Magma Fincorp Ltd : Q1FY18 Result
DSIJ Intelligence / 02 Aug 2017
Magma Fincorp reported its standalone Q1FY18 results. Its NII for the quarter increased by 1.9% QoQ to Rs. 309 crore. Its NII for the previous quarter stood at Rs. 303.1 crore.
Magma Fincorp reported its standalone Q1FY18 results.
Its NII for the quarter increased by 1.9% QoQ to Rs. 309 crore. Its NII for the previous quarter stood at Rs. 303.1 crore.
Net profit for the quarter increased by 139.6% to Rs. 45.2 crore vs net loss of Rs. 114 crore in previous quarter. This was due to a significant decline in provisions of 70.8% QoQ from Rs. 312.9 crore to Rs. 91.4 crore for Q1FY18.
Gross NPA increased by 0.7% QoQ to Rs.1087 crore vs Rs. 1080 crore, with expansion in GNPA to total advances ratio of 30bps to 7%. Its CAR for the quarter stood at 21.2% vs 20.4% QoQ.
Magma Fincorp Ltd is engaged in business of asset financing. Its principal activities include Financing for Tractors, Commercial Vehicle (CV), Construction Equipment (CE), Cars and Used Vehicles, and mortgage and loans to micro, small and medium enterprises (MSME). Its segments include finance and mortgages and general insurance.
The stock opened at Rs. 167.90 and closed at Rs. 169.20 after touching intra-day high of Rs. 171.90
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