Money & Banking

Manappuram Finance profit rises to ₹402 cr in Q2

Our Bureau Kochi | Updated on November 06, 2019

Manappuram Finance has posted a consolidated net profit of ₹402.28 crore for the quarter ended September 30, a sharp increase of 82 per cent over ₹221.39 crore recorded in the same quarter last year. The net profit of the standalone entity (which excludes subsidiaries) is ₹334.72 crore.

Total consolidated operating income during the quarter stood at ₹1,286.78 crore, an increase of 26.85 per cent over the ₹1,014.44 crore reported in the year-ago quarter. Consolidated assets under management (AUM) grew by 31.91 per cent to ₹22,676.93 crore, from ₹17,190.70 crore reported in the year-ago quarter.

The board also approved payment of interim dividend of ₹0.55 per share with face value of ₹2. Gold loan AUM increased by 20.45 per cent to ₹15,168.34 crore, from ₹12,592.80 crore in the year-ago quarter. The gold loan business also added 3.62 lakh new customers, and disbursed loans worth ₹50,296.26 crore in aggregate. The number of live gold loan customers stood at 25.9 lakh as of September 30 .

The company’s microfinance subsidiary, Asirvad Microfinance, ended the quarter with an AUM of ₹4,724.25 crore, a growth of 73.12 per cent. Its home loans subsidiary, Manappuram Home Finance, reported an AUM of ₹567.93 crore, while the commercial vehicle division ended with an AUM of ₹1,317.76 crore. In aggregate, the company’s non-gold loan businesses contributed 33 per cent to its total consolidated AUM.

VP Nandakumar, MD and CEO, said: “Our Q2 performance represents continued progress along our stated objective of growth with profitability. We have achieved good increase in business volumes and profitability, thanks to strong all-round performance from all our verticals. We are now well placed to keep up the momentum.”

Published on November 06, 2019

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