Magma Fincorp net profit rises 84 percent in Q4

City-based asset finance company Magma Fincorp Thursday reported an 84 percent jump in its consolidated net profit to Rs.46 crore for the quarter ended March 31, 2013, from Rs.25 crore for the same period year ago.

The firm's revenue during the fourth quarter last fiscal soared to Rs.478.70 crore from Rs. 302.64 crore for the corresponding period in the previous fiscal.

For the full financial year, its consolidated net profit surged to Rs.144.94 crore from Rs. 77.79 crore during the last fiscal.

Commenting on the company's performance, vice chairman and managing director Sanjay Chamria said: 'We have exhibited a strong resilience in our performance despite the industry facing a difficult year.'

'We expect the economic momentum to pick up from second half of the FY14 and we hope to leverage on the expanded basket of products and 75 new branches opened last year to maintain our growth rate,' he added.