Micro-finance player Satin Creditcare today reported consolidated net profit of Rs 44.1 crore for the March quarter of last fiscal on higher volumes and lower operating expenses.
It had reported a net loss of Rs 43 crore in the January-March period of the preceding fiscal, 2016-17.
The revenues during the fourth quarter of 2017-18 grew by 66.4 per cent from a year ago to Rs 291.60 crore, as against Rs 175.22 crore, the company said in a regulatory filing.
For the entire 2017-18, however, there was net loss of Rs 2.69 crore against, a net profit of Rs 24.87 crore in 2016-17.
Income for last fiscal was up at Rs 1,031.42 crore, from Rs 801.47 crore in 2016-17.
"...we have swiftly recovered from the impact of demonetisation and had returned to profitability in second quarter of 2017-18.
"We have further built on that momentum with our profit after tax doubling as compared to last quarter," said H P Singh, Chairman and Managing Director of Satin Creditcare Ltd.
He added: "With our expansion of microfinance operations in eastern geographies, we have managed to reduce per district concentration drastically. Now 92 per cent of districts have less than 1 per cent exposure and only 1 per cent districts have more than 2 per cent exposure. We have also reduced the UP concentration to 29.7 per cent from 34.7 per cent as of December 2017."
Satin Creditcare said the Rs 439.30 crore capital raise in 2017-18 helped the company maintain strong capital adequacy ratio of 23.7 per cent even after achieving the growth of more than 40 per cent in asset under management.
The company's stock closed 9.02 per cent higher at Rs 419.50 on BSE.
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