Satin Creditcare Faces 67% Profit Plunge in Q1
Satin Creditcare Network Ltd reported a 67% drop in net profit to Rs 41 crore for the March quarter, compared to Rs 125 crore a year earlier. Total income fell to Rs 562 crore, while expenses increased to Rs 541 crore. Assets under management grew to Rs 12,784 crore.
- Country:
- India
Microfinance lender Satin Creditcare Network Ltd (SCNL) has announced a significant decline in its net profit for the March quarter, experiencing a 67% reduction to Rs 41 crore compared to the previous year's Rs 125 crore.
According to the company's regulatory filing, total income for the quarter decreased to Rs 562 crore, down from Rs 594 crore in the corresponding period last year. Meanwhile, the company's expenditures escalated to Rs 541 crore from Rs 427 crore.
On a positive note, SCNL's assets under management rose to Rs 12,784 crore by the end of March, a substantial increase from Rs 11,850 crore recorded during the same period last year.
(With inputs from agencies.)
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