Satin Creditcare Network Q4 results: Company posts net profit of Rs 38 cr


MUMBAI: Microfinance establishment Limited (SCNL) on Monday reported a profit after tax of Rs 38 crore within the quarter ended on March 31, 2021, towards Rs 13 crore within the year-ago interval.

For the total yr, it reported a loss of Rs 14 crore as towards a profit after tax of Rs 155 crore in FY20.

“March quarter was a lot better than the earlier quarters. The three months were practically back to pre-pandemic levels,” its Chairman and Managing Director H P Singh mentioned.

Disbursement in Q4FY21 stood at Rs 2,376 crore as in comparison with Rs 2,743 crore within the year-ago interval. MFI disbursement stood at Rs 2,261 crore within the quarter.

In FY21, disbursement stood at Rs 4,982 crore as in comparison with Rs 8,976 crore in FY20. The decline in disbursement was attributable to Covid-19 induced lock down within the H1FY21, the lender mentioned.

Considering the surge in instances in April 2021 with the arrival of the second wave of the pandemic, the state sensible lock down will impact the Q1 FY22 efficiency, Singh mentioned.

Its collections jumped to 105 per cent in March from 98 per cent in December. Collections declined to 93 per cent and additional to 75-76 per cent in May attributable to restrictions in motion imposed by numerous states, Singh mentioned.

“Since the lockdowns have started opening up in a phased manner, collection efficiency has started to come back again. But my sense is that may be in another 15-20 days it will start coming back to the 90 per cent level,” he mentioned.

For FY21, the micro lender’s gross NPA stood at 8.4 per cent and net NPA stood at 3.3 per cent. It has made a cumulative whole provision of Rs 289 crore of which Rs 44 crore have been recognised as on March 31, 2021 on account of important improve in credit score threat on prospects given further help by the corporate which had been impacted attributable to COVID-19.

“The company has adequate liquidity and a strong balance sheet position which makes us well-positioned and agile to achieve growth over the medium to long term, while the demand remains strong,” Singh mentioned.

According to him, because the Covid-19 curve flattens, vaccination fee improves, and the native restrictions begin to ease out, there can be enchancment in compensation self-discipline and decrease PAR (portfolio in danger).

Total borrowings stood at Rs 6,260 crore as on March 31, 2021.

The lender’s housing finance subsidiary- Satin Housing Finance Ltd, has reached an asset beneath administration (AUM) of Rs 226 crore. It has 100 per cent retail ebook comprising of 79 per cent reasonably priced housing loans and 21 per cent of LAP (mortgage towards property).



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *