Record disbursements buoy Five-Star ’s Q2 PAT
Five-Star Business Finance Ltd, a non-banking finance company, has reported a profit after tax (PAT) of ₹199 crore for the quarter ended September 30, 2023, up 38% Y-o-Y and 9% Q-o-Q.
For the first half of this fiscal, PAT grew 35 per cent at ₹383 crore (₹284 crore in H1 of FY23).
Disbursements for the September 2023 quarter stood at ₹1,204 crore, up 50% Y-o-Y and 6% Q-o-Q, while for the H1 of FY24, disbursements grew a whopping 70 per cent at ₹2,336 crore (₹1,371 crore in H1FY23), according to a statement.
The assets under management of the company grew 44 per cent to ₹8,264 crore as of September 30, 2023, when compared with ₹5,372 crore on September 30, 2022.
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The company had a collection efficiency of 100.3% for Q2FY24, while its NPA numbers declined (1.35% in Q2FY24 vs 1.41% in Q1FY24).
“Five Star continued to witness strong traction across business and disbursal demand and collections momentum. We added 70 branches during Q2FY2024, our highest ever branch additions in a quarter, resulting in a strong branch network of 456 branches, said Lakshmipathy Deenadayalan, Chairman & Managing Director of the company.