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Manappuram Finance net profit up by 177 %

KOCHI: Manappuram General Finance and Leasing Ltd., a Kerala-based non-banking financing company, has registered a 177 per cent increase in net profit, year on year, for the quarter ended September 30.

The company, the only listed gold loan company in the country, is on an expansion mode, opening 86 new branches in the quarter, says a press release.

The profit rose to Rs.18.46 crore from Rs.6.67 crore, the release says. Income from operations increased by 129 per cent from Rs.37.66 crore to Rs.86.41 crore. Profit before tax rose to Rs.28 crore from Rs.10.24 crore, a 174 per cent increase. During the quarter, the company disbursed gold loan of Rs.1,060 crore to 2.8 lakh customers. The capital adequacy ratio was maintained at 31.74 per cent.

Announcing the results, V.P. Nandakumar, chairman of Manappuram Group, said the company had been able to scale up its operations on the basis of strong financial fundamentals and the core activity being gold loan.

The group’s assets under management increased from Rs.1,538 crore to Rs.1,784 crore year on year.

The total gold loan disbursed aggregated Rs.1,328 crore. The net worth of the group increased from Rs.273 crore at the end of June 2009 to Rs.300 crore at the end of September 2009. The working capital limits sanctioned to the company by banks and financial institutions aggregate Rs.2,730 crore. By the end of the current financial year, the branch network would go up to 1,000.

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