Magma Shrachi Q1 operating profit up 17% at 29 cr

 The company had an operating profit of Rs 24.98 crore in the quarter ended June 30, 2007, Magma Shrachi said in a filing to the Bombay Stock Exchange.     

"We have been successful in enhancing our disbursements significantly leading to healthy increase in our asset base," Magma Shrachi (Finance) Vice Chairman and Managing Director Sanjay Chamria said.     

The total asset base of the company rose to Rs 8,005.4 crore for June quarter of FY09 from Rs 6,088.30 crore a year-ago.     

"We plan to stabilise the roll out of the offering by the third quarter of FY09 after which we plan to achieve an increasing and sustained target," he added.     

Net revenues of the company rose to Rs 1,38.51 crore for the June quarter of FY09, a growth of 58.4 per cent from Rs 87.42 crore in the previous year.     

"In the first quarter of FY09, the company's disbursements have grown faster than the industry growth in asset finance disbursements, demonstrating the robustness of our business model," Chamria said.     
Total disbursements for the quarter ended June 30, was Rs 1,016.3 crore, compared to Rs 708.8 crore for the corresponding period a year-ago.     

Shares of the company were trading at Rs 300, down 3.16 per cent in the afternoon trade on the BSE.