 "Manappuram Finance Q1 results: Profit rises 76% on gold loan demand")
India's Manappuram Finance reported a 76% jump in quarterly profit on Thursday, helped by strength in its gold loan and micro-finance businesses.
The non-banking financial company's (NBFC) consolidated net profit rose to 4.96 billion rupees ($59.91 million) in the June quarter from 2.82 billion rupees a year ago.
Analysts had expected NBFCs to see a spike in gold loan demand in the quarter, aided by a 5% increase in the average price of the yellow metal.
The company's interest income soared 32.5% to 19.36 billion rupees, even as expenses rose 23%.
Thrissur, Kerala-based Manappuram's pre-tax profit from its gold loan business, which accounts for three-fourth of total profit, rose 32.8% to 5.2 billion rupees. Its micro-finance arm posted a pre-tax profit of 1.61 billion rupees, versus a year-ago loss.
Shares of the company closed 2.84% up after the results.
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($1 = 82.7900 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru)