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Equitas Holdings reports Rs 84crore profit for March quarter

CHENNAI: Equitas Holdings has reported a profit of Rs 84 crore in the quarter-ended March 2019, as against the profit of Rs 215 crore in the same quarter last year. It recorded a profit of Rs 307 crore in the previous quarter.

The investment company’s total revenue increased to Rs 718 crore this quarter from Rs 593 crore in the March quarter last year.

As per a statement by the company, advances grew 44% year-on-year to Rs 11,835 crore, and the net interest income grew 34% from the same quarter last year when it was Rs 333 crore.

Small business loans have seen 60% growth at Rs 4,703 crore compared to previous year.

The NBFC was able to bring down its net non-performing assets (NNPA) to 1.43% as compared to 1.7% in December 2018 quarter.

In a statement, Equitas Holdings said it adopted Indian Accounting Standards for the first time in the fiscal year 2019.

News credit : Indiatimes