Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Magma Fincorp Q1FY21 AUM at Rs 15,922 Cr, PAT at Rs 38 Cr vs Rs 11 Cr YoY

Posted On: 2020-08-08 22:21:30 (Time Zone: Arizona, USA)


Mumbai-based asset finance company, Magma Fincorp Limited today announced results for Q1FY21. The assets under management (AUM) was flat at Rs 15,922 crore QoQ, on the back of the pandemic induced lockdown in the country during the quarter. The company posted profit after tax (PAT) of Rs 38 Crore vs Rs 11 Crore YoY.

The number of customers opting for moratorium 2.0 reduced to 45% in June 2020 and further to 40% in July 2020. The Company has taken a calibrated approach towards extending the second moratorium to its customers, after assessing customers' cash flows etc.

The company continued its focus on strengthening the balance sheet through superior management of collections, control on operating expenses and building strong provision buffers. The Company increased the additional provisions under the lockdown induced moratorium situation to Rs 148 Crore i.e., 0.9% of the AUM. Net NPAs have shown improvement to 3.7% vs 4.2% QoQ.

The company exited June 2020 with a comfortable liquidity of over Rs 1,790 crore. The company hasn't opted for any moratorium from its lenders. The on-ground situation is gradually returning to normal with 94% of our branches now fully operational, and nearly 95% of employees are working in nearly a 'Business as Usual' environment.

Vehicle Finance Business: The vehicle finance business portfolio is being reshaped by increasing the contribution of focus products and customer segments. The contribution to AUM of Used Assets increased to 25% in Q1FY21 vs 20% YoY.

SME Finance Business: Deploying the best of fintech capabilities, the SME business digitally accessed and disbursed 1500 loans to SMEs amounting to Rs 43 Crore with an end to end paperless and seamless process under the ECLGS (Emergency Credit Line Guarantee Scheme). The SME Business took long strides in working with the Ministry of MSME, SIDBI and NCTGC to give a fillip to the initiative of ECLGS under GOI's "Atmanirbhar Bharat" scheme.

Magma Housing Finance (MHF): The 100% affordable housing finance subsidiary had a strong Q1FY21. MHF recorded PAT of Rs 7.2 Crore against Rs 9.6 Crore in the same quarter last year. Women borrowers constitute 96% of the total loan originations, and 72% of loans have been disbursed in Tier 2 and Tier 3 towns.

Magma HDI General Insurance: The Company delivered PAT of Rs 10.5 Crore with a Gross Written Premium of Rs 240 Crore. Traction in Health business has been the highlight of the quarter. The investments in technology ensured that while working from home as an organization, more than 3000 intermediaries used our platform to issue policies and the touchless claim settlement increased from 13% in Q4FY20 to 49% in the this quarter.

Commenting on Magma Fincorp's performance, Mr Sanjay Chamria, Vice Chairman and Managing Director, Magma Fincorp Limited said, "During these unprecedented times, Magma has taken a cautious approach and recommenced disbursements with tightened underwriting norms and focus on existing customers. To survive, revive and thrive, the company's strategy for FY21 will be to focus on strengthening the balance sheet through superior management of collections, control on operating expenses and building strong provision buffers."

Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.29 as compared to the previous close of Rs. 31.05. The total number of shares traded during the day was 159887 in over 822 trades.

The stock hit an intraday high of Rs. 31.85 and intraday low of 28.75. The net turnover during the day was Rs. 4713578.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

HDFC Bank's Net NPA at 0.09%

HDB Financial Services Limited reports loss of Rs. 44.3 crore in Q3FY21

HDFC Bank increases distribution network YoY

HDFC Bank's balance sheet size grows 18.6% YoY

HDFC Securities Limited posts PAT of Rs. 166.6 crore in Q3FY21

HDFC Bank's Capital Adequacy Ratio was at 18.9% as of Dec 31, 2020

Parmax Pharma Limited approves preferential issue

Rossari Biotech Ltd board to approve quarterly results on Jan 23, 2021

Aditya Vision Limited opens 57th showroom

JBM Auto Limited receives orders for supply of 700 JBM CITYLIFE buses

Gujarat Hotels Ltd posts net profit of Rs. 0.58 crore in Q3FY21

Sacheta Metals Ltd Q3FY21 net profit at Rs. 0.89 crore

HDFC Bank Ltd Q3FY21 consolidated PAT climbs to Rs. 8769.33 crores

Star Cement Limited commences commercial production of new grinding unit

Chembond Chemicals Ltd Q3FY21 consolidated PAT zooms to Rs. 8.44 crore

Apollo Pipes Ltd reports net profit of Rs. 16.33 crores in Q3 FY2020-21

Apollo Hospitals begins vaccinating healthcare workers

International Travel House Ltd Q3FY21 loss at Rs. 10.69 crore

GE T&D India Limited to sell its GLobal Engineering Operations Division

IRB InvIT Fund to distribute Rs. 2.50 per unit for Q3 FY21

Smruthi Organics Ltd board recommends 2:1 bonus shares

Smruthi Organics Ltd Q3FY21 net profit drops QoQ to Rs. 5.10 crore

SpiceJet to connect Delhi with Sikkim with a daily non-stop flight

Indian Railway Finance Corporation Ltd raised Rs 1398.63 crores from 31 anchor investors ahead of its public issue

CRISIL A1+ rating reaffirmed to PNB Gilts Ltd's Rs. 1000 commercial paper programme

Pudumjee Paper Products Ltd board to announce Q3 results on Jan 23, 2021

SML ISUZU Ltd board to consider Q3FY21 results on Feb 5, 2021

Indian Energy Exchange Ltd board to consider interim dividend on Jan 21, 2021

LIC Housing Finance Ltd board to announce 3rd quarter results on Jan 29, 2021

CARE Ratings Ltd board to consider dividend, Q3 results on Feb 6, 2021

The Dharamsi Morarji Chemical Company Limited board to approve third quarter results on Feb 8, 2021

IDBI Bank Ltd board to announce 3rd quarter results on Jan 28, 2021

Reliance Industries Ltd board to consider Q3FY21, 9MFY21 results on Jan 22, 2021

Tata Consumer Products Ltd board to announce Q3FY21 results on Feb 2, 2021

Visaka Industries Ltd board to consider Q3 results, interim dividend on Jan 28, 2021

EIH Ltd board to announce third quarter results on Jan 29, 2021

Vardhman Textiles Ltd board to approve quarterly results on Jan 21, 2021

Raksha Mantri unveils India's First Indigenously Designed & Developed Driverless Metro Car

Dr. Reddy's receives approval to conduct Phase 3 clinical trial for Sputnik V vaccine in India

L&T Finance Holdings Ltd posts consolidated PAT of Rs. 290.66 crore in Q3FY21

Shoppers Stop Ltd Q3FY21 consolidated loss at Rs. 25.11 crores

Plastiblends India Ltd reports net profit of Rs. 11.37 crore in Q3FY21

SORIL Infra Resources Ltd Q3FY21 consolidated PAT at Rs. 4.98 crore

Mastek's Group CEO Mr. John Owen quits

CFO Tech Outlook Recognizes Emagia As 'The Top 10 Account Receivable Solution Providers 2020'

MPCB issues closure notice to Bajaj Healthcare Limited's plant

Syncom Formulations India Ltd awarded by IPF Industrial Excellence Awards, 2021

Captain Polyplast Ltd announces capacity augmentation at Kurnool plant

ITC Limited conferred the ICSI National Award for Excellence in Corporate Governance

Hitachi Cooling and Heating launches country's first of its kind premium and luxurious air conditioning system 'SET FREE mini' for Indian market



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020