Satin’s consolidated net profit was at Rs 42 crore in the September quarter as compared with Rs 103 crore in the year-ago period.
Operating profit for the quarter however was 16.5% higher at Rs 191 crore.
“Looking at the current uncertain time, our approach prioritizes quality over quantity, ensuring a sustainable trajectory. Mindful of the existing industry landscape and the challenges that have emerged in the recent months, we have revised our guidance for FY25 to reflect a more measured outlook,” chairman HP Singh said.
The NBFC-MFI revised its annual asset management growth projection to 8-10% from the earlier projection of 25%. It raised the credit cost to 4.5-5% from 2.7%.
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The credit cost was recorded at 3.9% of the total portfolio for the first half.The lender made a provision of Rs 89 crore for the period against Rs 26 crore earlier in line with the rise in gross non-performing assets ratio to 3.5% at the end of September from 2.4% a year back.The collection efficiency in the first half of the fiscal was 96.4%. The lender has written off loans worth Rs 54 crore in the quarter.
