Manappuram Finance Q2 results: Net profit rises over 36% to Rs 560.65 crore

Manappuram finance

Manappuram Finance on November 13 reported over 36 percent on-year growth in its consolidated net profit to Rs 560.65 crore in the second quarter of the current financial year.

In the year-ago period, the company reported a consolidated net profit of Rs 409.49 crore.

Sequentially, the net profit was up around 13 percent.

In the reporting quarter, interest income of the gold financer company rose just over 27 percent on-year to Rs 2,043.77 crore. In a year ago period, it stood at Rs 1,607.82 crore.

Whereas, the net interest income of the company in the July-September quarter rose 25.6 percent on-year to Rs 1467.3 crore, from Rs 1377.9 crore in a year ago period.

The cost of funds for the Manappuram Finance remained stable in the July-September on a quarterly basis, but compared to year ago period it seen a sharp increase.

In the reporting quarter, it stood at 8.9 percent, as compared to 8.1 percent in a year ago period.

Asset quality

In July-September quarter, the company reported an improvement in the asset quality, with gross non-performing asset ratio falling to 1.6 percent as on September 30, as against 2 percent in a year ago period, and 1.4 percent in a quarter ago period.

Similarly, net non-performing asset ratio fell to 1.4 percent in reporting quarter, from 1.8 percent in a year ago period. However, net NPA ratio rose marginally on a quarterly basis.

AUM

Consolidated Assets Under management of the company for the quarter ending September 2023 was Rs 39,000 crore representing 5.1 percent growth sequentially and 27.0 percent on-year growth.

Gold Loan AUM has grown by 1 percent sequentially and grown by 8.4 percent on-year.