Magma Fincorp AUM at Rs 18,378 crore
Asset finance company Magma Fincorp Magma Fincorp shares surged 8.19 % on Thursday on BSE, after it doubled its profits in fourth quarter (Q4) ended March 31, 2013.
By Anuradha Himatsingka, ET Bureau | Updated:
KOLKATA: Asset finance company Magma Fincorp shares surged 8.19 % on Thursday on BSE, after it doubled its profits in fourth quarter (Q4) ended March 31, 2013. Consolidated net profit was up by 85.3 % at Rs 44.14 crore in Q4 FY13 as against Rs 23.82 crore in the corresponding previous quarter.
Total income from operations of the non-banking finance company grew by 57.21 % year-on-year to Rs 475.81 crore in the quarter under review from Rs 302.64 crore in the corresponding quarter previous year.
Assets under management as on March 31, 2013, was up 38% at Rs 18,378 crore. Net Interest Spread (NIS) was 4.91% in FY13 against 3.40% registered in FY12.
The performance, as per the company's mediastatement released on Thursday, was significant in the backdrop of a difficult year for the industry when not only major products have either stayed flat or registered a degrowth, collections too faced a tough year due to uncertain economy and constrained cash flows affecting a large segment of customers. "Yet, Magma Fincorp was able to record a healthy collection efficiency of 98.2%," the mediastatement stated
During the quarter, the company, through its subsidiary Magma Advisory Services Limited, completed acquisition of GE Money Housing Finance and subsequently, renamed it as Magma Housing Finance. Magma Fin-corp also acquired auto lease portfolio from Religare Finvest for Rs 256 crore.
Explaining the company's performance, Magma Fincorp vice chairman & MD Sanjay Chamria said: "Our performance highlights were the growth in revenue and PAT owing to a 151 bps increase in spreads and controlled portfolio quality. We have also kick-started our new businesses including gold loans and general insurance this year which in a few months into operations, have performed well."
Total income from operations of the non-banking finance company grew by 57.21 % year-on-year to Rs 475.81 crore in the quarter under review from Rs 302.64 crore in the corresponding quarter previous year.
Assets under management as on March 31, 2013, was up 38% at Rs 18,378 crore. Net Interest Spread (NIS) was 4.91% in FY13 against 3.40% registered in FY12.
The performance, as per the company's mediastatement released on Thursday, was significant in the backdrop of a difficult year for the industry when not only major products have either stayed flat or registered a degrowth, collections too faced a tough year due to uncertain economy and constrained cash flows affecting a large segment of customers. "Yet, Magma Fincorp was able to record a healthy collection efficiency of 98.2%," the mediastatement stated
During the quarter, the company, through its subsidiary Magma Advisory Services Limited, completed acquisition of GE Money Housing Finance and subsequently, renamed it as Magma Housing Finance. Magma Fin-corp also acquired auto lease portfolio from Religare Finvest for Rs 256 crore.
Explaining the company's performance, Magma Fincorp vice chairman & MD Sanjay Chamria said: "Our performance highlights were the growth in revenue and PAT owing to a 151 bps increase in spreads and controlled portfolio quality. We have also kick-started our new businesses including gold loans and general insurance this year which in a few months into operations, have performed well."
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