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Results
29-Apr-24
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Analysis
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SBFC Finance
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Strong loan growth at 38%, stable asset quality
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SBFC
Finance has posted strong 72% surge in the net profit to Rs 73.43 crore in the
quarter ended March 2024 (Q4FY2024). The income from operation of SBFC Finance
increased 35% to Rs 272.02 crore in Q4FY2024. Overall OPM increased to 74.2% in
Q4FY2024 from 72.3% in Q4FY2023, leading to 386% rise in operating profit to Rs
201.83 crore.
The
employee expenses increased 30% to Rs 60.01 crore and other expense moved up
10% to Rs 16.96 crore.
Other
income declined 42% to Rs 0.65 crore. Interest cost increased 12% to Rs 88.30
crore. Depreciation moved up 18% to Rs 3.63 crore. The provisions increased 87%
to Rs 13.63crore in Q4FY2024. PBT moved up 67% to Rs 96.92 crore.
The
effective tax rate declined to 24.2% in Q4FY2024 compared to 26.4% in Q4FY2023.
Provision for tax was expense of Rs 23.49 crore, compared to Rs 15.32 crore.
Profit after tax surged 72% to Rs 73.43 crore.
Business highlights
The
Asset under management of the company increased 38% to Rs 6822 crore end March
2024 over March 2023. The disbursements of the company increased 15% to Rs 724
crore in Q4FY2023. The active loan accounts increased 10% on sequential basis
to 1.29 lakh end March 2024.
The
share of secure MSME loan book in the overall asset under management rose to
834, gold loans was steady at 15% and others declined to 1% end March 2024.
The
share of secured loan book has further increased to 98.8% compared with 98.4%
end December 2023.
The
yield on loan book improved to 17.6%, while the cost of borrowing eased 9.4% in
Q4FY2023. The spreads have improved to 8.3% in Q4FY2023.
On
asset quality front, the gross stage 3 asset book rose 5 bps qoq to 2.43,%
while the net stage 3 assets ratio was steady at 1.36% end March 2024.
The
provision coverage ratio improved to 44.7% and collection efficiency improved
to 98.3%.
The
capital adequacy ratio was strong at 40.5% end March 2024.
The
company has added 6 branches raising the overall branch network to 183 branches
end March 2024.
The
employee count has increased to 3758 employees end March 2024
Financial performance FY2024
The
income from operation of SBFC Finance increased 40% to Rs 990.96 crore in
FY2024. Overall OPM has increased to 73.25% in FY2024 from 72.53% in FY2023,
leading to 41% rise in operating profit to Rs 425.86 crore.
Other
income declined 83% to Rs 1.28 crore. Interest cost increased 27% to Rs 350.64
crore. Depreciation moved up 6% to Rs 13.41 crore. Provisions jumped 47% to Rs 47.03
crore. PBT moved up 57% to Rs 316.06 crore.
The
effective tax rate eased to 25.0% in FY2024 compared to 25.6% in FY2023.
Provision for tax was expense of Rs 79.04 crore, compared to Rs 51.65 crore.
Profit after tax surged 58% to Rs 237.02 crore in FY2024.
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SBFC Finance: Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from Operations
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272.02
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201.86
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35
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990.96
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710.21
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40
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OPM (%)
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74.20
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72.34
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73.25
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72.53
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OP
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201.83
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146.02
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38
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725.86
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515.12
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41
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Other Income
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0.65
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1.12
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-42
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1.28
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7.55
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-83
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PBDIT
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202.48
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147.14
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38
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727.14
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522.67
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39
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Interest (Net)
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88.30
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78.70
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12
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350.64
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276.45
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27
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PBDT
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114.18
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68.44
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67
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376.50
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246.22
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53
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Provisions
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13.63
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7.28
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87
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47.03
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32.06
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47
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Depreciation /
Amortization
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3.63
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3.08
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18
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13.41
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12.71
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6
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PBT
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96.92
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58.08
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67
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316.06
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201.45
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57
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Tax Expenses
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23.49
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15.32
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53
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79.04
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51.65
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53
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PAT
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73.43
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42.76
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72
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237.02
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149.80
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58
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EPS *
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2.7
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1.6
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2.2
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1.4
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Adj BV (Rs)
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25.1
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18.7
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25.1
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18.7
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* Annualized on
current equity of Rs 1071.89 crore. Face Value: Rs 10, Figures in Rs crore,
PL: Profit to Loss, LP: Loss to Profit
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Source: Capitaline
Corporate Database
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Previous News |
SBFC Finance standalone net profit rises 46.46% in the June 2023 quarter
(
Results
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Announcements
30-Aug-23
07:34
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SBFC Finance standalone net profit rises 247.93% in the March 2023 quarter
(
Results
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Announcements
28-Apr-23
07:40
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SBFC Finance standalone net profit rises 71.73% in the March 2024 quarter
(
Results
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Announcements
27-Apr-24
16:25
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SBFC Finance to hold AGM
(
Corporate News
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29-Apr-24
09:47
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SBFC Finance
(
Analyst Meet / AGM
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Conference Call
29-Apr-24
23:17
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SBFC Finance
(
Results
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Analysis
29-Apr-24
23:15
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SBFC Finance
(
Analyst Meet / AGM
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Conference Call
30-Jan-24
14:37
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SBFC Finance rises after Q4 PAT climbs 72% YoY to Rs 73 cr
(
Hot Pursuit
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29-Apr-24
12:26
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SBFC Finance soars after strong Q1 performance
(
Hot Pursuit
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30-Aug-23
09:24
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SBFC Finance standalone net profit rises 47.53% in the September 2023 quarter
(
Results
-
Announcements
27-Oct-23
17:06
)
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SBFC Finance standalone net profit rises 62.86% in the December 2023 quarter
(
Results
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Announcements
25-Jan-24
15:21
)
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