Manappuram Finance Q2 profit jumps 82% to Rs 402 crore

Manappuram Finance reported 82 per cent rise in consolidated profit at Rs 402.28 crore for the quarter ended September 30.

Total consolidated operating income stood at Rs 1,286.78 crore, a rise of 26.85 per cent. Assets under management (AUM) grew by 31.91 per cent to Rs 22,676.93 ­­­­­­­­crore. Gold loan assets under management (AUM) increased by 20.45 per cent to Rs 15,168.34 crore, from the same quarter last year.

The board of directors approved an interim dividend of Rs 0.55 per share on face value of Rs 2.

The company’s microfinance subsidiary, Asirvad Microfinance, ended the quarter with an AUM of Rs 4,724.25 crore, a growth of 73.12 per cent. Manappuram Home Finance, reported an AUM of Rs 567.93 crore while the commercial vehicles division ended the quarter with an AUM of Rs1,317.76 crore. In aggregate, the company’s non-gold loan businesses have contributed 33 per cent of its total consolidated AUM.

“Our Q2 performance represents continued progress along our stated objective of growth with profitability. We have achieved good increase in business volumes and profitability thanks to strong all-round performance from all our verticals. We are now well placed to keep up the momentum,” said MD & CEO, VP Nandakumar.