Manappuram Finance Q1 net rises 34% at Rs 59 crore

Manappuram Finance today said its consolidated net profit in the first quarter ended June 2015 rose by 34.3 per cent to Rs 59.30 crore.
It has reported a net profit of Rs 44.15 crore during the corresponding quarter of 2014-15.
Total income (consolidated) increased to Rs 539.04 crore in the first quarter of 2015-16, up from Rs 456.57 crore in the same period of the previous fiscal, it said in a release.
The company approved payment of interim dividend of Rs 0.45 per share.
The company also recorded a healthy increase of 17.2 per cent in its gold loan assets under management to Rs 9,592.44 crore in comparison to Rs 8,197.50 crore reported on June 30, 2014, it said.

Besides gold loan, the company's recent diversification into new business areas is reportedly gaining traction, it added.

"The significant takeaway from this performance is that Manappuram's recent entry into new business is beginning to make worthwhile contributions...We will continue our quest to diversify and de-risk the portfolio," V P Nandakumar, MD & CEO said in the statement.
The company has forayed into new business interest -- micro-finance, housing and vehicle loans and loans against property.
Manappuram Finance scrips closed 1.23 per cent up at Rs 24.65 apiece on BSE today.