Manappuram Fin net down 20% to Rs 107 cr

However, net profit for the half-year period was up 9%

Manappuram Finance Limited registered a 20 per cent drop in net profit to Rs 107.7 crore in the quarter ended September 2012, as against Rs 135.3 crore in the same period last year. Operating income for the quarter fell marginally to 607.75 crore compared with Rs 615.06 crore. The moderation in profits is attributed to the lower yield following the realignment of the lending rates in line with industry norms.

However, half-yearly net profit was up 9 per cent to Rs 265.48 crore, as against Rs 243.12 crore for H1 of 2011-12. The company expects to grow 20 per cent annualised over the next one year with improved profit margins, a press release said.

The company registered a marginal growth of 2 per cent in its gold loans AUM (assets under management) to Rs 10,665 crore from Rs 10,471 crore for the Q2 of FY 2011-12. Aggregate gold loans disbursed during the quarter amounted to Rs 5,148 crore, a growth of 30 per cent over Rs 3,967 crore last year.

The company has opened 73 new branches during the quarter taking its national network to 3,044 branches.