Equitas Holdings

The first small bank of India, it posted a very dull set of numbers for Q1FY18.  The company’s net profit fell 74% at Rs.15 crore and a 97% (YoY) rise in tax outgo and muted topline increase were largely responsible. Moreover, the Bank has made an incremental provision of Rs 23 crore during the quarter towards the mutual fund portfolio and this dented the bottomline too. Its consolidated total revenue for the quarter grew 31% to Rs.457 crore.

EBITDA was down 9% at Rs.20 crore and EBITDA margin fell sharply from 63.8% to 44.5%.

The bank has added 51 new branches during the quarter ending June 30, 2017, taking the total to 335 across the country.

The company’s Rs.2170 crore IPO was subscribed over 16 times and its issue price of Rs.110/share.