Repco Home Finance is currently among the top five losers on the BSE, going down over 7.5% to hit an intraday low at Rs.301.60.
The market gave it a thumbs down following its disappointing Q1FY22 earnings. The company’s consolidated net profit came in at Rs.32 crore, halved from profit of Rs.64 crore (YoY).
This was mainly on account of a sharp increase in provisions, which rose over 3.5 times to Rs.78 crore from Rs22 crore (YoY).
Revenue from operations was down over 5.5% at Rs.320 crore.
To determine the financial implications including in respect of Expected Credit Loss provisioning, as at June 30, 2021, the company has made cumulative Expected Credit Loss provision for loans as on June 30, 2021 which aggregates Rs. 368 crore including a management overlay of Rs. 18 crore.