The initial lock down that was announced by the Government on March 25, 2020 which lasted up to April 14, 2020. Further, lock downs were extended by the Government several times during the Financial Year 2020-2021 which resulted in complete stoppage of branch operations. The performance of even the well capitalized Companies were affected due to COVID-19 situation during the Financial Year 2020-2021 and this Company is no exception to this as far as the business levels of the Company is concerned. The Company could only improve the advances from Rs.249,45,76,802/-to Rs.300,47,60,543/-, ie 20% growth only in advances portfolio. The Board has taken adequate measures to ensure sufficient liquidity is available at all times during the pandemic period prevailed during the major part of the Financial Year 2020-2021 by proper Asset Liability Management (ALM). Despite all these circumstances and adverse market conditions during the Financial Year 2020-2021, the Company could post reasonable results. The Company has opened 8 new branches during the Financial Year 2020 2021 there by taking a total Branch Network to 180 as on March 31, 2021.
The deferred revenue expenditures to the extent of Rs.1,96,27,066/- was written off during the Financial Year 2020-2021 which slightly brought down the net profits of the Company.