Satin Creditcare posts Q4 net profit of Rs 44 cr

Micro-finance player Satin Creditcare today reported consolidated net profit of Rs 44.1 crore for the March quarter of last fiscal on higher volumes and lower operating expenses.

It had reported a net loss of Rs 43 crore in the January-March period of the preceding fiscal, 2016-17.

The revenues during the fourth quarter of 2017-18 grew by 66.4 per cent from a year ago to Rs 291.60 crore, as against Rs 175.22 crore, the company said in a regulatory filing.

For the entire 2017-18, however, there was net loss of Rs 2.69 crore against, a net profit of Rs 24.87 crore in 2016-17.

Income for last fiscal was up at Rs 1,031.42 crore, from Rs 801.47 crore in 2016-17.

"...we have swiftly recovered from the impact of demonetisation and had returned to profitability in second quarter of 2017-18.

"We have further built on that momentum with our profit after tax doubling as compared to last quarter," said H P Singh, Chairman and Managing Director of Satin Creditcare Ltd.

He added: "With our expansion of microfinance operations in eastern geographies, we have managed to reduce per district concentration drastically. Now 92 per cent of districts have less than 1 per cent exposure and only 1 per cent districts have more than 2 per cent exposure. We have also reduced the UP concentration to 29.7 per cent from 34.7 per cent as of December 2017."