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ICICI Securities Report
Magma Fincorp Ltd., in the quarter of transitioning to new promoter and management, reported consolidated loss of Rs 6.5 billion despite steady operating profit of Rs 1.9 billion.
The stance reflects prudent provisioning by the new management as it has accelerated write-offs of Rs 2.74 billion and created Covid 2.0 contingency buffer of Rs 6.2 billion.
Expected credit loss provisioning stands at 9.5% of assets under management with net stage-III at a mere 1.2% reflecting upfronting of a larger part of stress.
New management has unveiled vision 2025 to become a leading and most trusted non banking financial company for consumer and business financing; the vision outlines core strategic pillars reflecting the direction of the company.
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