Manappuram Finance Q3 net profit post 46 per cent drop
Monday, February 14, 2022Hindu Business Line
Its consolidated assets under management grew 10 per cent to ₹30,407.13 crore
Manappuram Finance Ltd has reported a consolidated net profit of ₹261.01 crore for the third quarter of FY22. The profit is lower by 45.98 per cent compared to ₹483.19 crore reported in the year-ago quarter.
However, the company’s consolidated assets under management (AUM) grew 10 per cent to ₹30,407.13 crore from ₹27,642.48 crore a year ago, and by 6.99 per cent in comparison to ₹28,421.63 crore reported in the preceding quarter (Q2).
Net profit for the standalone entity (which excludes subsidiaries) stood at ₹259.06 crore as against ₹465.29 crore in the year-ago quarter. Total consolidated operating income for the quarter amounted to ₹1,484.45 crore compared to ₹1,643.81 crore in the year ago quarter.
The Board of Directors approved payment of interim dividend of ₹0.75 per share with face value of ₹2.
Covid impact
VP Nandakumar, MD & CEO, said, “Q3 was marked by disruptions due to the surge in the Omicron variant. However, we achieved good growth in business volumes from our core business of gold loans as also in vehicle finance and home loans.”
The company’s standalone gold loan portfolio was flat at ₹20,270.74 crore against ₹20,211 crore in the comparable quarter of last fiscal. However, the same represents a strong growth of 8.29 per cent in comparison to ₹18,719.53 crore in the preceding quarter. The number of live gold loan customers stood at 24.9 lakh, a decline of 4.97 per cent over the year-ago level.
Asirvad Microfinance Ltd, ended the quarter with an AUM of ₹7,090.15 crore, a sharp increase of 32.34 per cent over ₹5,357.71 crore reported in the year ago quarter.
