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Manappuram Finance profit jumps three-fold in Q2

Thursday, November 10, 2016
The Hindu Business Line,

Manappuram Finance has posted a 205 per cent growth in its net profit in Q2 at Rs.192.39 crore compared to Rs.63.02 crore in the second quarter of the previous fiscal.

The total consolidated operating income registered an increase of 52.4 per cent to Rs.842.25 crore against Rs.552.52 crore. The consolidated Assets under Management stood at Rs.14,490 crore, a growth of 41.8 per cent compared to Rs.10,220 crore.

The Board of Directors approved payment of interim dividend of Rs.0.50 per share of face value of Rs.2.

The company also registered a 30 per cent growth in its gold loan AUM to Rs.12,382.7 crore against Rs.9,523.90 crore. The aggregate gold loans disbursed during the quarter amounted to Rs.14,901 crore. During the quarter, the gold loans business added 3.98 lakh new customers taking the number of live gold loan customers to 21.83 lakh as on September 30.

Besides gold loans, the company’s new businesses continued to gather momentum. The microfinance subsidiary, Asirvad microfinance, ended the quarter with an AUM of Rs.1,570.48 crore against Rs.539 crore. The home loans subsidiary recorded an AUM of Rs.213.35 crore against Rs. 170.48 crore. Commercial vehicle loans reported an AUM of Rs.212.59 crore as compared to Rs.168.

According to V.P. Nandakumar, MD & CEO, these new businesses have stabilised and are poised to scale up significantly in the coming quarters. Further, the contribution of new businesses to the consolidated AUM has increased to 15 per cent compared to 11 per cent in the previous quarter.

“Having maintained the growth momentum in all our business segments, we are quite hopeful of continuing the trend and ending the year on a positive note”, he added.
Link: http://www.thehindubusinessline.com/money-and-banking/manappuram-finance-q2-net-raises-205-at-19232-cr/article9329359.ece