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SINTERCOM announces FY19 results

Mumbai: SINTERCOM India Limited, a leading automotive sintered components manufacturer, has announced its financial results for the full year ended March 31, 2019. Revenue from operations for the year ended March 31, 2019 stood at Rs 82.73 crore as compared to Rs 74.29 crore in FY18; a growth of 11.36% year or year. Earnings before interest, tax, depreciation and amortization (EBITDA) in FY19 stood at Rs 17.95 crore as compared to Rs 16.67 crore in FY18; an increase of 7.70 %. The company reported a marginal increase of 0.83% in PAT to Rs.5.49 crore for FY19, as compared to Rs 5.45 crore in the corresponding period of last fiscal. Jignesh Raval, Managing Director, SINTERCOM India Limited, said, “Despite the headwinds faced by the auto ancillary industry, Sintercom India Limited has been able to maintain revenue growth of 11.36% and EBITDA growth of 7.70% and has been consistent in maintaining PAT levels.” He further added the auto sector has been affected in Q4FY19 especially due to lower volumes and Sintercom is no exception to it.

Fincare Small Finance Bank posts annual net profit of 101.98 cr

Mumbai: Fincare Small Finance Bank announced its audited financial results for the year ended 31st March 2019. The Bank has recorded its highest ever annual net profit of Rs 101.98 cr,  grew by 205%  year on year.  The total business of the Bank grew by 95% from Rs 2,862 cr as on 31st march 2018 to Rs 5,573 cr as on 31st March 2019. Deposits recorded a growth of 181% to reach Rs 2,043cr as on 31st March 2019 from Rs 727 cr as on 31 March 2018. The low-cost CASA segment grew by 609% to reach Rs 224 cr as on 31st March 2019. Retail deposits, that is deposited under Rs 2 cr, accounted for 37% of the overall deposit base. The Gross NPA of the Bank as on 31st March 2019 stood at 1.29% and the Net NPA at 0.34%. The Provision Coverage Ratio (including technical write-offs) stood at 73.6% as on 31st March 2019. Net Interest Income stood at 10.8%.  Rajeev Yadav, Managing Director & CEO, Fincare Small Finance Bank said, “The results are a reflection of our continued efforts on profitable growth and diversification. We have made considerable progress during this year in growing our secured assets business, and in building a strong liabilities franchise, as is evident from the growth in both the businesses. Secured assets now comprise almost 20% of our gross loan portfolio.

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