Manappuram Finance Q3 net jumps 2-fold to Rs 202.5 cr

Manappuram Finance today registered an over two-fold jump in its consolidated net profit at Rs 202.54 crore for third quarter ended December, 2016.
Its net profit in the corresponding October-December quarter of 2015-16 was Rs 100.34 crore.
"Total consolidated operating income during the quarter registered an increase of 46.1 per cent to Rs 900.51 crore against Rs 616.2 crore reported in the year ago quarter," the company said in a release.
Also, the Board of Directors of the company at its meeting in Thrissur today approved payment of interim dividend of Rs 0.50 per share of face value of Rs 2 each.

The gold loan financier also registered a healthy 27.3 per cent growth in its gold loan asset under management (AUM) to Rs 12,267 crore, up from Rs 9,639 crore a year ago.
Consolidated AUM increased by 37.6 per cent to Rs 14,555 crore, against Rs 10,579 crore a year ago.

Manappuram said its aggregate gold loans disbursal during the quarter stood at Rs 12,060 crore.
"Besides gold loans, company's new businesses continued to gather momentum," it said.
The company is also present in microfinancing and home loans business through its subsidiaries.
"Our performance during the quarter was affected by the dislocation caused by demonetisation. However, the situation is now almost back to normal and we expect to revert to business as usual at the earliest," said V P Nandakumar, MD and CEO, Manappuram Finance.

The company's borrowing cost, which fell by 78 basis points (0.78 per cent) over the last one year and 234 basis points (2.34 per cent) over the last two years, declined by a further 24 bps to 9.86 per cent during the quarter, it said.
Stock of Manappuram Finance closed 1.36 per cent higher at Rs 92.95 on BSE.