Manappuram Fin plans Rs100cr equity infusion

Equity infusion is being planned even before the proposed merger of MAGFIL and its Manappuram Finance Tamil Nadu Private Ltd, MAGFIL chairman, V P Nandakumar, told a press.

Negotiations are on with with a leading global bank, he said. The company has reported a 98 per cent increase in the net profit for the year ending March 31 this year at Rs 20.99 crore, compared to Rs 10.61 crore for the previous year.

Income from operations increased 82 per cent at Rs 79.66 crore as against Rs 43.65 crore in the last fiscal, he said. Profit Before Tax for the period amounted to Rs 31.96 crore, against last year's figure of Rs 16.35 crore, signifying a positive variance of 95.5 per cent.

The consolidated net profit is Rs 21.36 crore for the year against Rs 10.81 crore for last year, a 98 per cent increase over the previous year, he said announcing the results.

MAGFIL is a premier Non banking financial company in India, registered with the RBI and has 310 branches in 13 states. There are plans to add 250 more branches this year, one fourth of which will be in Kerala.     The company also plans to monitise about 10 per cent of the 15,000 tonnes of gold held by households.