Manappuram Finance Q1 net jumps twofold to Rs 160 crore

However, shares of the company closed 4.16% down at Rs 87.55 on BSE

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Gold mortgage lending Manappuram Finance has posted over twofold jump in consolidated net profit to Rs 160.33 crore in the first quarter ended June of current financial year.

The company had registered a net profit of Rs 59.30 crore in the similar April-June period of 2015-16.

"Total income (consolidated) has increased to Rs 750.79 crore for the quarter ended June 2016, from Rs 540.96 crore for the same quarter of the previous year, it said in a regulatory filing.

On standalone basis, company said its net profit increased by 166% to Rs 149.25 crore in June quarter of this year as against Rs 55.92 crore over the year ago period.

Income (standalone) increased to Rs 675.37 crore during April-June period of 2016-17, from Rs 515.99 crore in the year ago period.

The Kerala based non-banking financial company (NBFC), Manappuram Finance has now expanded into forex and remittances services besides its main business of lending against gold.

Share of the company closed 4.16% down at Rs 87.55 on BSE.