UY Fincorp shares hit upper circuit after manifold jump in net profit

Shares of UY Fincorp Ltd hit upper circuit during the trading session on Tuesday after the company announced a strong set of performance in the quarter ended on September 30, 2023. The company's performance was majorly driven by stellar increase in the other income for the quarter.

UY Fincorp's total income surged 555 per cent on a year-on-year (YoY) basis to Rs 102.72 in the September 2023 quarter, including another income of Rs 73.02 crore. Its total revenue came in at Rs 15.66 crore in the same quarter previous year. On a sequential (QoQ) basis, total revenue rose 390 per cent from Rs 21.07 crore in the June 2023 quarter.

Net profit of UY Fincorp zoomed 1,577 per cent to 51.17 crore for the second quarter of the ongoing financial year, compared to a bottomline of Rs 3.05 crore in the year-ago period. Its net profit stood at Rs 4.33 crore in the first quarter of the current fiscal year.

Following the announcement, shares of UY Fincorp surged 5 per cent, locked in the buyer's circuit limit, to Rs 26.23 on Tuesday, with a total market capitalization close to Rs 500 crore. The scrip had settled at Rs 24.99 in the previous trading session. The stock has rallied 140 per cent from its 52-week low at Rs 11.

For the six months ended on September 30, 2023, UY Fincorp surged about five-fold to Rs 123.79 crore from Rs 25.54 in the year ago period. Net profit for April-September 2023 period increased about 1,100 per cent to Rs 55.1 crore against Rs 4.68 crore in the year ago period.

Kolkata-based UY Fincorp is a RBI registered non-banking financial company, which primarily focuses on providing inter corporate loans, personal loans, and investments in securities and trading in securities.

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