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Q3 result: Manappuram Finance net profit rises 63% to Rs 398 cr, AUM up 35%

Its total consolidated revenue from operations rose over 29 per cent to Rs 1,399.02 crore, taking its assets under management (AUM) to Rs 24,099.95 crore, up 35.52 per cent.

Manappuram Finance  | AUM | gold loan

Press Trust of India  |  Mumbai 

Manappuram Finance
Manappuram Finance

Gold loan-focused non-banker on Tuesday reported a 63 per cent rise in consolidated net profit to Rs 397.84 crore for the December 2019 quarter.

Its net profit had stood at Rs 244.09 crore in the corresponding period of the previous year.

On a standalone basis, its net income stood at Rs 332.42 crore, up 57.7 per cent from the year-ago period, the Kerala-based company said in a statement.

Its total consolidated revenue from operations rose over 29 per cent to Rs 1,399.02 crore, taking its assets under management (AUM) to Rs 24,099.95 crore, up 35.52 per cent.

The AUM, its mainstay, increased 29.69 per cent to Rs 16,242.95 crore and the business added 3.25 lakh new customers and disbursed loans of Rs 40,304.26 crore in aggregate with live customers being at 26.4 lakh.

Its microfinance subsidiary, Asirvad Microfinance, ended the quarter with an of Rs 5,022.14 crore, a growth of 57.18 per cent, while home loans subsidiary Manappuram Home Finance reported an of Rs 601.23 crore, and the vehicles and equipment finance division reported an of Rs 1,397.40 crore.

Non-businesses contributed as much as 33 per cent of the total consolidated book.

V P Nandakumar, managing director and chief executive officer, Manappuram Finance, termed the numbers in line with the guidance with all subsidiaries and business verticals making worthwhile contributions. "We now look forward to a strong finish in the fourth quarter," he added.

Average borrowing cost during the quarter decreased by 18 basis points to 9.12 per cent.

Gross non-performing assets (NPAs) improved to 0.50 per cent from 0.58 per cent a year ago, while net NPAs improved by 10 bps to 0.22 per cent.

Shares of on Tuesday rose 2 per cent to Rs 188.60, against a 0.46 per cent fall in the Sensex.

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First Published: Tue, January 28 2020. 19:50 IST