Magma Fincorp Q4 Review - New Management’s Vision 2025 Unveiled: ICICI Securities
A cashier counts Indian one hundred-rupee banknotes at an Oriental Bank of Commerce branch in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Magma Fincorp Q4 Review - New Management’s Vision 2025 Unveiled: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Magma Fincorp Q4FY21 Results Update.pdf

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