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Satin Creditcare Q3 results: Company reports net loss of Rs 82 cr

KOLKATA: Microfinance firm Satin Creditcare Community reported Rs 82 crore web loss in December quarter in opposition to Rs 48 crore web revenue within the yr in the past interval on greater provisions to cowl the asset high quality dangers arising as a result of pandemic and reimbursement hassle in Assam.

Complete revenue additionally fell to Rs 294 crore as in opposition to Rs 347 crore in the identical interval.

The corporate stated it has offered Rs 159 crore throughout the quarter because the attainable non-performing property (NPA) would have been as excessive as 9.6% had not the Supreme Courtroom stayed classification of dangerous loans quickly to supply reduction to harassed debtors.

Gross NPA stood at 1.5% as the corporate has not acknowledged NPAs since August 31, following the courtroom order. The corporate has recognized such particular talked about accounts remained overdue greater than 60 days and made provisions accordingly.

The corporate stated that about 98% of its debtors repaid loans in December however cumulative assortment effectivity for the nine-month interval remained at 92%.

It has highlighted an enchancment in variety of non-paying purchasers to lower than 2% in January from 11% in September 2020.

Chairman HP Singh stated that enterprise momentum improved driving asset beneath administration 8% greater year-on-year to Rs 7,880 crore.

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