Magma Shrachi Finance's revenues increase 93% to Rs 874mn

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Magma Shrachi Finance's revenues increase 93% to Rs 874mn

Magma Shrachi Finance Limited's revenues increase 93% to Rs 874 million. PBT up 64% to Rs 181 million

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Magma Shrachi Finance Limited (MSFL), one of the fastest growing financial services companies in India, announced its results for the first quarter ended 30 June 2007.

Performance update

Accelerated operational progress has started reflecting in financial performance. Real payback of initiatives still to come

Branch network expands to 155 as on 30 June 2007 compared to 68 as on 30 June 2006

People strength increases to 2,630 on 30 June 2007 compared to 1,500 as on 30 June 2006

Benefits of the merger with Shrachi Infrastructure Finance reflected in strong growth performance

Synergies are real and contribution to operational and financial performance is visible

Further monetising of synergies in active progress - the best benefits of the merger are still to come

Fund based disbursements demonstrate excellent growth led by Commercial Vehicle, Passenger Car and Construction Equipment Finance

Robust growth in both fund and fee based disbursements augmented top-line by 93% to Rs. 874 million  

Commenting on the performance for Q1 FY2008, Mr. Sanjay Chamria, Vice Chairman and Managing Director, Magma Shrachi Finance Limited, said:

"We are delighted to announce an excellent start to the year growing our business disbursements by 67% whilst maintaining NIMs and robust asset quality. All our key product segments like Commercial Vehicle, Passenger Car and Construction Equipment Finance have assisted us in reporting strong growth along with higher income from fee-based businesses, which translated into excellent results.

This performance reflects only partial benefits of the recent presence extended in the rural and semi-urban regions in the South, which will be optimized going forward. The Southern network has primarily been marketing a single product until now, and we have already taken a number of steps to roll-out our full range of products across this network within the next two quarters, which will provide us with further upside potential in the coming months."

Q1 FY2008 performance overview (compared with Q1 FY2007)