The shares of one of the Leading Microfinance Companies gained up to 5 percent after the company reached a major milestone of Rs 10,000 Crore standalone AUM.
With a market capitalization of Rs 2,828.06 crore, the shares of Satin Creditcare Network Ltd were trading at Rs 256.25 per share, increasing around 1.53 percent as compared to the previous closing of Rs 252.40 apiece.
According to the exchange filing, Satin Creditcare Network Ltd announced it reached a milestone by crossing Rs 10,000 crore in assets under management on a standalone basis. The AUM of the company as of December 31, 2023, was Rs. 9,811 crore.
Furthermore, Satin Creditcare saw net customer additions of 6.3 lakhs as of 9M FY24 and a 35% YoY growth rate, crossing the key 3 million clientele. The Company disbursed Rs. 2,698 crore in Q3 FY24, compared to Rs. 2,202 crore and Rs. 1,980 crore in Q2 and Q1 FY24, respectively.
Additionally, in Q3 FY24, the business built 32 additional branches, bringing the total network to 1,165 branches scattered throughout 24 states and union territories.
Looking into the company’s finances, Satin Creditcare Network Ltd.’s revenue increased by 43 percent from Rs 416 Crore in Q3FY23 to 596 Crore in Q3FY24. During the same period, net profits increased by 91 percent from Rs 59 crore to Rs 113 crore.
The firm completed an equity injection of Rs. 250 crore via QIP, which was oversubscribed 1.9 times. The firm also signed a co-lending agreement with Karnataka Bank to give financial assistance to Joint Liability Groups (JLGs) of economically engaged women in rural and semi-urban regions.
Satin Creditcare Network Ltd’s recent shareholding pattern, The Promoters of the company own 36.06 percent while Retail shareholders own a 45.66 percent stake in the company and Foreign Institutional Investors own an 9.58 percent stake.
Satin Creditcare Network Limited is a non-banking financial firm that does not take deposits. The Company primarily provides microfinance services to women in rural parts of India who are enrolled as members and structured as joint liability groups (JLG).
Written by:- Abhishek Singh
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