Manappuram Finance surges over 10% as Q3 profit more than doubles

The stock surged 13% to Rs 105 on the BSE in early morning trade

Manappuram Finance surged 13% to Rs 105 on the BSE in early morning trade after the company more-than-double its consolidated net profit at Rs 203 crore for the quarter ended December 2016 (Q3FY17). The non-banking finance company had profit of Rs 100 crore in the year ago quarter.

Total consolidated operating income during the quarter under review increased by 46% to Rs 901 crore against Rs 616 crore reported in the corresponding quarter of previous fiscal.

“Our performance during the quarter was affected by the dislocation caused by demonetisation. However, the situation is now almost back to normal