Satin Creditcare hits upper circuit after Q4 PAT almost triples to Rs38cr

The company suffered a loss of Rs14cr in FY21 as compared to PAT of Rs155cr in FY20.

Jun 15, 2021 09:06 IST India Infoline News Service

Satin Credit
Satin Creditcare Network Limited on Monday announced its audited financial results for the fourth quarter and full year ended March 31, 2021. Consolidated Net Interest Income (NII) for Q4FY21 stood at Rs243cr compared to Rs270cr in Q4FY20. During FY21, NII was Rs742cr compared to Rs914cr in FY20.

Consolidated Profit After Tax (PAT) increased to Rs38cr in Q4FY21 compared to Rs13cr in Q4FY20. The company suffered a loss of Rs14cr in FY21 compared to Rs155cr in FY20.

Assets under Management (AUM) Rs8,379cr compared to Rs8,174cr in Q4FY20. During FY21, AUM was at 8,379cr compared to Rs8,174cr in FY20.

The company stock was bullish on Tuesday and during early trade each stok was trading at Rs96.50 per piece up by Rs7.3 or 8.18% from its previous closing of Rs89.20 per piece on the BSE. The stock hit an upper band price of Rs98.10 per piece (10%) on Tuesday already.

“During FY21, our disbursement stood at Rs4,982cr as compared to Rs8,976cr in FY20. Disbursement were subdued due to Covid-19 induced lockdown in the H1FY21. For Q4FY21, our disbursement stood at Rs2,376cr as compared to Rs2,743cr in Q4FY20. For the quarter our MFI disbursement stood at Rs2,261cr as compared to Rs1,742cr in Q3FY21,” company said in a filing on Monday.

Commenting on the performance, HP Singh, Chairman & Managing Director of Satin Creditcare Network Limited, said, “Despite FY21 starting off on a challenging note for the micro finance industry as a whole, due to pandemic and subsequent lockdown, businesses witnessed a strong recovery with the decline in cases reported, the introduction of the vaccination drive and gradual lifting up of the imposed lockdown restrictions.

Our collection efficiency saw a sequential improvement quarter on quarter. Our collections which stood at 98% in Dec’20, increased to 105% in Mar’21. Overall the collection efficiency for FY21 stood at a reasonable 94%. While the focus was on existing customers we have also adopted a cautious approach in disbursing new loans to arrest asset quality stress. For FY21 our Gross NPA stood at 8.4% and Net NPA stood at 3.3%. Additionally, the Company has adequate liquidity and a strong balance sheet position which makes us well-positioned and agile to achieve growth over the medium to long term, while the demand remains strong.

He further added, “Considering the surge in cases in April 2021 with the advent of the second wave of the pandemic, we expect the state wise lockdown to have an effect on the Q1FY22 performance. SCNL has made loan repayments more seamless for its customers by introducing UPI AutoPay. SCNL is the first player in the micro finance segment enabling customers to pay their loan EMIs via UPI platform.”
Satin Creditcare Network Ltd is currently trading at Rs95.80 up by Rs6.6 or 7.4% from its previous closing of Rs89.20 on the BSE.

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