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Manappuram Finance post 38% rise in Q1 profit

Wednesday, July 29, 2020

The Hindu Business Line 

Gold-loan lender Manappuram Finance has posted a 38 per cent increase in net profit at 367.97 crore in Q1 of FY21 over the 266.78 crore recorded in the year-ago quarter. 

The net profit in the quarter for the standalone entity (which excludes subsidiaries) is 369.11 crore. The consolidated profits have declined by 7.59 per cent in comparison to the preceding quarter (Q4 of FY20), reflecting the impact of Covid and the lockdowns. 

VP Nandakumar, MD and CEO, said: “This was a quarter when the overall business environment was severely affected by the lockdowns. However, we were able to maintain growth in our core business of gold loans, thanks to our digital infrastructure, particularly our robust online gold loan platform.”

The total consolidated operating income during the quarter stood at 1,512.53 crore, an increase of 27 per cent in comparison to 1,190.69 crore reported in the year-ago quarter. The consolidated assets under management (AUM) grew by 25.56 per cent to 25,345.83 crore, from 20,185.94 crore reported in the year-ago quarter. 

The gold loan portfolio increased by 33.44 per cent to 17,736.79 crore from 13,292.41 crore. While the aggregate gold loans disbursed during the quarter amounted to 68,389.77 crore, new customer acquisition was affected by closure of branches due to lockdowns and stood at 0.33 lakh. The number of live gold loan customers stood at 24.9 lakh as of June 30.  

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