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The net profit of Manappuram Finance Ltd has surged by 109 per cent to Rs 591.46 crore compared to Rs 282.66 crore for FY 2010-11.
The board of directors has proposed a final dividend of Re 1 per share of face value of Rs 2. This is in addition to the interim dividend of Re 0.50 per share declared earlier in February this year.
The increase in profits was driven by growth in the assets under management (AUM) which stood at Rs 11,630 crore, a 54 per cent increase over the previous year’s level of Rs 7,549 crore. The total gold loan disbursements during the year amounted to Rs 31,698 crore (Rs 18,057 crore in the previous year).
The operating income was Rs 2,615.55 crore compared to Rs 1,165.42 crore for the previous year, recording a growth of 124.43 per cent. The PBT grew to Rs 877.20 crore compared to Rs 423.89 crore in the previous year.
The provision towards income tax stood at Rs 285.75 crore as against Rs 141.23 crore the year before. Earnings per share amounted to Rs 7.06 and the capital adequacy ratio has been maintained at 23.26 per cent.
During the year, the company expanded its nationwide branch network from 2,064 branches to 2,908 branches spread across 24 States and Union Territories.
The board has also appointed Mr Jagdish Capoor, former Chairman of HDFC Bank, as the new Non-Executive Chairman. The Executive Chairman, Mr V. P. Nandakumar, has been re-designated as Managing Director and CEO.
The Managing Director, Mr I. Unnikrishnan, has been re-designated as Executive Director and Deputy CEO, while the Joint Managing Director, Mr B. N. Raveendra Babu, is re-designated as the Executive Director.
sajeevkumar@thehindu.co.in
1 comments:
Manappuram Finance is the biggest player of gold loan in India. It offers various schemes of gold loan to the people and help them in overcoming the economic crisis of life. The Manappuram Gold Loan scheme is very popular as it is available at lowest interest rates with flexible repayment options.
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