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Magma Fincorp makes extraordinary provisions to avoid COVID 2.0 impact in FY22

Updated : June 01, 2021 18:26:25 IST

Magma Fincorp made extraordinary provisions keeping in mind the impact of the second COVID-19 wave, said Vice Chairman Sanjay Chamria on June 1.

A day earlier, the non-banking finance company, reported widening of its consolidated net loss to Rs 647.72 crore for the last quarter of FY21 on accelerated write-offs and provisions. The company had posted a net loss of Rs 355.08 crore during the January-March period of FY20. However, there was a net profit of Rs 13 crore in the preceding quarter ended December 2020.

Chamria said told CNBC-TV18, "While finalising our accounts and especially after having done Rs 350,000 crore of capital infusion and with Adar Poonawalla becoming the chairman of the company, it was decided that we should try and make as many provisions as we can so that there is no impact of the second COVID wave in the results of FY22."

Speaking about the road ahead, he said, "There are 4 or 5 new products which will get launched soon and amongst them is a personal loan, loan to professionals – these two will be part of consumer loan offerings and before the end of the year there are two other products, which will get launched for consumer loans; one is consumer durable and other is equated monthly installment (EMI) card."

Watch the video, for the complete management interview.
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