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Satin Creditcare Network Ltd (Satin Creditcare), a microfinance lender, on Monday reported a net profit of Rs 12.5 crore for the fourth quarter ended March 31, 2020. This bottomline performance represented a 77.5 per cent decline over net profit of Rs 55.5 crore recorded in same quarter last fiscal.
Total income for the quarter under review increased to Rs 375.51 crore (Rs 330.10 crore)
For the fiscal year 2019-20, Satin Creditcare reported a net profit of Rs 156.26 crore.This was lower than net profit of Rs 195 crore recorded in previous fiscal.
Commenting on the financial performance, HP Singh, Chairman & Managing Director, said, "As the impact of Covid-19 was felt towards the last fortnight of the financial year 2019-20, we saw some impact on our performance for the month of March and April 2020. However, with the lockdown restrictions easing out we believe growth to return to normalcy in the coming quarters considering lot of opportunities in the sector"
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