Manappuram Finance Q2 consolidated net profit rises 11% to Rs 409 crore

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Manappuram Finance on Saturday reported a 10.7 per cent rise in consolidated net profit at Rs 409.48 crore for the quarter ended September 30, 2022.

The non-banking finance company, which is mainly into gold loans, had posted a net profit of Rs 369.88 crore in the year-ago quarter. Sequentially, profit grew by 45 per cent from the June 2022 quarter.

The company's consolidated assets under management (AUM) grew by 7.89 per cent to Rs 30,664.96 crore from Rs 28,421.63 crore a year ago, Manappuram Finance said in a release.

The board of directors has approved payment of interim dividend of Rs 0.75 per share with face value of Rs 2 each, it added.

The company's MD and CEO V P Nandakumar said, "We have posted a sequential increase in profit of 45 per cent. It is in line with our commitment to maintain operational efficiency even as we target growth."

The gold loan portfolio of the South-based company was at Rs 19,190 crore, while the number of gold loan customers reached 24.1 lakh in this period.

Manappuram's microfinance business ended the quarter with an AUM of Rs 7,118.10 crore, an increase of 1.25 per cent in comparison to Rs 7,029.90 crore in the year-ago quarter and 8.74 per cent Q-o-Q, it said.