-banking finance company (NBFC) registered with the Reserve Bank of
India (RBI). Incorporated as Magma Leasing Limited, the company entered the financing business in 1989. It was renamed MFL
in 2008 and PFL in 2021, post-acquisition of the controlling stake of 60% by RSHPL (the entity owned and controlled by Mr Adar
Poonawalla). PFL has various product offerings in the consumer and small business finance segments, including digital personal
loans, pre-owned car loans, digital business loans, LAP. It operates through a network of 102 branches as on March 31, 2024,
across 19 states of India.
Brief Financials (₹ crore) March 31, 2023 (A) March 31, 2024 (A) Q1FY25 (UA)
Total income 2,010 3,152 996
PAT 585 2,056# 292
Overall gearing (times) 1.75 1.90 2.08
Total Assets* 17,957 23,856 26,184
Net NPA (%) 0.78 0.59 0.32
ROTA (%)& 3.69 4.91 4.66

A: Audited UA: Unaudited; Note: these are latest available financial results
*Adj. for intangibles and DTA; #incl. exceptional items; & excl. exceptional gain.
Status of non-cooperation with previous CRA: Not applicable
Any other information: Not applicable
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Rating history for the last three years: Please refer to Annexure-2
Covenants of the rated instruments / facilities: Detailed explanation of covenants of the rated instruments/facilities is given
in Annexure-3
Complexity level of the various instruments rated: Annexure-4
Lender details: Annexure-5
Annexure-1: Details of instruments/facilities
Date of Maturity Size of

Coupon Rating Assigned
Name of the Issuance Date (DD- the
ISIN Rate and Rating
Instrument (DD-MM- MM- Issue (₹
(%) Outlook
YYYY) YYYY) crore)
Fund-based - LT-Cash
- - - - 155.00 CARE AAA; Stable
Credit
Fund-based - LT-Cash
Credit
Fund-based-Term loan-
- - - Sept 2029 7,259.87 CARE AAA; Stable
Long term
Fund based - Term loan -
Long term (Proposed)
Fund based – Long term - - - Sept 2029 1,100.00 CARE AAA; Stable
Fund based – Long term

(Proposed)
Non-fund-based - LT/ CARE AAA; Stable /
- - - - 65.00
STBG/LC CARE A1+
Non-fund-based - LT/ CARE AAA; Stable /
- - - - 279.35
STBG/LC (Proposed) CARE A1+
Fund-based - ST-Working
- - - - 200.00 CARE A1+
Capital Limits (Proposed)
Debentures-Non-
INE511C07821 05-Sep-24 8.20% 05-Sep-29 425.00 CARE AAA; Stable
Convertible Debentures
Debentures-Non-
INE511C07813 08-Apr-24 8.32% 08-Apr-26 75.00 CARE AAA; Stable
Debentures-Non-
INE511C07805 07-Feb-24 8.38% 06-Feb-26 250.00 CARE AAA; Stable
Debentures-Non-
INE511C07797 07-Feb-24 8.38% 07-May-26 250.00 CARE AAA; Stable
Debentures-Non- 8.10% -
INE511C07789 27-Feb-23 27-Feb-26 100.00 CARE AAA; Stable
Convertible Debentures (Floater)
Debentures-Non-
INE511C07706 06-May-19 10.27% 06-May-29 2.67 CARE AAA; Stable
Debentures-Non-
INE511C07714 06-May-19 10.75% 06-May-29 2.03 CARE AAA; Stable
Debentures- Non-
Convertible Debentures- - - - - 3,336.20 CARE AAA; Stable
Proposed
Debentures-Market Linked 8.80% CARE PP-MLD AAA;
INE511C07771 27-Jan-23 23-Jan-26 100.00
Debentures (Floater) Stable
Debentures-Market Linked CARE PP-MLD AAA;
- - - - 150.00
Debentures-Proposed Stable
Debt-Perpetual Debt INE511C08928 18-Sep-15 12.10% NA 2.00 CARE AA+; Stable
Debt-Perpetual Debt INE511C08936 15-Oct-15 12.10% NA 5.00 CARE AA+; Stable
Debt-Perpetual Debt INE511C08944 14-Jun-16 12.10% NA 3.00 CARE AA+; Stable
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(%) Outlook
YYYY) YYYY) crore)
Debt-Perpetual Debt INE511C08951 05-Jul-16 12.10% NA 1.70 CARE AA+; Stable
Debt-Perpetual Debt INE511C08969 01-Aug-16 12.10% NA 10.00 CARE AA+; Stable
Debt-Perpetual Debt INE511C08977 09-Sep-16 12.10% NA 3.00 CARE AA+; Stable
Debt-Perpetual Debt INE511C08AF8 03-Feb-17 11.50% NA 1.90 CARE AA+; Stable
Debt-Perpetual Debt INE511C08AH4 07-Mar-17 11.50% NA 1.00 CARE AA+; Stable
Debt-Perpetual Debt INE511C08AJ0 04-Aug-17 11.00% NA 1.00 CARE AA+; Stable
Debt-Perpetual Debt-
- - - - 50.50 CARE AA+; Stable
Proposed
Debt- Subordinate Debt INE511C08985 07-Dec-16 10.40% 07-Dec-26 35.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AD3 06-Jan-17 10.40% 06-Jan-27 15.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AE1 24-Jan-17 10.40% 24-Jan-27 25.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AG6 03-Mar-17 10.25% 03-Mar-27 15.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AI2 18-May-17 10.10% 18-May-27 10.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AK8 07-Mar-18 10.20% 06-Jun-25 5.00 CARE AAA; Stable
Debt- Subordinate Debt INE511C08AL6 28-Mar-18 10.00% 28-Mar-28 5.00 CARE AAA; Stable
Debt-Subordinate Debt-
Proposed
Commercial Paper INE511C14XA9 19-Jul-24 7.75% 18-Oct-24 445.00 CARE A1+
Commercial Paper INE511C14XB7 12-Aug-24 7.75% 08-Nov-24 250.00 CARE A1+
Commercial Paper INE511C14XC5 13-Aug-24 7.75% 12-Nov-24 250.00 CARE A1+
Commercial Paper INE511C14XD3 16-Aug-24 7.75% 14-Nov-24 450.00 CARE A1+
Commercial Paper INE511C14XE1 22-Aug-24 7.73% 21-Nov-24 550.00 CARE A1+
Commercial Paper INE511C14XF8 27-Aug-24 7.73% 26-Nov-24 250.00 CARE A1+
Commercial Paper INE511C14XG6 11-Sep-24 7.79% 06-Dec-24 200.00 CARE A1+
Commercial Paper INE511C14XH4 11-Sep-24 7.79% 11-Dec-24 250.00 CARE A1+
Commercial Paper INE511C14XI2 12-Sep-24 7.79% 12-Dec-24 250.00 CARE A1+
Commercial Paper INE511C14XJ0 19-Sep-24 7.79% 19-Dec-24 250.00 CARE A1+
Commercial Paper INE511C14XK8 20-Sep-24 7.79% 20-Dec-24 250.00 CARE A1+
Commercial Paper INE511C14XK8 20-Sep-24 7.75% 20-Dec-24 250.00 CARE A1+
Commercial Paper INE511C14XL6 20-Sep-24 7.71% 23-Dec-24 250.00 CARE A1+
Commercial Paper
- - - - 2,605.00 CARE A1+
(Proposed)
Debentures-Non-
INE511C07672 06-May-19 10.04% 06-May-24 - Withdrawn
Debentures-Non-
INE511C07680 06-May-19 10.50% 06-May-24 - Withdrawn
Debentures-Non- Zero
INE511C07698 06-May-19 06-May-24 - Withdrawn
Convertible Debentures Coupon
Debentures-Non- Withdrawn
INE511C07599 06-Apr-17 9.00% 06-Apr-24 -
Commercial Paper INE511C14VY3 28-Dec-23 7.90% 27-Mar-24 - Withdrawn
Commercial Paper INE511C14VY3 29-Dec-23 7.90% 27-Mar-24 - Withdrawn
Commercial Paper INE511C14VZ0 03-Jan-24 7.95% 19-Mar-24 - Withdrawn
Commercial Paper INE511C14WA1 05-Jan-24 8.00% 18-Mar-24 - Withdrawn
Commercial Paper INE511C14WB9 16-Jan-24 7.75% 22-Mar-24 - Withdrawn
Commercial Paper INE511C14WC7 02-Feb-24 8.78% 03-May-24 - Withdrawn
Commercial Paper INE511C14WC7 02-Feb-24 8.75% 03-May-24 - Withdrawn
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(%) Outlook
YYYY) YYYY) crore)
Commercial Paper INE511C14WD5 06-Feb-24 8.78% 07-May-24 - Withdrawn
Commercial Paper INE511C14WD5 06-Feb-24 8.75% 07-May-24 - Withdrawn
Commercial Paper INE511C14WE3 09-Feb-24 8.60% 10-May-24 - Withdrawn
Commercial Paper INE511C14WF0 20-Feb-24 8.60% 20-May-24 - Withdrawn
Commercial Paper INE511C14WG8 23-Feb-24 8.50% 24-May-24 - Withdrawn
Commercial Paper INE511C14WH6 28-Feb-24 8.40% 29-May-24 - Withdrawn
Commercial Paper INE511C14WI4 06-Mar-24 8.30% 05-Jun-24 - Withdrawn
NA: Not applicable
Annexure-2: Rating history for last three years

Current Ratings Rating History
Date(s) Date(s)
Name of the Date(s) Date(s)
Sr. and and
Instrument/Bank Amount and and
No. Rating(s) Rating(s)
Facilities Type Outstanding Rating Rating(s) Rating(s)
assigned assigned
(₹ crore) assigned in assigned in
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
1)CARE
A1+
(12-Mar-
24)
1)CARE A1+
2)CARE (11-Nov-21)
1)CARE A1+
A1+
(26-Dec-22)
(09-Oct- 2)CARE A1+
Commercial Paper- 23) (23-Sep-21)
CARE 2)CARE A1+
1 Commercial Paper ST 6,500.00 -
A1+ (30-Sep-22)
(Standalone) 3)CARE 3)CARE A1+
A1+ (26-Aug-21)
3)CARE A1+
(12-Sep-
(01-Aug-22)
23) 4)CARE A1+
(13-Apr-21)
4)CARE
A1+
(18-Jul-
23)
Debt-Subordinate 1)Withdrawn
2 LT - - - - -
Debt (26-Aug-21)
1)CARE
1)CARE 1)CARE AA;
AA+;
AA+; Stable Stable
Stable
(26-Dec-22) (11-Nov-21)
(12-Mar-
24)
CARE 2)CARE 2)CARE AA;
Debt-Perpetual
3 LT 25.00 AA+; - AA+; Stable Stable
Debt 2)CARE
Stable (30-Sep-22) (23-Sep-21)
AA+;
Stable
3)CARE AA; 3)CARE AA;
(09-Oct-
Stable Stable
23)
(01-Aug-22) (26-Aug-21)
8 CARE Ratings Ltd.

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AA+;
Stable
(12-Sep-
23)
4)CARE
AA+;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)
2)CARE 1)CARE 1)CARE

AAA; AAA; Stable AA+; Stable
Stable (26-Dec-22) (11-Nov-21)
(09-Oct-
CARE 23) 2)CARE 2)CARE
Fund-based - LT-
4 LT 3,823.50 AAA; - AAA; Stable AA+; Stable
Cash Credit
Stable 3)CARE (30-Sep-22) (23-Sep-21)
AAA;
Stable 3)CARE 3)CARE
(12-Sep- AA+; Stable AA+; Stable
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
1)CARE 1)CARE
AAA;
AAA; Stable AA+; Stable
Stable
(26-Dec-22) (11-Nov-21)
(12-Mar-
24)
CARE 2)CARE 2)CARE
Term Loan-Long
5 LT 7,267.48 AAA; - AAA; Stable AA+; Stable
Term 2)CARE
AAA;
Stable
3)CARE 3)CARE
(09-Oct-
AA+; Stable AA+; Stable
23)
(01-Aug-22) (26-Aug-21)
9 CARE Ratings Ltd.

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable /
CARE A1+
(12-Mar-
24)
1)CARE 1)CARE
2)CARE
AAA;
/ CARE A1+ / CARE A1+
Stable /
(26-Dec-22) (11-Nov-21)
CARE A1+
CARE (09-Oct-
2)CARE 2)CARE
AAA; 23)
Non-fund-based - AAA; Stable AA+; Stable
6 LT/ST 344.35 Stable -
LT/ ST-BG/LC / CARE A1+ / CARE A1+
/ CARE 3)CARE
(30-Sep-22) (23-Sep-21)
A1+ AAA;
Stable /
3)CARE 3)CARE
CARE A1+
(12-Sep-
/ CARE A1+ / CARE A1+
23)
(01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable /
CARE A1+
(18-Jul-
23)
1)CARE 1)CARE
1)CARE
AAA;
(26-Dec-22) (11-Nov-21)
Stable
CARE (12-Mar-
Debt-Subordinate 2)CARE 2)CARE
7 LT 20.00 AAA; - 24)
Debt AAA; Stable AA+; Stable
Stable
(30-Sep-22) (23-Sep-21)
2)CARE
AAA;
3)CARE 3)CARE
Stable
10 CARE Ratings Ltd.

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
(09-Oct- (01-Aug-22) (26-Aug-21)
23)
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
Debt-Subordinate
8 LT 15.00 AAA; - AAA; Stable AA+; Stable
Debt
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
(12-Mar-
Debt-Subordinate
Debt
AAA;
(09-Oct- AA+; Stable AA+; Stable
23) (01-Aug-22) (26-Aug-21)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AA+;
Stable
(12-Mar-
24)
2)CARE 1)CARE 1)CARE AA;

AA+; AA+; Stable Stable
(09-Oct-
CARE 23) 2)CARE 2)CARE AA;
Debt-Perpetual
Debt
AA+;
Stable 3)CARE AA; 3)CARE AA;
(12-Sep- Stable Stable
23) (01-Aug-22) (26-Aug-21)
4)CARE
AA+;
Stable
(18-Jul-
23)
1)CARE
1)CARE 1)CARE
AAA;
Stable
(26-Dec-22) (11-Nov-21)
(12-Mar-
24)
CARE 2)CARE 2)CARE
Debt-Subordinate
Debt 2)CARE
AAA;
Stable
3)CARE 3)CARE
(09-Oct-
23)
(01-Aug-22) (26-Aug-21)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
Debentures-Non CARE 23) 2)CARE 2)CARE
12 Convertible LT 30.90 AAA; - AAA; Stable AA+; Stable
Debentures Stable 3)CARE (30-Sep-22) (23-Sep-21)
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
13 LT - - - - -
Debt (26-Aug-21)
1)CARE
1)CARE 1)CARE AA;
AA+;
AA+; Stable Stable
Stable
(26-Dec-22) (11-Nov-21)
(12-Mar-
24)
CARE 2)CARE 2)CARE AA;
Debt-Perpetual
Debt 2)CARE
AA+;
Stable
3)CARE AA; 3)CARE AA;
(09-Oct-
Stable Stable
23)
(01-Aug-22) (26-Aug-21)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AA+;
Stable
(12-Sep-
23)
4)CARE
AA+;
Stable
(18-Jul-
23)
15 LT - - - - -
Debt (26-Aug-21)
16 LT - - - - -
Debt (26-Aug-21)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
Debt-Subordinate
Debt
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE 1)CARE
1)CARE
AAA;
(26-Dec-22) (11-Nov-21)
Stable
Debentures-Non CARE (12-Mar-
2)CARE 2)CARE
18 Convertible LT 164.80 AAA; - 24)
Debentures Stable
(30-Sep-22) (23-Sep-21)
2)CARE
AAA;
3)CARE 3)CARE
Stable

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
(09-Oct- (01-Aug-22) (26-Aug-21)
23)
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
(12-Mar-
AAA;
(09-Oct- AA+; Stable AA+; Stable
23) (01-Aug-22) (26-Aug-21)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AA+; Stable
(11-Nov-21)
1)Withdrawn
(30-Sep-22)
Debentures-Non 2)CARE
21 Convertible LT - - - - AA+; Stable
2)CARE
Debentures (23-Sep-21)
AA+; Stable
(01-Aug-22)
3)CARE
AA+; Stable
(26-Aug-21)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
1)CARE
AA+; Stable
(11-Nov-21)
1)Withdrawn
(30-Sep-22)
2)CARE
Debentures (23-Sep-21)
AA+; Stable
(01-Aug-22)
3)CARE
AA+; Stable
(26-Aug-21)
1)CARE
AAA;
Stable
(12-Mar-
24)

(09-Oct-
Fund-based-Long
Term
AAA;
23) (01-Aug-22) (26-Aug-21)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
A1+
(12-Mar-
24) 1)CARE A1+ 1)CARE A1+
(26-Dec-22) (11-Nov-21)
2)CARE
Fund-based - ST-
CARE A1+ 2)CARE A1+ 2)CARE A1+
25 Working Capital ST 200.00 -
A1+ (09-Oct- (30-Sep-22) (23-Sep-21)
Limits
23)
3)CARE A1+ 3)CARE A1+
3)CARE (01-Aug-22) (26-Aug-21)
A1+
(12-Sep-
23)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
4)CARE
A1+
(18-Jul-
23)
1)Withdrawn
(30-Sep-22)
2)CARE
Debentures (11-Nov-21)
AA+; Stable
(01-Aug-22)
1)Withdrawn
(30-Sep-22)
2)CARE
Debentures (11-Nov-21)
AA+; Stable
(01-Aug-22)
1)CARE
AAA;
Stable
(12-Mar-
24)
2)CARE 1)CARE
AAA; AAA; Stable
Stable (26-Dec-22)
(09-Oct-
Debentures Stable 3)CARE (30-Sep-22) (11-Nov-21)
AAA;
Stable 3)CARE
(12-Sep- AA+; Stable
23) (01-Aug-22)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
1)CARE AAA; Stable
AAA; (26-Dec-22)
Debentures-Non CARE 1)CARE
Stable
29 Convertible LT 77.82 AAA; - AA+; Stable
(12-Mar- 2)CARE
Debentures Stable (11-Nov-21)
24) AAA; Stable
(30-Sep-22)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
2)CARE 3)CARE
AAA; AA+; Stable
Stable (01-Aug-22)
(09-Oct-
23)
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)
2)CARE 1)CARE
AAA; AAA; Stable
Stable (26-Dec-22)
(09-Oct-
AAA;
Stable 3)CARE
23) (01-Aug-22)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
1)CARE AAA; Stable
AAA; (26-Dec-22)
Debentures-Non CARE 1)CARE
Stable
31 Convertible LT 2.67 AAA; - AA+; Stable
(12-Mar- 2)CARE
Debentures Stable (11-Nov-21)
24) AAA; Stable
(30-Sep-22)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
2)CARE 3)CARE
AAA; AA+; Stable
Stable (01-Aug-22)
(09-Oct-
23)
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AAA;
Stable
(12-Mar-
24)
2)CARE 1)CARE
AAA; AAA; Stable
Stable (26-Dec-22)
(09-Oct-
AAA;
Stable 3)CARE
23) (01-Aug-22)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
1)CARE AAA; Stable
AAA; (26-Dec-22)
CARE 1)CARE
Debt-Subordinate Stable
33 LT 83.00 AAA; - AA+; Stable
Debt (12-Mar- 2)CARE
Stable (11-Nov-21)
24) AAA; Stable
(30-Sep-22)

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
2)CARE 3)CARE
AAA; AA+; Stable
Stable (01-Aug-22)
(09-Oct-
23)
3)CARE
AAA;
Stable
(12-Sep-
23)
4)CARE
AAA;
Stable
(18-Jul-
23)
1)CARE
AA+;
Stable
(12-Mar-
24)
2)CARE 1)CARE
AA+; AA+; Stable
Stable (26-Dec-22)
(09-Oct-
CARE 23) 2)CARE 1)CARE AA;
Debt-Perpetual
Debt
Stable 3)CARE (30-Sep-22) (11-Nov-21)
AA+;
Stable 3)CARE AA;
(12-Sep- Stable
23) (01-Aug-22)
4)CARE
AA+;
Stable
(18-Jul-
23)
1)CARE PP-
1)CARE
MLD AAA;
CARE PP-MLD
Stable
PP- AAA;
Debentures-Market (26-Dec-22)
35 LT 250.00 MLD - Stable -
Linked Debentures
AAA; (12-Mar-
2)CARE PP-
Stable 24)
MLD AAA;
Stable

Press Release
Date(s) Date(s)
Sr. and and
assigned assigned
in 2024- in 2023-
2022-2023 2021-2022
2025 2024
2)CARE (30-Sep-22)
PP-MLD
AAA; 3)CARE PP-
Stable MLD AA+;
(09-Oct- Stable
23) (01-Aug-22)
3)CARE
PP-MLD
AAA;
Stable
(12-Sep-
23)
4)CARE
PP-MLD
AAA;
Stable
(18-Jul-
23)
LT: Long term; ST: Short term; LT/ST: Long term/Short term
Annexure-3: Detailed explanation of covenants of rated instruments/facilities: Not applicable
Annexure-4: Complexity level of instruments rated

Sr. No. Name of the Instrument Complexity Level
Commercial Paper-Commercial Paper

1 Simple
(Standalone)
2 Debentures-Market Linked Debentures Highly Complex
Debentures-Non Convertible
3 Simple
Debentures
4 Debt-Perpetual Debt Highly Complex
5 Debt-Subordinate Debt Complex
6 Debt-Subordinate Debt Simple
7 Fund-based - LT-Cash Credit Simple
8 Fund-based - ST-Working Capital Limits Simple
9 Fund-based-Long Term Simple
10 Non-fund-based - LT/ ST-BG/LC Simple
11 Term Loan-Long Term Simple

Press Release
Annexure-5: Lender details

To view the lender wise details of bank facilities please click here
Note on complexity levels of rated instruments: CARE Ratings has classified instruments rated by it based on complexity.
Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for clarifications.
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Pradeep Kumar V CARE Ratings Limited
Senior Director Phone: 91-120-4452002
CARE Ratings Limited E-mail: gaurav.dixit@careedge.in
Phone: 914428501001
E-mail: pradeep.kumar@careedge.in Sudam Shrikrushna Shingade
Associate Director
Phone: 912267543453
E-mail: sudam.shingade@careedge.in
About us:
Established in 1993, CARE Ratings is one of the leading credit rating agencies in India. Registered under the Securities and
Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the RBI. With an equitable
position in the Indian capital market, CARE Ratings provides a wide array of credit rating services that help corporates raise capital
and enable investors to make informed decisions. With an established track record of rating companies over almost three decades,
CARE Ratings follows a robust and transparent rating process that leverages its domain and analytical expertise, backed by the
methodologies congruent with the international best practices. CARE Ratings has played a pivotal role in developing bank debt
and capital market instruments, including commercial papers, corporate bonds and debentures, and structured credit.
Disclaimer:
The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to
sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor.
The agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible
sources. CARE Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions
and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings have paid a credit rating fee,
based on the amount and type of bank facilities/instruments. CARE Ratings or its subsidiaries/associates may also be involved with other commercial transactions with
the entity. In case of partnership/proprietary concerns, the rating/outlook assigned by CARE Ratings is, inter-alia, based on the capital deployed by the
partners/proprietors and the current financial strength of the firm. The ratings/outlook may change in case of withdrawal of capital, or the unsecured loans brought
in by the partners/proprietors in addition to the financial performance and other relevant factors. CARE Ratings is not responsible for any errors and states that it has
no financial liability whatsoever to the users of the ratings of CARE Ratings. The ratings of CARE Ratings do not factor in any rating-related trigger clauses as per the
terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and
triggered, the ratings may see volatility and sharp downgrades.
For detailed Rationale Report and subscription information,

please visit www.careedge.in

10/29/24, 2:27 PM Rating Rationale
Rating Rationale
August 01, 2024 | Mumbai
Poonawalla Fincorp Limited

Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.5785 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.6700 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)

Rs.2750 Crore (Reduced from Rs.3000 Crore) Non
CRISIL AAA/Stable (Reaffirmed)
Rs.200 Crore Perpetual Bonds CRISIL AA+/Stable (Reaffirmed)
Rs.500 Crore Subordinated Debt CRISIL AAA/Stable (Reaffirmed)
Rs.6500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any
ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
CRISIL Ratings has reaffirmed its ‘CRISIL AAA/CRISIL AA+/Stable/CRISIL A1+’ ratings on the bank facilities and debt
instruments of Poonawalla Fincorp Limited (PFL).
CRISIL Ratings has also withdrawn its rating on non convertible debentures of Rs.250 crore on redemption and at
company’s request. CRISIL Ratings has received requisite documentation for withdrawal. The withdrawal is in line with
CRISIL Ratings’ policy for withdrawal of ratings.
The ratings continue to be driven by the strategic importance to, and expectation of support from, Rising Sun Holdings
Private Limited (RSHPL; which holds 62.09% stake in PFL, as on June 30, 2024), a special purpose vehicle (SPV) of the
Cyrus Poonawalla promoter group owned and controlled by Mr Adar Poonawalla. The promoter’s flagship company is
Serum Institute of India Private Limited (SIIPL; rated CRISIL AAA/Stable/CRISIL A1+). SIIPL had infused about Rs 6,663
crore in RSHPL in the form of compulsorily convertible cumulative preference shares (CCCPS) upto fiscal 2023. This capital
was used to infuse funds in various businesses of the group including PFL, wherein RSHPL invested Rs 3,206 crore. The
foray into financial services business through PFL is in line with the group's focus on domestic consumption as a key theme
in their growth philosophy. PFL will play a key role through which this strategy will be implemented in the areas of interest of
the group i.e., consumer and MSME (micro, small and medium enterprises) financing through tech driven lending. The
rating also factors in the expectation of continued support demonstrated by articulation of RSHPL’s intention to (i) maintain
majority shareholding in PFL and retain management control, (ii) provide equity capital to support growth and manage risk, if
and when required and (iii) maintain strategic linkages and management oversight so that, among others, PFL conducts its
business in a manner such that it honors its stakeholder obligations in a timely manner.
CRISIL Ratings believes that PFL will remain of high strategic importance to RSHPL, given the majority shareholding in
PFL. CRISIL Ratings also notes that there is a strong management oversight for the company to conduct its business, with
Mr. Adar Poonawalla being the chairman of the board, thereby ensuring active involvement in the group-level strategies.
Additionally, PFL’s shared brand name with the promoter further enhances the expectation of support to the financial
services entity if required.
The ratings also factor in the steady scale up of the loan book with diversified product offerings, healthy capitalization,
diversified resource profile with competitive cost of borrowings and experienced senior management. CRISIL Ratings also
takes note of the recent management changes at PFL with Mr. Arvind Kapil stepping in as the new Managing Director and
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PoonawallaFincorpLimited_August 01_ 2024_RR_349622.html 1/10

CEO. Several other industry experts have also assumed leadership roles within the company. The new management team
brings extensive experience to the table. The strengths are partially offset by the lack of seasoning of the recent portfolio
and demonstration of sustainability of the earnings profile.
Analytical Approach
CRISIL ratings has evaluated the standalone credit risk profile of PFL. Further, the ratings factor in the continued
expectation of need based timely support to PFL from RSHPL, a SPV of the Cyrus Poonawalla promoter group, owned and
controlled by Mr Adar Poonawalla, given the majority ownership and high strategic importance, the shared brand name with
promoter and managerial control. The promoter’s flagship company, SIIPL, infused about Rs 6,663 crore in RSHPL in the
form of CCCPS till fiscal 2023. This capital was used to infuse funds in various businesses of the group including PFL,
wherein RSHPL invested Rs 3,206 crore.
Key Rating Drivers & Detailed Description
Strengths:
Expectation of need based timely financial support from RSHPL
RSHPL is a key investment holding company with 99.99% equity stake held by Mr. Adar Poonawalla, CEO of SIIPL and
Chairman and Managing Director of Serum Life Sciences Pvt Ltd (SLS). SIIPL invested Rs 6,663 crore in RSHPL through
CCCPS till fiscal 2023. SIIPL itself is entirely held by Dr. Cyrus S Poonawalla and family members both individually and
through trusts whereas SLS is held by RSHPL (33%) and SIIPL (67%). In May 2021, RSHPL infused Rs 3,206 crore as
equity in erstwhile Magma Fincorp Limited. The transaction also resulted in rebranding of Magma Fincorp Limited to PFL. As
on June 30, 2024, RSHPL holds 62.09% stake in PFL.
SIIPL is among the largest vaccine manufacturers globally by number of doses produced. Its vaccine portfolio includes
vaccines for DTP, MMR, Polio, Hib, r-Hepatitis B, Rabies and Rotavirus. It also manufactures Covishield vaccine against
Covid-19 in India. CRISIL Ratings notes that over the past 4-5 years, SIIPL has been funding investments in subsidiaries
and other companies of the Poonawalla group. SIIPL’s investments are well diversified across sectors including financial
services, green energy, real estate, aviation, pharmaceutical packaging, etc.
The ratings continues to factor in the expectation of support demonstrated by articulation of RSHPL’s intention to (i) maintain
majority shareholding in PFL and retain management control, (ii) maintain strategic linkages and management oversight so
that, among others, PFL conducts its business in a manner such that it honors its stakeholder obligations in a timely manner
and (iii) provide equity capital to support growth and manage risk, if and when required.
CRISIL Ratings believes that PFL will remain of high strategic importance to RSHPL, a SPV owned and controlled by Mr.
Adar Poonawalla, given the majority shareholding in PFL. CRISIL Ratings also notes that there is a strong management
oversight for the company to conduct its business, with Mr. Adar Poonawalla being the chairman of the board, thereby
ensuring active involvement in the group-level strategies. Additionally, PFL’s shared brand name with the promoter further
enhances the expectation of support to the financial services entity if required.
Healthy capitalization
The sizeable equity infusion and sale of Poonawalla Housing Finance Limited led to a significant increase in the company’s
networth and stood at Rs. 8,370 as on June 30, 2024 as against Rs. 8,116 crore as on March 31, 2024, and Rs. 6,425 crore
as on March 31, 2023. Consequently, the gearing is 2.1 times as on June 30, 2024 as against 1.9 times as on March 31,
2024 and 1.7 times as on March 31, 2023. The capitalization metrics is expected to continue to remain healthy driven by
accruals and gearing metrics are not expected to go beyond 5 times on a steady state basis.
Diversified resource profile and competitive funding costs

The company has benefited through access to diversified funding mix covering capital markets and bank loans at lower
funding costs. Prior to acquisition, erstwhile Magma Fincorp Limited had higher reliance on public sector bank (PSB) loans
and off-book funding at relatively higher cost. With the change in management, the company is broad basing their funding
sources, including access to capital markets in addition to diversified bank funding by introducing private sector banks,
foreign banks and more PSBs. PFL has now increased raising money through CPs (commercial paper) as well. PFL also
raised NCD (non-convertible debentures) from a diversified set of investors, opening access to the bond market. During
fiscal 2024, PFL has raised ~Rs 33,380 crore (Gross) of funds from diversified sources with weighted average cost of
borrowings of 7.74%.
Experienced senior management

The company is governed by experienced board of directors, with Mr. Adar Poonawalla being the Chairman of the board.
The board is supported by a revamped strong senior management with relevant and significant experience in retail
financing, having previously worked at reputed banks and NBFCs (non-bank financial companies). The senior management
team is now led by Mr. Arvind Kapil taking over as the new Managing Director & CEO. The company has also further
strengthened its leadership across functions by onboarding highly experienced key personnel. These senior management
personnel have been in the industry for more than two decades each and have extensive experience in their functional
areas.
Weaknesses:

Comfortable asset quality metrics; new loan book, however, lacks seasoning
PFL reported gross non-performing assets (GNPA) of 0.67% as on June 30, 2024 as against 1.16% as on March 31, 2024,
and 1.44% as on March 31, 2023. The reduction in GNPA, was primarily on account of adopting a more conservative write-
off policy, as part of the company’s new strategy and consistent improvement in collection efficiency, wherein, the company
has been reporting consistent collections across months in the range of 96%-100%. The improvement was also on account
of low NPAs being reported given the portfolio remained unseasoned.
The company has realigned the product mix with greater focus on better quality, credit-tested, along with discontinuation of
some products of erstwhile Magma Fincorp Limited. The product strategy is primarily aimed at minimizing the credit costs in
future and focusing on products with digital collections. The company plans on focusing on newer segments such as
consumer durable loans, PL Prime loans, shopkeeper loans and used commercial vehicle financing over the medium term.
Given limited portfolio seasoning, performance of asset quality across asset classes including newer segments will remain a
key monitorable.
Sustainability of earning profile to be monitored

The company saw an improvement in its overall earnings profile with return on average managed assets (RoMA) of 4.3%
(annualized) in the quarter ended June 2024 and 4.6% (excluding one-offs) in fiscal 2024 as against 3.7% (excluding one-
offs) in fiscal 2023. The improvement in the earnings profile was also supported by the reducing credit costs, as the
company had done aggressive provisioning and write-offs for majority of its legacy book in March 2021, thereby resulting in
provision reversals and recoveries in the subsequent years.
PFL reported healthy AUM growth of 55% in fiscal 2024 to reach at Rs 25,003 crore as on March 31, 2024. It grew further at
an annualized growth rate of 32% to reach Rs 26,972 crore as on June 30, 2024. Amidst growing loan book, with the
change in product strategy and overall strengthening of risk management systems, investments towards technology and
other operating expenses are expected to increase in near to medium term. This is expected to have a bearing on the
company’s profitability. Thus, while the company has shown improvement in its earnings profile, the ability of the company
to manage its operating expenses and credit costs remains to be seen and will remain a key monitorable.
Liquidity: Superior
Liquidity remains comfortable, as on June 30, 2024, the company had cash and cash equivalents and unutilized CC/WCDL
lines of Rs 5,192 crore. Against this, the company had repayments (including interest) of Rs 4,870 crore for the next 3
months. As on June 30, 2024, the ALM (asset liability maturity) profile of the company remained strong with positive
cumulative gaps across all the buckets.
Outlook: Stable
The rating factors in the expectation of need based timely support from RSHPL, a SPV of the Cyrus Poonawalla promoter
group, whose flagship company is SIIPL.
Rating Sensitivity Factors
Downward Factors:
Decline in support from, or strategic importance to, RSHPL (a special purpose vehicle of the Cyrus Poonawalla group,
whose flagship company is SIIPL) or material change in shareholding in PFL, or in CRISIL Ratings’ view any downward
revision in the credit profile of RSHPL.
Any sustained deterioration in asset quality and earnings profile of the company.
Significant jump in gearing beyond 5 times on a sustained basis while scaling up the portfolio.
About Poonawalla Fincorp Limited
Incorporated as Magma Leasing Ltd, the company commenced its operations in 1989. The company was renamed to
Magma Fincorp Limited in 2008 and Poonawalla Fincorp Limited in 2021 post the acquisition by Rising Sun Holdings
Private Limited (an entity owned and controlled by Mr. Adar Poonawalla). The company has a diversified product offering in
consumer and MSME finance including personal loans, loans to professionals, business loans, consumer loans, loan
against property, pre-owned car loans, supply chain finance, machinery, and medical equipment loans. The company also
plans to foray into consumer durable loans, PL prime Loans, shopkeeper loans and used commercial vehicles financing in
near term.
Key Financial Indicators (Standalone):
Particulars as on, Unit Jun-24 Mar-24 Mar-23 Mar-22
Total Assets Rs Cr. 26,328 24,036 18,022 12,810
Total income Rs Cr. 996 3,152 2,010 1,567
Profit after tax Rs Cr. 292 2,056 585 293
GNPA % 0.7 1.2 1.4 3.3
NNPA % 0.3 0.6 0.8 1.3
Gearing Times 2.1 1.9 1.7 1.2
Return on average managed
% 4.3* 9.2^ 3.7 2.4
assets#
Return on Assets## % 4.6* 9.8^ 3.8 2.5

*Annualised
Încludes exception items
#Profit after tax by average assets + managed book
##Profit after tax by average total assets
Any other information

Note on perpetual debt instrument
The rating on perpetual bonds remains sensitive to the capital buffer maintained by PFL, over regulatory capital
requirements, and rating transition on these instruments could potentially be sharper than those on other debt instruments
and bank facilities.
Note on complexity levels of the rated instrument:

CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where
applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on
available information. The complexity level for instruments may be updated, where required, in the rating rationale
published subsequent to the issuance of the instrument when details on such features are available.
For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the
Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)

Issue Rating
Name of Date of Coupon Maturity Complexity
ISIN Size Assigned with
Instrument Allotment Rate (%) Date Level
(Rs.Crs) Outlook
7-365
NA Commercial Paper NA NA 6500 Simple CRISIL A1+
days
Non-convertible CRISIL
NA NA NA NA 6700 Simple
debentures* AAA/Stable
Non-convertible CRISIL
NA NA NA NA 2125 Simple
debentures* AAA/Stable
Non-convertible 23-Sep- Zero 23-Oct- CRISIL
INE511C07763 50 Simple
debentures 2022 Coupon 2024 AAA/Stable
Non-convertible 07-Feb- 07-May- CRISIL
INE511C07797 8.38 250 Simple
debentures 2024 2026 AAA/Stable
Non-convertible 07-Feb- 06-Feb- CRISIL
INE511C07805 8.38 250 Simple
Non-convertible 08-Apr- 08-Apr- CRISIL
INE511C07813 8.32% 75 Simple
Subordinated CRISIL
NA NA NA NA 390 Complex
debt* AAA/Stable
07-Dec- 07-Dec- CRISIL
INE511C08985 Subordinated debt 10.40% 35 Complex
2016 2026 AAA/Stable
06-Jan- 06-Jan- CRISIL
INE511C08AD3 Subordinated debt 10.40% 15 Complex
28-Mar- 28-Mar- CRISIL
INE511C08AL6 Subordinated debt 10.00% 5 Complex
03-Mar- 03-Mar- CRISIL
INE511C08AG6 Subordinated debt 10.25% 15 Complex
07-Mar- 06-Jun- CRISIL
INE511C08AK8 Subordinated debt 10.20% 5 Complex
24-Jan- 24-Jan- CRISIL
INE511C08AE1 Subordinated debt 10.40% 25 Complex
18-May- 18-May- CRISIL
INE511C08AI2 Subordinated debt 10.10% 10 Complex
Highly CRISIL
NA Perpetual debt* NA NA NA 171.4
Complex AA+/Stable
07-Mar- Highly CRISIL
INE511C08AH4 Perpetual debt 11.50% Perpetual 1
2017 Complex AA+/Stable
18-Sep- Highly CRISIL
INE511C08928 Perpetual debt 12.10% Perpetual 2
09-Sep- Highly CRISIL

01-Aug- Highly CRISIL
03-Feb- Highly CRISIL
INE511C08AF8 Perpetual debt 11.50% Perpetual 1.9
15-Oct- Highly CRISIL
05-Jul- Highly CRISIL
INE511C08951 Perpetual debt 12.10% Perpetual 1.7
04-Aug- Highly CRISIL
INE511C08AJ0 Perpetual debt 11.00% Perpetual 1
14-Jun- Highly CRISIL
Proposed Long
CRISIL
NA Term Bank Loan NA NA NA 2035 NA
AAA/Stable
Facility
30- Mar- CRISIL
NA Term Loan NA NA 250 NA
2029 AAA/Stable
CRISIL
NA Term Loan^ NA NA NA 250 NA
AAA/Stable
27-Mar- CRISIL
2029 AAA/Stable
CRISIL
NA Term Loan^ NA NA NA 500 NA
AAA/Stable
10-Sep- CRISIL
2029 AAA/Stable
10-Dec- CRISIL
2029 AAA/Stable
28-Jun- CRISIL
2029 AAA/Stable
21-Jun- CRISIL
2026 AAA/Stable
Working Capital
NA NA NA NA 875 NA CRISIL A1+
Demand Loan
*Yet to be issued
Ûndrawn
Annexure - Details of Rating Withdrawn

Coupon Issue Rating
Name of Date of Complexity
ISIN Rate Maturity Date Size Assigned
Instrument Allotment Level
(%) (Rs.Crs) with Outlook
Non-convertible 20-Jul-
INE511C07755 7.60% 19-Jul-2024 250 Simple Withdrawn
debentures 2022
Annexure - Rating History for last 3 Years
Start of
Current 2024 (History) 2023 2022 2021
2021
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
CRISIL CRISIL
Fund Based A1+ / A1+ / CRISIL CRISIL
LT/ST 5785.0 12-07-24 02-08-23 20-12-22 -- --
Facilities CRISIL CRISIL AAA/Stable AA+/Stable
AAA/Stable AAA/Stable
-- 19-06-24 CRISIL 05-05-23 CRISIL 10-10-22 CRISIL -- --

AAA/Stable AAA/Stable AA+/Stable
CRISIL CRISIL CRISIL
-- 28-03-24 24-04-23 31-01-22 -- --
Commercial CRISIL CRISIL CRISIL CRISIL CRISIL CRISIL
ST 6500.0 12-07-24 02-08-23 20-12-22 15-12-21
Paper A1+ A1+ A1+ A1+ A1+ A1+
CRISIL CRISIL CRISIL CRISIL
-- 19-06-24 05-05-23 10-10-22 12-02-21 --
A1+ A1+ A1+ A1+
-- 28-03-24 CRISIL 24-04-23 CRISIL 31-01-22 CRISIL -- --

A1+ A1+ A1+
Non
CRISIL CRISIL CRISIL CRISIL
Convertible LT 9450.0 12-07-24 02-08-23 20-12-22 -- --
AAA/Stable AAA/Stable AAA/Stable AA+/Stable
Debentures

-- 19-06-24 05-05-23 10-10-22 -- --
-- 28-03-24 24-04-23 31-01-22 -- --
Perpetual CRISIL CRISIL CRISIL
LT 200.0 12-07-24 02-08-23 -- -- --
Bonds AA+/Stable AA+/Stable AA+/Stable
CRISIL CRISIL
-- 19-06-24 05-05-23 -- -- --
AA+/Stable AA+/Stable
CRISIL
-- 28-03-24 -- -- -- --
AA+/Stable
Subordinated CRISIL CRISIL CRISIL
LT 500.0 12-07-24 02-08-23 -- -- --
Debt AAA/Stable AAA/Stable AAA/Stable
CRISIL CRISIL
-- 19-06-24 05-05-23 -- -- --
AAA/Stable AAA/Stable
CRISIL
-- 28-03-24 -- -- -- --
AAA/Stable
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities

Facility Amount (Rs.Crore) Name of Lender Rating
Proposed Long Term Bank
2035 Not Applicable CRISIL AAA/Stable
Loan Facility
Term Loan* 500 Indian Bank CRISIL AAA/Stable
Term Loan 250 Axis Bank Limited CRISIL AAA/Stable
Term Loan^ 500 HDFC Bank Limited CRISIL AAA/Stable
Small Industries
Term Loan 500 CRISIL AAA/Stable
Development Bank of India
The South Indian Bank
Term Loan 125 CRISIL AAA/Stable
Limited
Term Loan 1000 Union Bank of India CRISIL AAA/Stable
Working Capital Demand
300 YES Bank Limited CRISIL A1+
Loan
Working Capital Demand The South Indian Bank
75 CRISIL A1+
Loan Limited
Working Capital Demand
500 DBS Bank India Limited CRISIL A1+
Loan
*Out of which Rs.250 crore is undrawn
Ûndrawn
Criteria Details
Links to related criteria

CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
Rating criteria for hybrid debt instruments of NBFCs/HFCs
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
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Annexure 1: Sr. No. Instrument Amount Rating Rating Action

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Annexure 1

Shri Sanjay Miranka

October 24, 2024

Credit rating for proposed Debt Issue / Non-Convertible Debentures

CARE Ratings Limited

Issu Name and

CARE Ratings Limited

CARE Ratings Limited

Poonawalla Fincorp Limited(Revised)

Facilities/Instruments Amount (₹ crore) Rating1 Rating Action

Long Term Bank Facilities 12,655.65 CARE AAA; Stable Reaffirmed

Short Term Bank Facilities 200.00 CARE A1+ Reaffirmed

Perpetual debt 79.10 CARE AA+; Stable Reaffirmed

Subordinate debt 230.00 CARE AAA; Stable Reaffirmed

Market Linked Debentures 250.00 CARE PP-MLD AAA; Stable Reaffirmed

Non-Convertible Debentures 4,440.90 CARE AAA; Stable Reaffirmed

Commercial Paper 6,500.00 CARE A1+ Reaffirmed

Rationale and key rating drivers

1 CARE Ratings Ltd.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Not applicable

Detailed description of key rating drivers:

Strong and resourceful promoter

2 CARE Ratings Ltd.

Experienced management team

Diversified product approach in the retail segment

Comfortable asset quality metrics

3 CARE Ratings Ltd.

Healthy Capitalisation and diversified resource profile

Moderate scale of operations, and market position

4 CARE Ratings Ltd.

Environment, social, and governance (ESG) risks

About the company and industry

Total income 2,010 3,152 996

PAT 585 2,056# 292

Overall gearing (times) 1.75 1.90 2.08

Total Assets* 17,957 23,856 26,184

Net NPA (%) 0.78 0.59 0.32

ROTA (%)& 3.69 4.91 4.66

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

5 CARE Ratings Ltd.

Complexity level of the various instruments rated: Annexure-4

Lender details: Annexure-5

Annexure-1: Details of instruments/facilities

Date of Maturity Size of

Fund based – Long term

6 CARE Ratings Ltd.

Date of Maturity Size of

7 CARE Ratings Ltd.

Date of Maturity Size of

Annexure-2: Rating history for last three years

8 CARE Ratings Ltd.

Current Ratings Rating History

2)CARE 1)CARE 1)CARE

9 CARE Ratings Ltd.

Current Ratings Rating History

10 CARE Ratings Ltd.

Current Ratings Rating History