The company reported Gross NPA and Net NPA at 1.6% and 0.97% as of March 31, 2020, with healthy PCR of 40% on an entirely retail loan book.
The company has garnered high-quality tenured liquidity and exited March 2020 with comfortable liquidity of Rs284cr including unutilized credit lines. The company also received its first ever disbursal of NHB refinance with cumulative sanctions of Rs227cr.
The company is positive in all buckets of ALM and is focusing not only on driving cost of funds down but also diversifying its liabilities. Magma Housing Finance has launched digital platform for customer acquisition in the affordable housing finance business and this augments the company’s endeavor of national presence.
Magma Fincorp Ltd is currently trading at Rs20.51 up by Rs0.97 or 4.96% from its previous closing of Rs19.54 on the BSE.
“FY20 has been a strong year for us with improvement in all key performance ratios despite strong headwinds. We will carefully weigh our business options amidst Covid-19 and will look forward to emergent opportunities as people will increasingly work from home and will need more space,” Manish Jaiswal, CEO & MD, Magma Housing Finance, said.
“Magma Housing has consciously focused towards self-constructed property financing and these entail lowest levels of construction risk. We have consciously stayed away from financing properties under construction in metros and been more focused in semi-urban, rural and peripheral urban markets,” Jaiswal added.