Financial Daily from THE HINDU group of publications
Thursday, Oct 14, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 14, 2004 |
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Money & Banking
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Financial Performance Corporate Results - NBFCs Magma Leasing H1 up 65% Our Bureau
Kolkata , Oct. 13 MAGMA Leasing Ltd recorded a growth of over 65 per cent (volume terms) in its disbursements for the first half of the current financial year (ended September 30, 2004) at Rs 577.75 crore, against Rs 360 crore achieved in the corresponding period of 2003-04. The total income of the company for the first half of this fiscal increased by 21 per cent to Rs 45.55 crore against Rs 37.67 crore for the same period last year. Talking to newspersons here on Wednesday on the first-half financial results of the company, Mr Sanjay Chamria, Managing Director, said 12,000 new customers have been financed in the first half, up from 7,700 last year for the same period. He attributed the huge jump in disbursements to the boom in car/truck financing, which clocked sales of a half a million cars in the first six months. The Bihar-Jharkhand belt alone is said to have contributed close to Rs 100 crore business in the first half. He, however, conceded that owing to stiff competition in retail financing business from banks and other finance companies, interest margins during April-September have come under serious pressure, resulting in a marginal 13 per cent increase in profit before tax to Rs 12.79 crore (Rs 11.30 crore). Pointing out that Magma was well on course to achieve the targeted business plan of Rs 1,350 crore for 2004-05 (Rs 867 crore in 2003-04), Mr Chamria said the company had fully written off its NPAs and, as a result, was a zero NPA outfit as on September 30, 2004.
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