SMC Credits Reports Stellar Q1 Performance with 1,686% Net Profit Surge
SMC Credits Limited announced outstanding Q1 financial results. Net profit soared 1,686% to Rs 2,206.72 crore, while total income rose 1,076% to Rs 2,613.29 crore. EPS improved to Rs 8.81, up 1,698%. The company approved Q1 results, recommended appointment of new statutory auditors, and scheduled its 33rd AGM. There was no deviation in the utilization of funds from the December 2022 rights issue.
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SMC Credits Limited, a prominent player in the financing sector, has reported exceptional financial results for the first quarter ended June 30, showcasing remarkable growth across key metrics.
Financial Highlights
The company's net profit for Q1 soared to Rs 2,206.72 crore, marking a staggering 1,686% increase from Rs 123.53 crore in the corresponding quarter of the previous year. This substantial growth in profitability underscores the company's robust performance and effective strategic initiatives.
Total income for the quarter witnessed a significant uptick, rising to Rs 2,613.29 crore from Rs 222.14 crore year-on-year, representing a growth of over 1,076%. The company's income from operations stood at Rs 1,046.54 crore, while other income contributed Rs 1,566.75 crore to the total.
| Particulars (in Rs. crore) | Q1 (Current) | Q1 (Previous) | YoY Change (%) |
|---|---|---|---|
| Net Profit | 2,206.72 | 123.53 | 1,686% |
| Total Income | 2,613.29 | 222.14 | 1,076% |
| EPS (Basic & Diluted) | 8.81 | 0.49 | 1,698% |
The company's earnings per share (EPS) also reflected this growth trajectory, improving to Rs 8.81 from Rs 0.49 in the previous year's quarter, marking a 1,698% increase.
Operational Performance
SMC Credits Limited managed to keep its expenses in check, with total expenses for the quarter at Rs 45.15 crore, compared to Rs 66.61 crore in the same quarter of the previous year. This efficient cost management contributed significantly to the bottom-line growth.
Board Meeting Outcomes
In a board meeting held on August 13, SMC Credits Limited approved several key matters:
- The unaudited standalone financial results for Q1 were reviewed and approved.
- The board recommended the appointment of M/s. Kumar Ashwani & Associates, Chartered Accountants, as the Statutory Auditors for a three-year term, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
- The company's 33rd AGM is scheduled for September 30, at 10:00 A.M. IST at the registered office in New Delhi.
- Mr. Neeraj Arora, a Practicing Company Secretary, was appointed as the Scrutinizer for overseeing the voting process at the AGM.
Auditor's Review
The statutory auditors have conducted a limited review of the Q1 results and have given an unmodified conclusion in their review report, affirming the accuracy and compliance of the financial statements.
Rights Issue Update
SMC Credits Limited confirmed that there has been no deviation in the utilization of funds raised through its rights issue in December 2022, which amounted to Rs 1,503.33 crore. The funds have been utilized as per the stated objectives, primarily for augmenting the company's capital base and general corporate purposes.
The company's stellar Q1 performance, coupled with its strategic initiatives and transparent financial management, positions SMC Credits Limited for continued growth in the financing sector.
Historical Stock Returns for SMC Credits
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| 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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