The Hindu Business Line : Magma Leasing Q3 disbursals, net up

MAGMA Leasing Ltd, aspiring to emerge as one of the large players in retail financing within the next few years, has posted a hefty business growth for the quarter ended December 31, 2006, despite sluggish sales by vehicle manufacturers.

The company has also launched a new division for financing construction equipment, titled "Strategic CE', besides foraying into the used vehicles segment. Nine new branches have been opened, taking the total number as on December 31, 2005 to 66 across the country (present in 15 States), including the new ones in Ahmedabad and Nagpur.

Briefing newspersons here today, Mr Sanjay Chamria, Managing Director, said the company has achieved a 59 per cent increase in business disbursals during the third quarter at Rs 438 crore (Rs 276 crore). It was a 36 per cent increase in disbursals at Rs 1,163 crore during the first nine months of the current fiscal against the Rs 854 crore in the same period of last financial year. Giving a break-up, he said CVs accounted for 50 per cent, cars 25 per cent and the balance construction equipment. Magma has recorded a 105 per cent growth in net profit for the third quarter at Rs 6.65 crore (Rs 3.24 crore).

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