Gold loan provider Manappuram Finance Ltd on Saturday posted 9 per cent drop in consolidated net profit at Rs 370 crore for the second quarter ended September 2021 (Q2FY22) as against Rs 405.4 crore a year-ago quarter (Q2FY21). Sequentially, net profit fell 15 per cent when compared to Rs 537 crore in June 2021 quarter.
The income from operations of the non-banking finance company fell 2 per cent to Rs 1,532 crore in Q2FY22 from Rs 1,566 crore in Q2FY21. On sequential terms it fell 2 per cent as against Rs 1,563 crore in Q1FY22. The consolidated figures reflect performance of businesses like gold loans, micro finance and home loans.
The company’s consolidated assets under management (AUM) rose by 5.7 per cent to Rs 28,421.63 crore from Rs 26,902.73 crore a year ago.
In a stock exchange filing, the company said the board of directors approved payment of interim dividend of Rs 0.75 per share with face value of Rs two. Shailesh Jayantilal Mehta has been appointed as the chairperson of the company.
V P Nandakumar, MD & CEO, Manappuram Finance said: “The business volumes showed robust growth during the quarter, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganized sectors of the economy. Going forward the company expects to sustain the growth along with improved profitability.”
The company’s gold loan portfolio rose 13.2 per cent at Rs 18,719.53 crore in September 2021 from Rs 16,539.51 crores in June 2021. Also, the company’s microfinance subsidiary, Asirvad Microfinance ended the quarter with 18.34 per cent rise in Assets Under Management (AUM) at Rs 7,162.49 crore in September as against Rs 6,052.6 crore in June.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.