Ujjivan Finance Expects To Turn Profitable From Third Quarter 

Microfinance lender Ujjivan Financial Services Ltd. expects to turn profitable starting third quarter of current financial year on standalone basis as demonetisation woes begin to wear off, its Managing Director and Chief Financial Officer Sudha Suresh told BloombergQuint.

The Bangalore-based lender's disbursements collection from the year beginning through September has shown 99.7 percent efficiency, hinting at a steadfast recovery in Ujjivan's operations, she said.

Suresh said that the credit collection team has been doing a great job in recovering outstanding payments and making appropriate provisions for potential bad debts, thereby, improving the credit-worthiness of the company.

The July-September quarter saw significant reduction in Ujjivan's losses to Rs 11.3 crore from Rs 49 crore in the previous quarter, aided by lower credit cost and business volumes returning to normal levels.

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