Manappuram Finance plunges 12%, hits 2-year low on weak Q4 results

Asset quality worsened during the quarter as gross non-performing asset (NPA) and net NPA ratio increased by 160 basis points (bps) and 170 bps quarter on quarter (QoQ) to 3 per cent and 2.7 per cent.

Shares of Manappuram Finance plunged 12 per cent to hit two-year low of Rs 91.95 on the BSE in Thursday’s intra-day trade after the company reported 44 per cent year on year (YoY) decline in its consolidated net profit at Rs 261 crore for the March quarter (Q4FY22), due to higher operating expenses.

The non banking financial company (NBFC), engaged in gold loan business, had posted profit of Rs 468 crore in the year-ago quarter (Q4FY21). Its net interest income (NII), meanwhile, fell 10.2 per cent YoY to Rs 986 crore from Rs 1,098 crore and consolidated asset under