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Manappuram Finance Q1 results: Net profit jumps 38% to Rs 368 cr as gold loan portfolio grows

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NEW DELHI: Manappuram Finance Ltd on Friday posted nearly 38 % jump in its consolidated internet profit at Rs 367.97 crore in the initially quarter ended June with the current fiscal year.

The non-banking finance company (NBFC) experienced registered a net profit of Rs 266.78 crore in the same time the previous fiscal year.

Income from operations rose 27.03 per cent to Rs 1,512.53 crore during April-June quarter involving 2020-21 as against Rs 1,190.69 crore in the same quarter involving 2019-20, Manappuram Finance explained in a release.

“This was obviously a quarter when the overall enterprise environment was severely afflicted with the lockdowns. However, i was able to maintain progress in our core business involving gold loans, thanks to our digital infrastructure, especially our robust online gold loan platform,” Manappuram Finance MD & BOSS V P Nandakumar explained.

Consolidated assets under managing (AUM) grew 25.56 per cent to Rs 25,345.83 crore via Rs 20,185.94 crore reported in the year-ago quarter.

Manappuram Finance explained its gold loan portfolio grew by 33.44 per cent to Rs 17,736.79 crore throughout the quarter from Rs 13,292.41 crore last year.

While aggregate gold money disbursed during the quarter amounted to Rs 68,389.77 crore, new consumer acquisition was affected by close up of branches due to lockdowns and stood in 0.33 lakh, this said.

The number of survive gold loan customers was standing at 24.9 lakh as of June 30, 2020, Manappuram Finance even more said.

On asset top quality front, gross NPAs (non-performing assets) stood at 1.25 per cent and internet NPAs at 0.70 per cent at the end of June 2020.

The company has a couple subsidiaries — Asirvad Microfinance Ltd and Manappuram Residence Finance Ltd.

Manappuram Finance is mainly engaged in providing financing against used household gold ornaments.

On a wash basis, the company reported a new 67.54 per cent begin net profit at Rs 369.11 crore within June quarter as versus Rs 220.30 crore a year ago period.

Shares involving Manappuram Finance on Friday closed 0.30 % lower at Rs 181.95 apiece on the BSE.

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