Magma Fincorp reports net profit of Rs 71cr in Jan-Mar qtr

Non-banking financial firm Magma Fincorp today reported a consolidated net profit of Rs 71.48 crore for the last quarter of 2017-18.

The company had posted a net loss of Rs 114.02 crore in the January-March quarter of 2016-17.

Total revenue during the quarter grew to Rs 590.19 crore as against Rs 575.33 crore in the same period of the previous fiscal, the company said in a regulatory filing.

On yearly basis, the net profit jumped by over 11-times to Rs 230.42 crore as against Rs 20.45 crore profit in year ago fiscal. Revenue, however, was down at Rs 2,298.59 crore in 2017-18 from Rs 2,405.31 crore in 2016-17.

Magma Fincorp said it has adopted revised non-performing assets norms as per the RBI guidelines.

This has resulted in an increase in total provision by Rs 1.28 crore and Rs 20.20 crore (including de-recognition) for the quarter and the year ended March 2018.

Total assets of the company as on March 31, 2018, stood at Rs 13,701.26 crore.

The board of directors of the company has proposed a dividend of Rs 0.80 or 40 per cent for the financial year ended March 2018, the company said.

Shares of the company closed 1.05 per cent higher at Rs 177.75 on BSE today.