The Hindu Business Line : Magma Leasing Q4 disbursals rise 81 per cent

MAGMA Leasing Ltd (MLL), which has achieved an 81 per cent growth in disbursal levels during the fourth quarter of 2004-05 at Rs 516 crore, has fixed a business target (new loans) of Rs 2,100 crore for 2005-06. Out of this, the company expects to finance commercial vehicles (CV) to the tune of Rs 1,200 crore, with both cars and construction equipment accounting for Rs 450 crore each.

Addressing a news conference here today, Mr Sanjay Chamria, Managing Director, said the company ended 2004-05 on an all-time high disbursal for financing assets worth Rs 1,759.25 crore, up 58 per cent from the Rs 1,112.89 crore in 2003-04. The targeted figure was Rs 1,371 crore. He said Magma's total assets under management as on March 31, 2005 has touched the Rs 2,000-crore mark, with NPAs at zero level.

The profit before tax for 2004-05 at Rs 23.21 crore (Rs 20.03 crore) has shown an increase of nearly 16 per cent.

The company's board, which met here on Tuesday to take on record the audited financial results for the year ended March 31, 2005, has recommended a dividend of Rs 1.50 per share (15 per cent). The profit after tax as on March 31, 2005 has increased to Rs 20.35 crore (Rs 16.32 crore).

Magma has recorded a total income from operations during 2004-05 of Rs 98.02 crore (Rs 80.60 crore), notching up a year-on-year growth of over 19 per cent.

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