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Manappuram Finance has posted a 170 per cent growth in its net profit in Q1 at Rs. 160.34 crore, compared to Rs. 59.30 crore in the previous year corresponding quarter.
Declares 50p/ share dividend
The board of directors, which met at Valapad in Thrissur on Tuesday, approved an interim dividend of Rs. 0.50 a share of face value Rs. 2.
According to VP Nandakumar, Managing Director & CEO, the company has recovered from the slowdown and is going from strength to strength. The gold loan business is back on the growth track and the new businesses — micro-finance, housing and vehicle loans — are also doing well.
The company’s long-term credit rating was upgraded by CRISIL to ‘AA-/Stable’ (from ‘A+/Stable’). The revised rating is applicable to the long-term bank facility and NCDs of the company. With the improved credit rating, average borrowing costs declined further by 10 bps during the quarter to 10.35 per cent. Borrowing cost has fallen by 126 bps over the last one year and 225 bps over the last two years, he said.
Operating income grows 38%
Total consolidated operating income during the quarter grew 38.4 per cent to Rs. 746.13 crore from Rs. 539.04 crore reported in Q1 FY16.
The consolidated assets under management stood at Rs. 13,014 crore, up 28.8 per cent.
The company also registered a healthy increase of 18.27 per cent in its gold loan AUM to Rs. 11,345 crore.
The aggregate gold loans disbursed during the quarter amounted to Rs. 13,201 crore.
Link: http://www.thehindubusinessline.com/todays-paper/tp-markets/manappuram-net-zooms-170/article8965572.ece