Magma operating profit up 63%

Kolkata-based Magma Shrachi Finance Limited has reported 63.2 per cent rise in its operating profit at Rs 24.34 crore for the third quarter of the financial year ended December 31, 2007 as against Rs 14.92 crore reported in the corresponding quarter last year.

In the same period, the revenue of the company stood at Rs 1,23.43 crore, up 111.7 per cent from Rs 58.29 crore reported a year ago.

Disbursements of the company increased by 34.2 per cent to Rs 865.03 crore from Rs 644.78 crore recorded in the same period last year.

Similarly, the earning per share of the company stood at Rs 6.56 compared to Rs 4.38, a growth of 49.9 per cent.

Commenting on the performance, Sanjay Chamria, vice chairman and managing director of Magma, said, "In order to expand business volumes and add new growth avenues, the company is making significant progress in the southern and western markets, which will help drive the next round of growth. We already have in place the right mix of experienced manpower and robust risk management system which enable us to skillfully roll out our products, while minimising our risk profile."