New Delhi, May 08 : Microfinance lender Satin Creditcare May 8 reported a 47 per cent rise in net profit to Rs 56 crore for the fourth quarter of FY 2019.
The company had posted a net profit of Rs 38 crore in the same January-March quarter of 2017-18.
Revenue during the quarter rose by 19 per cent to Rs 350 crore, it said in a release.
For the full financial year, the net profit of Satin Credit grew 169 per cent to Rs 201 crore, compared to Rs 75 crore in the preceding fiscal. Revenue for 2018-19 were up 40 per cent at Rs 1,448 crore.
The company said it aims to achieve per state exposure of less than 20 per cent by 2020 of its assets under management (AUM).
Besides, cashless collections is expected to reach 50 per cent of total collections by 2019-20, it added.
“The performance for the year has been on the expected lines with healthy operations and strong financial performance. Our customer base has grown to 35.5 lakh, which is 26 per cent compared to last year and have added 168 new branches in FY19. We are working towards transforming Satin into a technologically advanced company with robust processes,” Satin Creditcare Chairman and Managing Director H P Singh said.
“Our USD 1 billion of AUM on consolidated basis is laying foundation for our business, including subsidiaries Taraashna, Satin Housing Finance and Satin Finserv Limited,” he added. The collection efficiency of loans disbursed since Jan 2018 was at 99.5 per cent, comprising 89 per cent of the portfolio.
The company has been focusing on technology investment to enable cashless disbursements and digital documentation at its branches. As a result, all branches are now enabled to make cashless disbursements.
Stock of Satin closed 3.74 per cent down at Rs 324 on the BSE.
