Asset finance firm Magma Fincorp today reported a consolidated net profit of Rs 71.48 crore in the quarter ended March, against a net loss of Rs 114.02 crore in the same period last year.
On a standalone basis, however, the company posted a net profit of Rs 79.16 crore in the March quarter, compared with a net loss of Rs 102.49 crore in the year-ago period.
The company said the March quarter numbers are not comparable as it had sold non-performing assets (NPAs)to banks and asset reconstruction companies in the year-ago quarter.
"This quarter's profit number are not comparable as last year we had a one-time hit of Rs 145 crore after we sold NPAs worth Rs 680 crore," said Kailash Baheti, chief financial officer, Magma Fincorp.
Net interest margins (NIM) for the quarter was up 212 basis points to 9.7 per cent, while the company's asset under management stood at Rs 15,555 crore as of March 31, 2018.
The fourth quarter disbursals grew by 51 per cent, while the unsecured SME lending increased by 41 per cent.
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The gross NPA at 90 dpd stood at 7 per cent, against 8.8 per cent, while the net NPA came down to 5.2 per cent from 7.5 per cent.
"We expect our gross NPA to reduce to 5-5.5 per cent in this fiscal, aided by better recoveries," Baheti said.
The provision coverage ratio at 90 dpd stood at 27.2 per cent, compared with 17.7 per cent at 120 dpd as on March 31, 2017.
Meanwhile, the company today said it is looking to raise Rs 3,000-4,000 crore in this financial year through a combination of bank borrowings and bonds.
"The money raise will be used to fund our growth in the current financial year and for repayments," he added.
For financial year 2017-18, the company reported a consolidated net profit of Rs 230.42 crore, against Rs 20.45 crore profit in the year-ago period.
The company's scrip ended at Rs 177.75, up 1.05 per cent on the BSE, against 0.29 per cent increase in the benchmark.