Satin Creditcare Net Profit Down 77.5 Per Cent In Q4
Money & Banking
Satin Creditcare Network Ltd (Satin Creditcare), a microfinance lender, on Monday reported a net profit of Rs 12.5 crore for the fourth quarter ended March 31, 2020. This bottomline performance represented a 77.5 per cent decline over net profit of Rs 55.5 crore recorded in same quarter last fiscal.
Total income for the quarter under review increased to Rs 375.51 crore (Rs 330.10 crore)
For the fiscal year 2019-20, Satin Creditcare reported a net profit of Rs 156.26 crore.This was lower than net profit of Rs 195 crore recorded in previous fiscal.
Commenting on the financial performance, HP Singh, Chairman & Managing Director, said, "As the impact of Covid-19 was felt towards the last fortnight of the financial year 2019-20, we saw some impact on our performance for the month of March and April 2020. However, with the lockdown restrictions easing out we believe growth to return to normalcy in the coming quarters considering lot of opportunities in the sector"
Published on
June 15, 2020
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The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
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Satin Creditcare Network Ltd (Satin Creditcare), a microfinance lender, on Monday reported a net profit of Rs 12.5 crore for the fourth quarter ended March 31, 2020. This bottomline performance represented a 77.5 per cent decline over net profit of Rs 55.5 crore recorded in same quarter last fiscal.
Total income for the quarter under review increased to Rs 375.51 crore (Rs 330.10 crore)
For the fiscal year 2019-20, Satin Creditcare reported a net profit of Rs 156.26 crore.This was lower than net profit of Rs 195 crore recorded in previous fiscal.
Commenting on the financial performance, HP Singh, Chairman & Managing Director, said, "As the impact of Covid-19 was felt towards the last fortnight of the financial year 2019-20, we saw some impact on our performance for the month of March and April 2020. However, with the lockdown restrictions easing out we believe growth to return to normalcy in the coming quarters considering lot of opportunities in the sector"
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
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