Ujjivan Financial Services logs 80% rise in Q4 profit

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Ujjivan Financial Services on Wednesday reported a nearly 80 per cent jump in its consolidated net profit at Rs 77.43 crore in the March 2020 quarter.
Ujjivan Financial Services

New Delhi, May 27 (PTI) Ujjivan Financial Services on Wednesday reported a nearly 80 per cent jump in its consolidated net profit at Rs 77.43 crore in the March 2020 quarter.

The company had posted a net profit of Rs 43.15 crore during the January-March period of 2019.

Its consolidated income during the quarter under review rose to Rs 805.20 crore as against Rs 590.01 crore in the same period a year ago, according to a regulatory filing.

For the full fiscal (2019-20), the company’s net profit on a consolidated basis nearly doubled to Rs 298.66 crore from Rs 150.44 crore in the previous year. Total income for the entire fiscal rose to Rs 2,969.37 crore from Rs 2013.62 crore in 2018-19.

On standalone basis, the company reported a net loss of Rs 2.86 crore during the March 2020 quarter. There was a net profit of Rs 11.22 crore in year-ago period. Total income on standalone basis fell to Rs 2.51 crore from Rs 13.40 crore.

For the entire fiscal (2019-20), its standalone net profit fell to Rs 8.82 crore from Rs 21.58 crore. Income too decreased to Rs 21.24 crore as against Rs 30.62 crore.

The board of directors has proposed a final dividend at the rate of Rs 0. 80 per share (8 per cent) for the FY 2019-20, Ujjivan Financial Services said.

The company with approval of the board has appointed Samit Ghosh, ex-CEO and MD, as non-executive director with effect from April 1, 2020.

“The extent to which the COVID-19 pandemic will impact the subsidiary’s results will depend on future developments and which the group is unable to assess currently, including among other things,” it added.

On COVID’s impact on its subsidiary Ujjivan Small Finance Bank’s (USFB) results, the company said it will depend of future developments, which are incapable of assessment at this point in time.

“On the holding company there is no material impact of COVID-19 other than the fall in the market value of its investment in USFB. Although the distribution of dividend will be guided by the performance of the bank and regulatory guidance as forthcoming to banks from the Reserve Bank, the holding company has adequate liquidity and resources to service its obligations in the near future.”

Shares of Ujjivan Financial Services closed 3.54 per cent up at Rs 156.40 apiece on the BSE.

Source: PTI

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