Non-banking finance corporation (NBFC) Manappuram Finance on Friday declared a 34.26 % increase in net profit on a year-on-year basis for the first quarter of this fiscal. Net profit for the Q1 of FY 16 stood at Rs 59.29 crore, compared to Rs 44.16 crore in the corresponding quarter of the last fiscal.
Income from operations for the quarter stands at R539.04 crore during the quarter as against R456.57 crore in the corresponding quarter last year.
Sequentially, the net profit registered a decline from R70.03 crore in Q4 of FY15. During the last fiscal, the company declared a net profit of R271.31 crore.
The Kerala based company was under pressure for the last two years with business declining and tighter regulations enforced in the sector by RBI.
The company has concluded its takeover of Asirvad Micro Finance Company, a NBFC–MFI based in Chennai.