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Magma Q3 net fell 60% on forex loss, eyes home loans
Kolkata-based Magma Fincorp’s third quarter (October-December) net profit fell by around 60% to Rs 14 crore as the company took a hit of Rs 5 crore forex loss. Moreover, the non-banking finance company, which earlier used to earn income from sales of loan portfolios, has reduced its exposure to securitization from 52% to 12%.
Kolkata-based Magma Fincorp 's third quarter (October-December) net profit dropped by around 60% to Rs 14 crore after the company took a hit of Rs 5 crore forex loss. Moreover, the non-banking finance company, which earlier used to earn income from sales of loan portfolios, has reduced its exposure to securitization from 52% to 12%.
"During the quarter, we have seen a 50% growth in our loan disbursements despite the prevalent (negative) market condition," V Lakshmi Narasimhan told Moneycontrol.com in an audio interview.
"The loan book growth was made possible due to more availability our products to more branches. We still maintain 100% collection efficiency. Our portfolio quality is robust. In the coming quarter, he hope to launch two products on gold and housing loans. We are running several things to make it happen," he said.
CLICK on the audio icon to listen V Lakshmi Narasimhan's interview to moneycontrol.com's Saikat Das.
