1. Manappuram Finance Q2 net falls 5 pct

Manappuram Finance Q2 net falls 5 pct

Manappuram Finance has posted a standalone net profit of Rs 170.18 crore for the quarter ended September, down 5.3 % as compared to Rs 179.69 crore in the same period last fiscal.

By: | Kochi | Published: November 8, 2017 4:04 AM
Sequentially, the standalone net profit has come down by 9.36 % from Rs 187.76 crore recorded during the June quarter this fiscal.

Manappuram Finance has posted a standalone net profit of Rs 170.18 crore for the quarter ended September, down 5.3 % as compared to Rs 179.69 crore in the same period last fiscal. Sequentially, the standalone net profit has come down by 9.36 % from Rs 187.76 crore recorded during the June quarter this fiscal. Gold loan AUM at the end of the second quarter dropped by 13.2 % to Rs 10,761 crore as against Rs 12,396 crore in the year-ago period. The loans disbursed during the quarter in review stands lower at Rs 13,028 crore when compared to Rs 14,910 crore in the year-ago period. The gold loan company which also operates a microfinance and home loan division, posted a consolidated net profit of Rs 160.37 crore for the second quarter of FY18, down 16.6% when compared to Rs 192.39 crore for the same quarter last fiscal. The consolidated net profit for the first quarter of the current fiscal stands at Rs 155.01 crore. Currently, lending against gold has an 80 % share in its total business portfolio with a customer base of 21 lakh. VP Nandakumar, MD & CEO, said, “After demonetization, the company went through three quarters without growth but now our consolidated AUM has grown by 2.6 % over the preceding quarter. The pick-up in the rural economy following good monsoon has brightened prospects.”

Total consolidated operating income during the quarter stood at Rs 830.03 crore as against Rs 830.74 crore reported in the preceding Q1. The company’s consolidated Assets under Management (AUM) was reported at Rs 13,723 crore, an increase of 2.6 % compared to Rs 13,380 crore reported in the preceding first quarter. Consolidated AUM was at Rs 14,490 crore in the year ago quarter.

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