Overall assets under management showed 6.85% growth. The company increased its provisions towards stressed loans, which meant that net profit, too, was largely flat. Nevertheless, analysts believe the vehicle financier would show an increase in earnings in FY22 despite the pandemic. Umesh Revankar, managing director of the company, said that movement of goods has not been affected in the current wave of the pandemic. One concern over asset quality would be that stage-three assets or bad loans remain elevated at 7% of the total book.

Source: Mint May 02, 2021 18:33 UTC