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Equitas Holdings Q2 profit falls 58 pc at Rs 44 cr

The company on Wednesday reported the plunge in consolidated net profit

Equitas Holdings | Equitas | Q2 results

Press Trust of India  |  New Delhi 

Equitas SFB

Holdings Ltd on Wednesday reported over 58 per cent plunge in consolidated net profit at Rs 44.28 crore for the second quarter ended September 2021, on higher expenses.

It had registered a net profit of Rs 105.80 crore in the year-ago period, and of Rs 13.75 crore in June 2021 quarter.

Total revenue jumped to Rs 999.21 crore during July-September 2021-22, as against Rs 878.77 crore in the same period a year ago, Holdings said in a regulatory filing.

However, expenses on various fronts rose during the quarter at Rs 938.40 crore from Rs 739.20 crore in the year-ago period even as the tax expenses halved to Rs 16.52 crore from Rs 33.76 crore.

The consolidated results of Holdings include financial numbers of its subsidiaries -- Equitas Small Finance Bank and Equitas Technologies Pvt Ltd (ETPL).

In July this year, the boards of Equitas and its banking subsidiary approved a scheme of amalgamation between the company and the bank, to comply with RBI's licensing requirement of dilution of promoter (Equitas) shareholding in the bank.

The scheme, when implemented, will also enable the bank to meet the minimum public shareholding requirement under Sebi regulations, Equitas Holdings said.

Subsequently, the board of Equitas SFB last month approved meeting the minimum public shareholding by raising up to Rs 1,000 crore through a qualified institutions placement of equity shares.

Shares of Equitas Holdings closed 0.31 per cent lower at Rs 129.75 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, November 10 2021. 21:34 IST