Earnings Review
Sammaan Capital consol loss INR 27.61 bln as expenses surge
This story was originally published at 22:38 IST on 14 November 2024
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--Sammaan Capital Jul-Sept consol net loss INR 27.61 bln vs INR 2.98 bln PAT
--Sammaan Capital Jul-Sept consol revenue INR 24.22 bln vs INR 22.27 bln
--Sammaan Capital Jul-Sept consol expenses INR 61.10 bln vs INR 18.21 bln
--Sammaan Capital Apr-Sept consol net loss INR 24.34 bln vs INR 5.92 bln PAT
--Sammaan Capital Apr-Sept consol revenue INR 46.29 bln vs INR 41.28 bln
By Srijita Bose
MUMBAI - Sammaan Capital Ltd., earlier known as Indiabulls Housing Finance Ltd., reported a consolidated net loss of INR 27.61 billion in the quarter ended September due to an increase in total expenses, on Thursday. The company had reported a net profit of INR 2.98 billion a year ago.
Total expenses of the lender rose nearly 235.6% on year to INR 61.10 billion during the quarter. On a sequential basis, it rose 239.6% due to a rise in the impairment of financial instruments (net of recoveries).
The housing financier incurred INR 45.13 billion towards impairment of financial instruments, up sharply from INR 2.57 billion a year ago and INR 2.60 billion a quarter earlier. "The significant increase in impairment on financial instruments is mainly on account of write-offs," the company said in release.
The housing finance company's consolidated total income rose almost 8.2% on year to INR 24.25 billion in the quarter ended September. Within total income, the consolidated revenue from operations grew nearly 8.8% on year to INR 24.22 billion during the quarter.
On a standalone basis, the lender's net non-performing ratio was 1.8% as of Sept. 30, while the gross non-performing ratio was 3.04%. The liquidity coverage ratio was at 345% in Jul-Sept.
The board of Sammaan Capital had earlier in the day approved the proposed acquisition of the legacy, wholesale loans' business of the company's wholly-owned subsidiary, Sammaan Finserv Ltd. On the National Stock Exchange, shares of Sammaan Capital closed 0.8% higher at INR 134.87 on Thursday. End
Edited by Tanima Banerjee
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