Manappuram Finance net up 9.6% at Rs 76.43 cr

Written by fe Bureau | Kochi | Updated: Nov 1 2014, 05:49am hrs
Non-banking finance corporation (NBFC) Manappuram Finance has declared a 9.6 % increase in net profit on a year-on-year basis for the second quarter of this fiscal.

Net profit for this fiscal stood at R76.43 crores, compared to R69.71 crore in the corresponding quarter of the last fiscal. Sequentially, the net profit has registered an increase of 74 %; Q1 net profit was R43.98 crore.

The company has also signed a non-binding term sheet to acquire a majority equity shareholding in Asirvad Microfinance, a company source said. Asirvad is an RBI-registered NBFC-MFI operating in Tamil Nadu, Kerala, Odisha, and Gujarat.

Assets under Management (AUM) for Q2 of the this fiscal was R8,530.9 crore, a 7.3 % year-on-year decline and a of 3.9% increase sequentially. Aggregate gold loans disbursed during the quarter were R5835 crore. The company added 2.43 lakh new customers during the quarter, taking the number of customers to 16.06 lakh.