Rita Finance and Leasing Reports Q1 Results: Net Profit Declines 63% YoY
Rita Finance & Leasing Limited, an NBFC, reported a 63% decline in net profit to Rs 22.20 lakh for Q1, despite a 12.9% increase in total income to Rs 36.66 lakh. Total expenses decreased by 10.7% to Rs 7.06 lakh. The company's EPS fell to Rs 0.22 from Rs 0.60 in the previous year. The financial results were approved by the Board of Directors and reviewed by statutory auditors.
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Rita Finance & Leasing Limited, a non-banking financial company (NBFC), has released its financial results for the first quarter, revealing a significant decline in net profit despite an increase in total income.
Financial Performance Highlights
Net Profit: The company reported a net profit of Rs 22.20 lakh for the quarter, marking a substantial 63% decrease from Rs 60.31 lakh in the same quarter of the previous year.
Total Income: Rita Finance & Leasing's total income saw a modest increase, rising to Rs 36.66 lakh from Rs 32.45 lakh year-over-year, primarily driven by interest income.
Expenses: Total expenses for the quarter decreased to Rs 7.06 lakh, down from Rs 7.91 lakh in the corresponding period last year.
Earnings Per Share (EPS): The company's EPS stood at Rs 0.22 for the quarter, compared to Rs 0.60 for the previous year.
Key Financial Metrics
| Particulars (Rs. in Lakh) | Q1 Current | Q1 Previous | YoY Change |
|---|---|---|---|
| Total Income | 36.66 | 32.45 | +12.9% |
| Total Expenses | 7.06 | 7.91 | -10.7% |
| Net Profit | 22.20 | 60.31 | -63.2% |
| EPS (Rs.) | 0.22 | 0.60 | -63.3% |
Management Commentary and Outlook
The Board of Directors of Rita Finance & Leasing Limited approved these standalone unaudited financial results. The results have been reviewed by the company's statutory auditors, as confirmed in the limited review report provided by J. Singh & Associates, Chartered Accountants.
Additional Information
- The company operates in the financial services sector, including NBFC activities, as its only reportable segment.
- The financial results were reviewed by the Audit Committee before being approved by the Board of Directors.
- Rita Finance & Leasing Limited's registered office is located in Delhi, with a corporate office in Mumbai.
The company's performance this quarter shows a mixed picture, with increased income but a significant drop in profitability. Investors and stakeholders will be watching closely to see how Rita Finance & Leasing addresses these challenges and works towards improving its bottom line in the coming quarters.
Historical Stock Returns for Rita Finance & Leasing
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.44% | -4.21% | -8.40% | +7.89% | -0.63% | +105.00% |
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