Net loss of Magma Fincorp reported to Rs 35.51 crore in the quarter ended March 2020 as against net profit of Rs 85.30 crore during the previous quarter ended March 2019. Sales declined 1.57% to Rs 610.32 crore in the quarter ended March 2020 as against Rs 620.03 crore during the previous quarter ended March 2019.

For the full year,net profit declined 91.10% to Rs 27.05 crore in the year ended March 2020 as against Rs 304.01 crore during the previous year ended March 2019. Sales rose 2.40% to Rs 2513.43 crore in the year ended March 2020 as against Rs 2454.53 crore during the previous year ended March 2019.

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Net loss of Magma Fincorp reported to Rs 35.35 crore in the quarter ended March 2020 as against net profit of Rs 86.52 crore during the previous quarter ended March 2019. Sales declined 8.42% to Rs 519.43 crore in the quarter ended March 2020 as against Rs 567.16 crore during the previous quarter ended March 2019.

For the full year,net loss reported to Rs 10.01 crore in the year ended March 2020 as against net profit of Rs 275.13 crore during the previous year ended March 2019. Sales declined 2.40% to Rs 2177.55 crore in the year ended March 2020 as against Rs 2231.15 crore during the previous year ended March 2019.

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Magma Fincorp will hold a meeting of the Board of Directors of the Company on 18 June 2020.

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The Board of Magma Fincorp has approved the subscription to 17,727,353 Equity shares of Magma Housing Finance on right Issue basis at a price of Rs. 56.41 each (including premium of Rs. 46.41/- each)aggregating to Rs. 99.99 crore.

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