NewsEarningsAdcon Capital Services Reports 606% Jump in Annual Profit to ₹218.35 Crore, Revenue Surges 93%Adcon Capital Services Reports 606% Jump in Annual Profit to ₹218.35 Crore, Revenue Surges 93%
Adcon Capital Services Limited, a non-banking financial company, reported impressive financial results for the fiscal year ended March 31. The company's annual profit increased by 606% to ₹218.35 crore, while total revenue grew by 93% to ₹324.11 crore. Interest income rose to ₹223.80 crore, and total assets expanded by 33% to ₹4,387.71 crore. The company received ₹11.69 crore in capital infusion and implemented ECL provisioning. Auditors noted unrecognized interest income on ₹504.44 crore of outstanding advances due to insufficient documentation.
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Adcon Capital Services Limited , a non-banking financial company, has reported a remarkable financial performance for the fiscal year ended March 31, with significant growth in both profit and revenue.
Profit Soars 606%
The company's annual profit skyrocketed to ₹218.35 crore, marking a substantial 606% increase from ₹30.91 crore in the previous year. This impressive growth reflects the company's strong financial management and operational efficiency.
Revenue Sees Robust Growth
Total revenue for Adcon Capital Services rose to ₹324.11 crore, up 93% from ₹167.72 crore in the previous year. The significant revenue growth was primarily driven by a surge in interest income, which increased to ₹223.80 crore from ₹165.80 crore in the previous year.
Key Financial Highlights
| Particulars (₹ in crore) | Current Year | Previous Year | YoY Change |
|---|---|---|---|
| Total Revenue | 324.11 | 167.72 | 93% |
| Interest Income | 223.80 | 165.80 | 35% |
| Net Profit | 218.35 | 30.91 | 606% |
| Total Assets | 4,387.71 | 3,287.43 | 33% |
Asset Growth and Capital Infusion
The company's total assets grew by 33% to ₹4,387.71 crore from ₹3,287.43 crore in the previous year. During the fiscal year, Adcon Capital Services received ₹11.69 crore towards call money on partly paid-up shares, strengthening its capital base.
Financial Prudence and Compliance
Adcon Capital Services has implemented Expected Credit Loss (ECL) provisioning and standard asset provisioning as per regulatory requirements. This move demonstrates the company's commitment to maintaining a robust financial position and adhering to regulatory standards.
Auditor's Observations
The company's auditors noted that interest income on outstanding advances of ₹504.44 crore was not recognized due to insufficient documentation. This observation highlights the need for improved documentation practices to ensure comprehensive revenue recognition.
Revised Financial Results
The company submitted revised audited financial results due to changes in grouping of various components, showcasing its commitment to transparent financial reporting.
Adcon Capital Services Limited's strong financial performance positions it well for future growth in the competitive non-banking financial sector. The significant increases in profit and revenue demonstrate the company's effective strategies and robust business model.
Historical Stock Returns for Adcon Capital Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.17% | +3.17% | 0.0% | -24.42% | -30.85% | +54.76% |
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