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SBFC Finance shares advanced 14.8 per cent intraday, logging an all-time high of Rs 101.15 per share on the BSE on Monday's trade. The non banking financial company's shares soared after CARE Ratings, a leading credit rating provider in India, upgraded the ratings on SBFC's bank facilities.
At around 10:01 AM, shares of SBFC Finance were up 12.37 per cent at Rs 99 per share on BSE. In comparison, the BSE Sensex traded 307.01 points higher at 84,851.32, around the same time.
As per the company's exchange filing, CARE ratings upgraded SBFC Finance's long-term, fund-based term loan of Rs 2,100 crore to 'AA-' with a stable outlook, from 'A+' stable, earlier.
Similarly, the ratings agency also upgraded and withdrew the NBFC's long-term, fund-based term loan (unallocated bank lines) of Rs 1,400 crore to 'AA-' with a stable outlook, from 'A+ and a stable outlook, earlier.
CARE Ratings' 'AA-' rating indicates that an issuer has very low credit risk and offers a high degree of safety when it comes to servicing financial obligations on time.
SBFC Finance Q1 results
In terms of financial performance, the NBFC registered a 68 per cent increase in profit after tax (PAT) for the quarter ended June 30, 2024, at Rs 79 crore, compared to Rs 47 crore in the year ago period.
SBFC's revenue from operations for the quarter under review increased 29.7 per cent to Rs 297.8 crore, compared to Rs 229.6 crore in the year ago period.
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SBFC Finance is a non-deposit-taking NBFC, with its primary customer base including entrepreneurs, small business owners, self-employed individuals, and salaried and working-class individuals.
The company provides its services in the form of secured MSME loans and loans against gold.
SBFC Finance tends to extend its services to entrepreneurs and small business owners who are underserved or unserved by traditional financial institutions like banks. The company takes various factors into consideration while offering financial assistance in the form of loans.
SBFC Finance also offers its services to entrepreneurs to help them fulfill their financial requirements and thrive.
In the past one year, shares of SBFC Finance have gained 3.34 per cent, compared to the BSE Sensex's gain of 28 per cent during the same period.
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