Demand for consumer goods, automobiles, white goods has been holding momentum, which should translate into good credit off take for consumer financiers this festive season, analysts said
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Company's net revenues during April-June quarter of FY23 were up by 32 per cent at Rs 167 crore as against Rs 126.6 crore in same period of FY22, IndoStar Capital said in a release.
The company may have to make an additional expected credit loss provisions between Rs 557 crore - Rs 677 crore due to the "certain observations and control deficiencies" made by an external auditor.
The non-banking financial company (NBFC) expects to grow loan book 4-5 times and also enter financing of used cars and tractors as part of its medium-term strategy
Besides challenges faced by wholesale NBFC in particular, the credit costs (amount to be provided for stressed assets), are likely increase post outbreak of COVID 19
The fall, analysts say, has been on concerns that the financial industry has will be the worst hit among sectors, given the disruptions to the country's economic activity caused by Covid-19 outbreak.
