Manappuram Fin reports 35 pc decline June qtr net at Rs 282 cr

Manappuram Finance on Thursday posted an over 35 per cent decline in its net profit at Rs 282 crore for the quarter ended June 2022 as income from operations fell.

The non-banking financial company had posted a net profit of Rs 437 crore in the corresponding quarter of the previous fiscal.

Its income from operations dipped 4 per cent to Rs 1,502 crore in the April-June quarter of 2022-23 as against Rs 1,563 crore in the same period of 2021-22, Manappuram Finance said in a release.

However, its assets under management (AUM) grew by over 24 per cent to Rs 30,759.52 crore as of June 30, 2022.

It declared an interim dividend of Rs 0.75 per share.

The company's MD and CEO V P Nandakumar said: ''We have not only improved upon the performance in the preceding quarter but also managed our cost position in a competent manner. Year-on-year, our gold loan AUM has picked up significantly despite the fact that our LTV (loan-to-value) is well below the peer group. Asirvad, our microfinance business, is poised for significant growth in the days to come.'' Stock of the company closed 0.29 per cent down at Rs 101.65 apiece on BSE.