Non-banking financial company Magma Fincorp today said it would focus on high-yielding segments, like used-cars, commercial vehicles and SMEs, for delivering 20 per cent growth this fiscal.
"We will focus on the high-yield segments such as used cars, commercial vehicles and small and medium enterprises (SMEs), and expect a 20 per cent growth this fiscal," firm's Vice-Chairman and Managing Director Sanjay Chamria told PTI.
The company eyes 30 per cent growth from these segments in the next three-years, he said.
The Kolkata-based firm also said it was eyeing 25 per cent growth in disbursals in the current fiscal.
"With the economy bouncing back, there will be an improvement in automobile and vehicle sales leading to growth in our disbursals, which is expected to be around 25 per cent this fiscal (FY11)," he said.
Besides, Magma Fincorp is also foraying into insurance segment; it has partnered with Germany's HDI Gerling to form Magma HDI General Insurance company. Fincorp holds 74 per cent stake in the joint venture while HDI Gerling holds the rest. However, the company is still awaiting IRDA's approval.
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Magma Fincorp fared well in FY 2010 with its net profit for the period vaulting 77 per cent to Rs 70 crore compared to the year-ago period.
Shares of Magma Fincorp today closed at 284.25 on the BSE, up 1.08 per cent from previous close.