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Its pre-operating consolidated profit grew 53% year-on-year at Rs 324 crore against Rs 212 crore. The lower microfinance provisions at Rs 83 crore against Rs 133 crore earlier helped the company report a higher net profit. The Gurugram-headquartered lender grew consolidated business by 31% year-on- year to Rs 16589 crore at the end of the second quarter. Out of this, the standalone microfinance business grew 23% to Rs 13608 crore while the gross non-performing assets ratio improved to 1.9% fro 3.5% a year prior. "A combination of reduction in credit cost, growth in portfolio, a slight dip in expenses and 65 basis point drop in marginal cost of borrowing helped the profit numbers," Satin chairman HP Singh told ET. The company also highlighted improvement in collection efficiency across buckets, leading to better portfolio at risk ratios. Nevertheless, it kept aside Rs 50 crore as management overlay as a future buffer. Last couple of years, the microfinance market faced severe asset quality stress leading to losses for most lenders. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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