Manappuram Finance Q2 net profit drops 35%

KOCHI: Manappuram Finance Ltd has declared a net profit of Rs 69.71 crores for the quarter ended September 30, 2013. This showed a 35 % drop from the net profit of Rs 107.71 crores of the comparable period of last year.

However, it was about 32 % higher than the net profit of Rs 52.86 crore reported in the first quarter of the current fiscal year. The board of directors has recommended an interim dividend of Rs 0.45 per share of face value of Rs2/-. This follows the interim dividend of Rs0.45 per share declared earlier in August, 2013.

The income from operations recorded 12 % fall at Rs 544.10 crore during the quarter. The asset under management dropped 14% to Rs 9202 crore compared with same quarter last year. However, there was only a marginal fall of 2% in gold loan disbursed at Rs 5033 crore. Capital adequacy of the company stood at 26.01%.

V.P. Nandakumar, MD & CEO said Manappuram's resilient performance in the midst of continuing challenges is a proof that the recent focus on consolidation is beginning to pay off. With market conditions not conducive for growth, we intend to press ahead with the strategy of adding new customers and giving thrust to improving asset quality and branch level productivity."