Sammaan Capital Q4 net loss at ₹8,101 crore due to exceptional and impairment charges

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Mortgage-focused Sammaan Capital Ltd on Wednesday (May 20) reported a consolidated net loss of ₹8,101.4 crore for the fourth quarter, compared with a loss of ₹324.04 crore in the corresponding period last year.

Net interest income (NII) declined 92% year-on-year to ₹84.3 crore from ₹1,057.2 crore. The company reported impairment on financial instruments of ₹2,958.1 crore and exceptional items of ₹6,499.1 crore during the quarter.

Sammaan Capital said it has a unified opening assets under management (AUM) of ₹53,160 crore with zero gross and net NPA, stating that no incremental net provisions are required in the future on opening AUM.

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It added that provision buffers capture terminal credit costs, corresponding to an annualised credit cost of around 1.9% on total disbursals of approximately ₹3.60 lakh crore, which has run down to the opening AUM of ₹53,160 crore with zero gross and net NPA.

The company said the opening AUM is cashflow tested and has serviced borrowings of around ₹1.35 lakh crore as of September 2018, with net servicing of about ₹1.3 lakh crore since then. Sammaan Capital stated this represents the highest-ever deleveraging programme in corporate India.

It added that approximately ₹1.05 lakh crore ($11 billion) has been sold down across 24 bank and NBFI relationships, with co-lending and DA playbook fully operational.

Shares of Sammaan Capital Ltd ended at ₹141.75, up by ₹3.40, or 2.46%, on the BSE.

Also Read: An important update for nearly 4 lakh retail shareholders of Sammaan Capital; Details here



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