Manappuram Finance Limited said today that it expected to grow by 20% annualised over the next one year with improved profit margins. Yesterday, the company declared its second quarter results. Net profit for the quarter ended September 30, 2012, decreased by 20% to Rs 107.70 crore, compared to Rs 135.30 crore for Q2 of previous year.
The moderation in profits is attributed to the lower yield following the realignment of the lending rates in line with industry norms.
However, half-yearly net profit was up by 9% at Rs 265.48 crore, as against Rs 243.12 crore reported for H1 of 2011-12.
Operating income for the quarter fell marginally to Rs 607.75 crore compared to Rs 615.06 crores reported for Q2 of the previous year. Profit before tax for the quarter was at Rs 159.73 crore while provision for income tax stood at Rs 52.03 crore.
The company registered a marginal growth of 2% in its gold loans AUM to Rs 10,665 crores when compared to Rs 10,471 crores for Q2 of FY 2011-12.
Aggregate gold loans disbursed during the quarter amounted to Rs 5,148 crore which represents a growth of 30% over the Rs 3,967 crores disbursed during Q1 of this year. Tier I capital of the company has improved to 22.04% in comparison to 21.03% of Q2 of last year.
The company has opened another 73 new branches during the quarter taking its national network to 3,044 branches spread across 26 states and UTs.
