CreditAccess Grameen Q1FY21; consolidated profit declines by ~22% yoy

CreditAccess Grameen Ltd announced its Q1FY21 results on Aug 1, 2020. Consolidated net revenue of CreditAccess Grameen in Q1FY21 stood at Rs619.29cr, which rose by 64.44% yoy from Rs376.6cr in Q1FY20. Net interest income grew by 55.2% yoy from Rs246.9cr in Q1FY20 to Rs383.2cr in Q1FY21. Gross loan portfolio for the company grew by 53.9% yoy from Rs7,619 crore in Q1FY20 to Rs11,724 crore in Q1FY21.

EBITDA stood at Rs342.61cr in Q1FY21 which rose by  24.62% yoy. For Q1FY20, it had posted EBITDA of Rs274.92cr. EBITDA margin as of Q1FY21 was at 55.32% which declined by 17.68% yoy against the same quarter, the previous year. The total COVID-19 additional provisioning buffer was Rs245.6 crore at the end of Q1FY21 (2.17% of loan portfolio).

The consolidated net profit in Q1FY21 came in at Rs74.62cr which declined by 22.13%, as compared to Q1FY20, when it had reported Rs95.83cr. The net profit margin in Q1FY21 came in at 12.05% which declined by 13.40% yoy. The net profit margin for Q1FY20 was at 25.45%. On asset quality front, at the end of Q1FY21, company reported gross NPA of 1.62% while net NPA was 0.00%.

On Friday, the stock closed at Rs515 with loss of 1.69% on BSE.

Particulars	Q1FY21 (Rs in cr)	Q1FY20 (Rs in cr)	% VAR
Net Revenue	619.29	376.60	64.44
Operating Profit	342.61	274.92	24.62
Net Profit	74.62	95.83	-22.13
EBITDAM%	55.32	73	-17.68
PATM%	12.05	25.45	-13.40