The confidence to achieve the target stems from sterling performance of the company in the first six months of the current fiscal, says Sanjay Chamria, managing director of the Magma Leasing.
In the six months ended September 30, 2003, the company has disbursed Rs 357 crore by way of retail asset financing thereby registering a growth of 53 per cent over the corresponding period last year.
The income of the company has gone up by Rs 37.67 crore on a comparative basis during the same period. The profit before tax has zoomed to Rs 11.30 crore which is 168 per cent higher than the first half figure of last year.
In Orissa, where the company is engaged in financing of car, commercial vehicles and construction equipment for last four year, it intends to consolidate its lead position through penetration into semi-urban and rural markets.
At present, the company is operating from six offices in the state located at Bhubaneswar, Rourkela, Sambalpur, Keonjhar, Balasore and Berhampur .
Basing first half financing of Rs Rs 42.32 crore, the company targets to touch Rs 88 crore disbursement in Orissa during the current fiscal. About 43 per cent of its disbursements has gone for car financing followed by 37 per cent for commercial vehicles and 20 per cent for construction equipment.
Magma, on an average, is disbursing nearly Rs eight crore and adding 350 numbers to its customers base in Orissa every month, Chamria pointed out.
Recently, Magma has taken significant initiative in areas of human resources, IT and systems and procedures and has engaged the services of reputed consultancy firm KPMG for corporate planning, he added.
