NBFC firm Magma Fincorp reported a loss of Rs 122 crore for the March quarter of last fiscal on account of bad loans.
NBFC firm Magma Fincorp reported a loss of Rs 122 crore for the March quarter of last fiscal on account of bad loans. The company had made a net profit of Rs 65.96 crore during January-March quarter of preceding fiscal, 2015-16. “Q4FY17 and FY17 was a watershed quarter and a year for Magma Fincorp with substantial clean-up of the old NPAs and launch of many new initiatives under a new and stronger leadership team,” the company said in a statement. Loss on account of non-performing asset (NPA) sale of Rs 678 crore impacted profit after tax by Rs 145 crore, it said further. For the entire 2016-17 fiscal, Magma’s net profit was marginal at Rs 13 crore, as against Rs 213.48 crore a year ago.
Its total income during March quarter fell to Rs 559.95 crore from Rs 633 crore year ago. Income for the entire 2016-17 fiscal was Rs 2,344.47 crore, down from Rs 2,472.19 crore year earlier, showed the company’s balance sheet. The non-banking finance company (NBFC) said the latter half of 2016-17 was characterised by extra-ordinary impacts of demonetisation and of NPA sale. “While it has impacted the profitability for the year as a whole, the company has emerged much stronger with a healthier balance sheet as on April 1, 2017,” it said. Board of directors of the company at the meeting held today also proposed dividend of Rs 0.80 per share. Stock of Magma Fincorp closed 2.11 per cent up at Rs 130.50 on BSE.
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