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Magma Fincorp sells 5.94B rupees of NPAs

Magma Fincorp Ltd. said it sold nonperforming loans worth 5.94 billion Indian rupees.

The sale is expected to result in a reduction in standalone profit after tax by about 1.25 billion rupees to 1.30 billion rupees, the company said April 1. The company earlier said that it will be selling NPAs worth up to 6 billion rupees.

In addition, the company's subsidiaries Magma ITL Finance Ltd. and Magma Housing Finance sold NPAs totaling 850 million rupees. The sale will result in an additional reduction in consolidated profit after tax by about 100 million rupees to 150 million rupees.

As of March 31, US$1 was equivalent to 64.86 Indian rupees.