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Manappuram Finance gains 6% post Q2 results

SI Reporter/Mumbai 07 Nov 18 | 05:53 PM

Shares of Manappuram Finance have moved higher by 6% to Rs 87.40 per share on the BSE after the company reported 41% year-on-year (Y-o-Y) jump in consolidated net profit at Rs 2.24 billion for the quarter ended September 30, 2018 (Q2FY19). It had a profit of Rs 1.59 billion in the year-ago quarter.

Total consolidated operating income during the quarter grew 22% Y-o-Y at Rs 10.14 billion against Rs 8.31 billion reported in the year-ago quarter. Consolidated assets under management (AUM) grew 25 % to Rs 172 billion from Rs 137 billion in the year-ago quarter.

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Meanwhile, the board of Manappuram Finance approved equity infusion up to Rs 1 billion in its wholly owned subsidiary Manappuram Home Finance.

Manappuram Finance said the capital infusion of the Company will facilitate in business growth of the subsidiary.

Given the strategic importance of affordable home finance to the company’s future plans as it proceeds with the diversification of the range of its financial products, it is reasonable to expect strong support from the parent. The business is both scalable and profitable and hence will be a key growth driver for Manappuram Finance, it added.

At 05:50 PM; the stock was trading 5% higher at Rs 86.55 on the BSE, as compared to 0.67% rise in the S&P BSE Sensex. A combined 2.5 million equity shares changed hands on the counter on the BSE and NSE.

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