Bharat Financial posts Rs37 crore loss in Q1
Bharat Financial’s total revenue for the first quarter jumped nearly by 12% to Rs463.1 crore against Rs414.1 crore in the first quarter of FY17
Hyderabad: Bharat Financial Inclusion Ltd (BFIL) on Wednesday said it has reported a loss of Rs37 crore for the quarter ended 30 June against Rs236 crore profit during the same quarter last year, on the back of high provisioning.
The total revenues for the Q1 FY18 jumped nearly by 12% to Rs463.1 crore against Rs414.1 crore in the first quarter of FY17, according to a statement issued by the micro finance company, earlier known as SKS Microfinance Ltd. The company allowed Rs176 crore towards provisioning and write-offs in the quarter.
BFIL also said its Gross Loan Portfolio excluding the states of Andhra Pradesh and Telangana registered a 14% year-on-year and 5 per cent quarter-on-quarter growth at Rs9,631 crore in Q1 FY18 (Rs9,150 crore in Q4 FY17, Rs8,463 crore in Q1 FY17). “Our strong collection efficiency for loans disbursed post-demonetisation reiterates the strength of our unique operating model,” M R Rao, CEO and Managing Director the company said.
“Our constant focus on digitisation and operational efficiency is demonstrated by moving to complete cashless disbursements in a short span of six months. Further, with the initial success of our Kirana point pilot, we are building blocks for further gains in operational efficiency,” he said.
The company reported an addition of 4.2 lakh members in Q1 FY18 against 3.3 lakh in Q4 FY17. In Q1 FY18, loan disbursements stood at Rs3,734 crore, it added. BFIL shares traded at Rs793.65 apiece on BSE at 13.20 hours.
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