Stock market news: UY Fincorp shares hit 52-week high after strong second-quarter financial performance
It said performance in the quarter was largely driven by the stellar increase in other revenues for the quarter. Other income stood at Rs 73 crore.
Stock market news: Shares of UY Fincorp Ltd soared on Wednesday after the company announced strong performance in the September 2023 quarter. The stock saw positive trading today at Rs 25.19. It made an intraday high of Rs 26 and low of Rs 25.13.
The stock touched a 52-week high of Rs 26 in today’s trading session. It eventually closed near its 52-week high at Rs 25.98 per share.
UY Fincorp is a financial services provider. The company said through a stock exchange filing that its total revenue rose 555 percent year-on-year (YoY) to Rs 102.72 in the September quarter of 2023. Total revenue in the quarter stood at Rs 15.66 crore in the same quarter last year.
It said performance in the quarter was largely driven by the stellar increase in other revenues for the quarter. Other income stood at Rs 73 crore.
The company’s net profit in the quarter rose 1,577 percent to Rs 51.17 crore. Last year, it had posted a net profit of Rs 3.05 crore in the same quarter.
The company had reported a net profit of Rs 4.33 crore in the first quarter.
In the first six months of the financial year 2023-2024, the company’s net profit rose around 1,100 per cent to Rs 55.1 crore.
UY Fincorp is a Kolkata-based, RBI-registered non-banking financial company. It offers business loans and personal loans, among other things.