Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore

The Kerala-based lender, which besides operates a location loan, microfinance and commercialized vehicle-leasing subsidiary, has reported a standalone nett net of Rs 355 crore, a diminution of 12.47% from Rs 405.56 crore reported successful the year-ago quarter.

NBFC Manappuram Finance connected Saturday reported a 8.8% year-on-year (y-o-y) diminution successful its consolidated nett net for the 2nd 4th astatine Rs 369.88 crore. The non-banking fiscal institution (NBFC) had posted a consolidated nett net of Rs 405.44 crore successful Q2 of FY21.

However, the company’s consolidated assets nether absorption (AUM) grew by 5.7% to Rs 28,421.63 crore from Rs 26,902.73 crore a twelvemonth ago, and by 14.8% successful examination to Rs 24,755.99 crore reported successful the preceding 4th (Q1).

The Kerala-based lender, which besides operates a location loan, microfinance and commercialized vehicle-leasing subsidiary, has reported a standalone nett net of Rs 355 crore, a diminution of 12.47% from Rs 405.56 crore reported successful the year-ago quarter. In aggregate, the company’s non-gold indebtedness businesses relationship for a 34% stock of its consolidated AUM.

Sharing the results with the media, V P Nandakumar, MD & CEO, said, “The cardinal takeaway is the robust maturation recorded during the 4th successful our concern volumes, beryllium it golden loans, microfinance, oregon our location and conveyance loans portfolio. It reflects the emerging betterment successful the agrarian and unorganised sectors of the system and going forward, we expect to prolong the maturation on with improved profitability.”

The company’s golden indebtedness portfolio stood astatine Rs 18,719.53 crore, registering a beardown maturation of 13.2%, implicit Rs 16,539.51 crore successful the preceding archetypal quarter. The fig of unrecorded golden indebtedness customers accrued to 25.1 lakh from 24.1 lakh successful the archetypal quarter.

The gross non-performing assets (standalone) stood astatine 1.59% with nett NPA reported astatine 1.30%.

Average borrowing costs for the standalone entity declined by 67 ground points during the quarter, to 7.94%.

The committee besides appointed Shailesh Jayantilal Mehta arsenic the chairperson of the company.