Magma Fin eyes 21% growth in AP

AP accounts for 10% of the total revenues of the company and stands second after Maharashtra

Magma Fincorp Ltd, a Kolkata-based NBFC, is hoping to register a 21 per cent growth in business from Andhra Pradesh on the back of revival in tractor loans and used commercial vehicle loans. AP accounts for 10 per cent of the total revenues of the company and stands second after Maharashtra.

However, the revenues in 2012-13 declined in AP by 8 per cent to Rs 782 crore from Rs 846 crore in the previous year, according to Dhrubashish Bhattacharya, vice president of Magma Fincorp.

He said in addition to segments like tractors and used commercial vehicles there had also been a growing loan demand for multi utility vehicles.