Manappuram Finance net down 66.5%

Manappuram Finance Ltd recorded a net profit of Rs 52.87 crore in the first quarter of the current fiscal, down 66.5% from the Rs 157.77-crore profit posted in the corresponding period of the previous fiscal.

V.P. Nandakumar, Managing Director and CEO, said this was a significant improvement over the Rs 141.43-crore loss incurred in the fourth quarter of FY2013.

He said the performance during the quarter signals a return to normalcy after the turbulence of the past year. Going forward, the company intends to continue its thrust on consolidation with focus on acquisition of new customers, improvement in asset quality and branch level productivity, he added.

The board of directors has recommended an interim dividend of Re 0.45 per share of face value of Rs 2.

The profit before tax stood at Rs 80.19 crore, compared with Rs 233.59 crore in Q1 of last fiscal, while provision towards income tax stood at Rs 27.32 crore.

A total of eight new branches were added during the quarter taking its national network to 3,303 branches across 26 States and Union Territories.

Source: thehindubusinessline