Magma Fincorp's disbursement to cross Rs.10,000 crore this fiscal

Leading non-banking financial company Magma Fincorp Ltd will cross Rs.10,00 crore disbursements during the current financial year, its officials said Thursday.

The company listed on Bombay Stock Exchange and National Stock Exchange disbursed Rs.9,081 crore last fiscal and is eyeing 25 percent growth during 2014-15.

The Kolkata-based firm disbursed Rs.2,398 crore during first quarter ended June 30, a year-on-year growth of 33 percent. The Profit After Tax (PAT recorded for the quarter was Rs 45.77 crore. The PAT for the previous financial year was Rs.160 crore.

Dhrubashish Bhattacharya, vice president and national sales head - tractor finance, Magma Fincorpd, told reporters here Thursday that the company is targeting 20 percent growth in Telangana and Andhra Pradesh. Last year, it disbursed Rs.562 crore in the undivided Andhra Pradesh.

With 24 branches and 35,000 customers in both Telangana and Andhra Pradesh, it plans to focus on car loans, tractor loans and Suvidha (used vehicle loans).

With a network of 275 branches across the country, Magma has 4.5 lakh customers and manages a loan book of Rs.18,295 crore.

The NBFC, which has over 10,000 employees, plans to raise Rs.500 crore capital during the current financial year.