Ujjivan Financial Services surges 10% on 80% jump in Q4 profit

NEW DELHI: Shares of Ujjivan Financial Services climbed 10 per cent in Thursday's trade after the NBFC reported an 80 per cent jump in consolidated March quarter profit at Rs 77.43 crore. The company had posted a net profit of Rs 43.15 crore for the same quarter of 2019.

At 10 am, the scrip traded 9.97 per cent higher at Rs 172 on BSE.

For March quarter, Ujjivan Financial Services reported a consolidated income for the quarter rose to Rs 805.20 crore compared with Rs 590.01 crore in the same period last year.

The company said to what extent the coronavirus pandemic would impact its subsidiary Ujjivan SFB's results will depend on future developments, which the group is unable to assess currently.

"On the holding company there is no material impact of Covid-19 other than the fall in the market value of its investment. Although the distribution of dividend will be guided by the performance of the bank, the holding company has adequate liquidity and resources to service its obligations in the near future," Ujjivan said.

Shares of Ujjivan SFB are down 50 per cent year to date while those of parent Ujjival Financial Services' have plunged 51 per cent during the same period.