Comments
Kolkata-based Magma Fincorp Ltd is targeting a 50 per cent growth in retail loan disbursements in Kerala for the financial year 2011-12. The company had disbursed Rs 249 crore in the State in the last fiscal, which is 78 per cent higher than in the FY 2010.
Mr Dhrubasish Bhattacharya, Vice-President, Magma Fincorp Ltd, said at a press conference here on Friday that the company witnessed growth across all product categories in the last financial year on account of the focused growth plan charted out for the State. He said car, commercial vehicle and construction equipment finance posted a healthy growth of 114 per cent, 77 per cent and 31 per cent, respectively.
Suvidha (Refinance), which was launched in the first quarter of the current financial year, had an impressive beginning and will be one of Magma's key growth drivers in the State. The aggressive marketing strategy adopted by the company helped in attaining this phenomenal growth rate and played a major part in the market expansion drive in this region. The company's focus on rural markets also emphasises it's motto of bringing equality of opportunity to the economically disenfranchised, he added.
Overall growth
In the first quarter of the current financial year, he said the company has already experienced an overall growth of 70 per cent in Kerala.
The CE finance, car finance and commercial vehicle finance witnessed a growth of 77 per cent, 54 per cent and 19 per cent, respectively.
Magma has six branch offices in the State — Kochi, Kozhikode, Thiruvananthapuram, Kottayam, Thrissur and Malappuram. A new branch office will be opened in Kannur during the current financial year.
The company, apart from consolidating its position for its core products such as car, commercial vehicle and construction loans in the market, will also focus to grow the newly launched higher yield product - Suvidha, which will contribute significantly to the company's business.
National front
On the national front, he said the company has plans to romp up disbursements around Rs 8,000 crore in the current fiscal against Rs 5,414 crore disbursed in the previous fiscal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.