Manappuram Finance on Thursday reported nearly 44 per cent increase in net profit at Rs 398.20 crore for the quarter ended March 2020, on robust interest income.
The non-banking financial company (NBFC) had posted a net profit of Rs 277.39 crore during the corresponding period of the preceding fiscal.
Total income during the quarter under review rose to Rs 1,618.15 crore as against Rs 1,166.51 crore a year ago, Manappuram Finance said in a regulatory filing.
Of this, the interest income was Rs 1,471.91 crore, higher than Rs 1,085.80 crore in the year-ago quarter.
For 2019-20, the company's net profit soared 56 per cent to Rs 1,618.15 crore as against Rs 948.55 crore in the previous year.
Total income for FY20 rose to Rs 5,551.19 crore from Rs 4,242.04 crore in 2018-19.
The company said it has offered its customers the option to opt for three-month moratorium as per RBI's directions.
Manappuram Finance said its board has approved increasing the overall borrowing limit to Rs 30,000 crore from Rs 25,000 crore, subject to shareholders' approval in the ensuing Annual General Meeting.
It also reappointed Madhu Mohan, General Manager as the Chief Risk Officer (CRO) of the company for a period of one year, with effect from July 17, 2020.
Shares of Manappuram Finance on Thursday closed 1.32 per cent higher at Rs123 on the BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
