Manappuram Finance tanks on dismal Q3 numbers
Q3 profit down 48% year-on-year at Rs 84 crore due to 35% year-on-year fall in net interest income
Manappuram Finance has tanked 11% to Rs 38 in morning trades after the Kerla-based gold loan company has reported 48% year-on-year (yoy) drop in its net profit for the quarter ended December 31, 2012 (Q3).
“The company's Q3 net profit was down at Rs 84.4 crore against Rs 161.4 crore, yoy, mainly due to fall in operational income,” Manappuram Finance said in a statement.
Its net interest income (NII) was declined by 35% yoy to Rs 277 crore from Rs 424 crore during the recently concluded quarter.
The stock opened at Rs 40 and touched low of Rs 36.90 on the National Stock Exchange. As many as a combined 6.12 million shares have already changed hands on the counter in early morning trades against an average sub 3 million shares that were traded daily in past two weeks.
“The company's Q3 net profit was down at Rs 84.4 crore against Rs 161.4 crore, yoy, mainly due to fall in operational income,” Manappuram Finance said in a statement.
Its net interest income (NII) was declined by 35% yoy to Rs 277 crore from Rs 424 crore during the recently concluded quarter.
The stock opened at Rs 40 and touched low of Rs 36.90 on the National Stock Exchange. As many as a combined 6.12 million shares have already changed hands on the counter in early morning trades against an average sub 3 million shares that were traded daily in past two weeks.