Manappuram Finance Q2 consolidated net profit down 9% to Rs.

Manappuram Finance Q2 consolidated net profit down 9% to Rs.

Gold loan provider Manappuram Finance Ltd on Saturday reported a 9 per cent decline in consolidated net profit at Rs 370 crore for the second quarter ended September 2021 (Q2FY22) from Rs 405.4 crore in the year-ago quarter (Q2FY21). was Rs. Sequentially, net profit fell 15 per cent as compared to Rs 537 crore in June 2021 quarter.

Income from operations of the non-banking finance company fell 2 per cent to Rs 1,532 crore in Q2FY22 from Rs 1,566 crore in Q2FY21. Sequentially it fell 2 per cent against Rs 1,563 crore in Q1FY22. The consolidated figures reflect the performance of businesses such as Gold Loan, Micro Finance and Home Loan.

The company’s consolidated assets under management (AUM) rose 5.7 per cent to Rs 28,421.63 crore from Rs 26,902.73 crore a year ago.

In a stock exchange filing, the company said the board of directors approved the payment of an interim dividend of Rs 0.75 per share with a face value of Rs two. Shailesh Jayantilal Mehta has been appointed as the Chairman of the company.

VP Nandakumar, MD & CEO, Manappuram Finance, said: “The quarter witnessed strong growth in business volume, be it gold loans, microfinance or our home and vehicle loan portfolio. This reflects the emerging recovery in rural and unorganized sectors. Reflects. Economy. Going forward the company is expected to maintain the growth along with better profitability.”

The company’s gold loan portfolio grew by 13.2 per cent to Rs 18,719.53 crore in September 2021 from Rs 16,539.51 crore in June 2021. Also, Ashirwad Microfinance, the company’s microfinance subsidiary, reported an 18.34 per cent growth in Asset Under Management (AUM) to end the quarter at Rs. 7,162.49 crore in September as against Rs 6,052.6 crore in June.

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