Ujjivan Financial hits 52-week high on 3-fold jump in net profit at Rs 64.86 cr

Shares of Ujjivan Financial Services touched 52-week high of Rs 432.05, surging 7 percent in the early trade on Friday on the back strong March quarter numbers.

The company reported a more than three-fold jump in its consolidated net profit at Rs 64.86 crore for the last quarter ended March 2018. The company had posted a net profit of Rs 19.35 crore in the January-March quarter of 2016-17.

Income during the March quarter rose to Rs 460.90 crore from Rs 340 crore in the same period a year ago, the company said in a regulatory filing.

For the full year 2017-18, profit of the company fell multi-fold at Rs 7.28 crore from Rs 207.67 crore in 2016-17 as provisions for bad loans and write offs rose significantly.

Gross non performing assets (NPAs) stood at 3.6 percent of the gross advances at end March 2018 and net NPAs at 0.7 percent. There were prudential write offs of Rs 177 crore in 2017-18 (covered by provisions) and the provision coverage ratio stood at 81.5 percent.

At 09:18 hrs Ujjivan Financial Services was quoting at Rs 416.95, up Rs 13.25, or 3.28 percent on the BSE.

With inputs from PTI

Leave a Reply

Your email address will not be published. Required fields are marked *