CHENNAI : Manappuram Finance reported a Rs 573 crore consolidated net profit in the December quarter of the current financial year, witnessing a 46.31% year-on-year (YoY) growth against Rs 393 crore in the corresponding quarter the previous year.
The company recorded a 2.67% growth in profit after tax (PAT) compared to the previous quarter of Rs 560 crore on quarter-on-quarter (QoQ) basis. The company’s net profit for the nine month period ending December 31 grew 33%. It stood at Rs 1,634 crore against Rs 1,085 crore in the same period last year.
The kerala-based non-banking financial company’s net interest income, the primary revenue of a lender, stood at Rs 2,201 crore in the December FY24, recording a 33% growth. The company has announced Rs 0.90 interim dividend per equity share with a face value of Rs 2.3, it said in regulatory filings on Wednesday.
Manappuram’s revenue from gold loans and other segments rose 25% year-on-year and stood at Rs 1618 crore in the December quarter of FY24 from Rs 1,288 crore the previous year. Profit from the segment before tax stood at Rs 616 crore.
Revenue from the micro finance segment rose 59% year-on-year to Rs 708 crore in December against 445 crores. Profits before tax for micro finance was at Rs 170 crore.
The non-banking financial company (NBFC) has been focusing on building its non-gold loans portfolio for the past few quarters due to stiff competition for gold loans since the pandemic.