Satin Creditcare near threefold rise in Q4FY21 net profit
Microfinance institution, Satin Creditcare Network Limited (SCNL), on Monday, reported a profit after tax (PAT) of Rs 38 crore in the quarter ended on March 31, 2021, against Rs 13 crore in the year-ago period.
For the full year, it reported a loss of Rs 14 crore as against a PAT of Rs 155 crore in FY20.
Its collections jumped to 105% in March from 98% in December. However, the collection efficiency in Q1FY22 has taken a hit due to the second wave of COVID-19.
As the COVID restrictions are easing up now, the collection efficiency is expected to improve.
The disbursements for the company in Q4FY21 stood at Rs 2,376 crore as compared to Rs 2,743 crore in the year-ago period. Singh expects H1FY22 to remain muted.
Asset under management (AUM), for the whole year, are pegged at 6-8%. There is likelihood of 8% growth in disbursal due to the gradual unlocking process in the country:
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