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Manappuram Finance Q3 net profit down 14% at Rs 173 crore

Press Trust of India  |  New Delhi 

has reported a 14.4 per cent decline in its consolidated net profit to Rs 173.34 crore in the third quarter ended December 31. The company's net profit in corresponding October- December period stood at Rs 202.54 crore. The total income of the company witnessed a fall of 3.1 per cent to Rs 872.78 crore for the quarter as against Rs 900.51 crore in the year-ago period, said in a statement. The asset under management (AUM) rose by 0.7 per cent to Rs 14,650 crore as on December 31, 2017 from Rs 14,555 crore a year ago. "With much improved performance this quarter, we have now put the fallout from demonetisation behind us.

From now on, it will be business as usual, we expect growth to pick up to the levels we saw before demonetisation," said V P Nandakumar, MD &CEO, The Kerala-based company (NBFC) reported 5.26 per cent increase in its gold loan asset under management (AUM) to Rs 11,327 crore at the end of December quarter, as against Rs 10,761 crore in the same period a year ago. Of the other key business metrics, the gold loan financier said its average borrowing cost has come down further by 26 basis points (0.26 percentage) during the quarter to 8.56 per cent. On asset quality front, the net non-performing assets (NPAs) have been reduced to 0.42 per cent from 0.89 per cent in the second quarter, it added. Shares of the company traded 3.99 per cent down at Rs 104.60 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 15:15 IST
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