Satin Creditcare Q1 net at Rs 27 cr

Revenue during April-June 2018 rose 32.3 per cent to Rs 336 crore, Satin Creditcare said in a statement.

Satin Creditcare today reported a consolidated net profit of Rs 27.5 crore for the quarter ended June 30, 2018.

The company had reported a loss of Rs 83.8 crore in the same quarter a year ago.

Revenue during April-June 2018 rose 32.3 per cent to Rs 336 crore, Satin Creditcare said in a statement.

The gross loan portfolio of the company moved up 42.8 percent from a year ago to Rs 6,025.70 crore in the reported quarter.

"We are leaving past the woes of demonetization and are

strengthening our business by geographical expansion and product diversification," Chairman and Managing Director H P Singh said.

He said the company is working towards increasing its collection efficiency.

"The collection efficiency of new clients acquired since January 2017 is at 99.6 percent, and with the increase in first cycle customers, we see it aiding an increase in our overall collection efficiency," he added.

Satin raised Rs 1,368 crore during April-June, 2018-19 including sub-debt of Rs 200 crore.

The stock of the company closed 4.49 percent down at Rs 374.60 on BSE.

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