Comfort Fincap Ltd, an NBFC of the Comfort Group has released the financial results for the first quarter of FY 2021-22 (ending June 2021).
As per the unaudited results, the company has reported a Profit After Tax (PAT) of Rs.1.18 crores for the quarter. It recorded a net income from operations of Rs.2.84 crores.
The net interest income of the company experienced an increase of around 25% YoY compared to June 2020. It also managed to generate a financial advisory and consultancy fee of Rs.7.50 lakhs in this quarter compared to zero in the quarter ending June 2020.
The company is positioned perfectly between the organized banking sector and the unorganized local money lenders. Led by a team of young professionals, Comfort Fincap has managed to register a stellar performance even in these trying times.
In the expenditure section, the company has managed to reduce its finance costs by around 17% compared to the previous quarter (ending March 2021). The overall expenditure has also seen a drop of around 109% compared to the previous quarter.
With services like loan against securities, margin funding, bill discounting, ESOP finance, loan against property, home improvement loan, personal loan, business loan, promoter funding, machinery finance, car loan, gold loan, and IPO financing, Comfort Fincap offers a wide range of products to consumers.
The current loan book of the company stands at Rs.67 crores as of June 30, 2021. The management has targeted a loan book of Rs.100 crores by the end of the financial year 2021-22. Comfort Fincap has reserves of Rs.29.89 crores (excluding revaluation reserve) and a paid-up equity capital of Rs.10.85 crores. The total assets of the company stand at Rs.73.50 crores.
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Being an NBFC, The Company has positioned itself between the organized banking sector and local money lenders, offering the customers competitive, flexible and timely lending services.
The Company is currently listed on the floors of BSE Limited and Calcutta Stock Exchange Limited.
Comfort Group is headquartered in Mumbai and is on the path of rapid expansion across major cities in India. The Company has a diversified client base that includes HNIs, retail customers, mutual fund houses, financial institutions, corporate clients, and others.
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( With inputs from ANI )
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