Manappuram Finance Q2 net down 18% to Rs 63 cr

Manappuram Finance Ltd today reported a fall of 17.7 per cent in its consolidated net profit at Rs 63.02 crore for second quarter ended September 30, 2015.
The company had registered a net profit of Rs 76.53 crore during the same quarter of previous fiscal.
Total consolidated income of the company rose to Rs 552.52 crore during the reported quarter, from Rs 503.05 crore registered during the same period a year ago, the company said in a release.
As of September 2015, its asset under management was at Rs 9,636 crore, as against Rs 8,530 crore in the year ago period.

V P Nandakumar, MD and CEO of the company, said: "In line with our expectations, Manappuram's new businesses are beginning to make worthwhile contributions to volumes.
"The new businesses have helped us to diversify and de-risk the portfolio and will soon contribute to profitability as well."
Manappuram Finance Ltd is a gold loans NBFCs engaged in providing finance against used household gold ornaments.