Manappuram Finance Q3 net profit rises 25% to Rs 100 cr

Manappuram Finance today reported a rise of 24.5 per cent in its consolidated net profit at Rs 100.34 crore during third quarter ended December.
The company's consolidated net profit had stood at Rs 80.60 crore in the corresponding October-December quarter of previous fiscal.
The total income of the gold loan financing firm rose to Rs 620.72 crore for the quarter ended December 2015 as against Rs 516.69 crore for the period ended December 2014.
"Despite stresses in the macroeconomic environment, we have managed to grow our consolidated Asset Under Management (AUM) by nearly 20 per cent over the last one year, while profitability increased by 25 per cent," Manappuram Finance MD & CEO VP Nandakumar said.

"The credit goes to our diversification into new business areas and the strategic shift we made to a new business model in gold loans, which enabled us to de-risk the portfolio and make it resilient to corrections in gold prices," he added.
The AUM stood at Rs 10,579 crore during the quarter, from Rs 8,824 crore in the year-ago period.
Shares of Manappuram Finance closed 5.35 per cent down at Rs 30.10 apiece on the BSE.