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Friday, October 31, 2014

Manappuram Finance net up 73 per cent at ₹76.43 cr in Q2

Manappuram Finance Ltd has posted a 73.8 per cent increase in its net profit at Rs76.43 crore during the second quarter in the current fiscal compared to Rs43.98 crore in the preceding quarter ended June 30, 2014. The company’s net profit stood at Rs69.71 crore in the corresponding Q2 of FY-2013-14,.

The Board also approved an interim dividend of
Rs0.45 per share of face value of Rs2.

The operating income increased to
Rs 502.84 crore against Rs456.32 crore reported in the first quarter. The same was reported at Rs544.11 crore in Q2 of the previous fiscal.

The company recorded a 4 per cent increase in its gold loan Assets under Management (AUM) to
Rs8,518.03 crore against Rs8,197.50 crore reported in Q1 of the year. The aggregate gold loans disbursed during the quarter amounted to Rs5,835 crore.

As part of a policy decision to widen its portfolio, the company has decided to enter into housing loans, vehicle finance, and microfinance. The objective is to reduce concentration risk.

The company also restructured its top management with new appointments in the grade of Executive Vice President (EVP).

Aloke Ghosal has been appointed as CEO - Housing Finance. K. Senthil Kumar has joined as National Head - Commercial Vehicle Finance. R. Raghavender Anand has been inducted as National Head- Micro Finance.

I. Unnikrishnan has resigned from the position of Executive Director and Deputy CEO to pursue his entrepreneurial ambitions. He will be relieved from office on November 30 and will continue on the company’s Board of Directors as a Non-Executive Director.

Kapil Krishan, CFO, will now hold charge of investor relations and treasury management.

The company also signed a non-binding Term Sheet to acquire a majority equity shareholding in Asirvad Microfinance Pvt Ltd through a combination of secondary purchase of equity shares and primary investment by way of subscription to equity shares of the company.

The closure of the transaction is contingent, among other factors, upon satisfactory completion of due diligence and receipt of statutory and regulatory approvals including from RBI. Headquartered in Chennai, Asirvad Microfinance is an RBI registered NBFC-MFI. It operates in Tamil Nadu, Kerala, Odisha and Gujarat.

Source : The Hindu


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