Buoyed by the growth in the last financial year in Punjab and Haryana, Kolkata-based Magma Fincorp Ltd, plans to romp up disbursements by 50 per cent in retail loans in these two states in FY12. The company, disbursed Rs 497 crore in these two states in FY 11, an increase of 43 per cent over FY10.
Speaking to Business Standard, Magma Fincorp Ltd, Zonal sales manager, Sanjiv Jha said, "We expect that in the current fiscal we would be able to disburse Rs 750 crore, a growth of 50 per cent over the last fiscal. Apart from consolidating our position in core products like car, commercial vehicle & construction loans in the market, will also focus to grow the higher yield products such as Suvidha (Refinance), Tractor and SME Loans, which will contribute significantly in the company’s business."
"Further, we will continue with our focus on providing asset finance to the economically disenfranchised in Punjab & Haryana and expect to further grow in the states. This will help in strengthening our market share in each of the segments."he added.
The company witnessed growth across all product categories in the last financial year in these two states. It disbursed Rs 497 crores in FY11, which was about 43 per cent higher than FY10. Tractor, Suvidha (Refinance), Car & Commercial Vehicle finance posted a healthy growth of 124 per cent, 83 per cent 51 per cent and 41 per cent respectively.
"The primary sales of assets have witnessed robust growth in the past several quarters and we hope the same would continue. This augurs well for our business. With the development of infrastructure further, we hope our products will continue to do well as majority of them cater to the growth in rural and semi urban markets," added Jha.
