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IndoStar Capital Q2 profit at Rs 39 crore; revenue declines to Rs 144.8 crore

IndoStar said it crossed Rs 1,000 crore for the first time in retail disbursement, up 77 per cent from the first quarter ended June 2021.

November 10, 2021 / 09:01 PM IST
 
 
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IndoStar Capital Finance on Wednesday reported 25 per cent rise in net profit at Rs 39.4 crore for the quarter ended September 30, 2021.

The non banking financial company had posted a net profit of Rs 31.6 crore in the year-ago same period.

Net revenue from operations, however, was down to Rs 144.8 crore during the quarter from Rs 153.80 crore in the same period of 2020-21, IndoStar said in a release.

IndoStar said it crossed Rs 1,000 crore for the first time in retail disbursement, up 77 per cent from the first quarter ended June 2021.

The retail asset under management (AUM) increased to 80 per cent from 73 per cent a year ago, with focus on used commercial vehicle and affordable home finance, which is in line with the company's retailisation strategy, it added.

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There is a continued reduction in corporate lending book.

The company's gross and net non-performing assets (NPAs) stood at 4.7 per cent and 2.3 per cent, respectively, as of September 30, 2021.

The AUM stands at Rs 8,117 crore, up 3 per cent against the June quarter, despite gradual reduction in the corporate lending book, which the company plans to reduce to less than 10 per cent of the overall AUM by the end of FY22.

"The pandemic is slowly but surely retreating, and the worst is certainly behind us, in the lending space.

"We have utilized the last 18 months to build capacities that will ensure we capture a sizeable chunk of the tremendous business opportunity confronting the retail lending market with respect to commercial vehicles financing, affordable housing and SME finance," R Sridhar, Executive Vice-Chairman & CEO, IndoStar said.

IndoStar stock closed 0.62 per cent up at Rs 273.75 on BSE.
PTI
first published: Nov 10, 2021 09:01 pm

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