Date:09/11/2008 URL: http://www.thehindu.com/2008/11/09/stories/2008110952851700.htm

Business

Good show by Manappuram Finance

Special Correspondent

Kochi: Manappuram General Finance and Leasing Limited (MAGFIL) has reported a 77 per cent increase in net profit in the quarter ended September 30, 2008 with Rs.6.67 crore against the Rs.3.78 crore of the second quarter of the previous year.

Income from operations increased 147 per cent from last year’s Q2 results of Rs.15.27 crore to Rs.37.65 crore, V.P. Nandakumar, chairman, MAGFIL, told mediapersons here.

Profit-before-tax for the period amounted to Rs.10.24 crore as against last year’s figure of Rs.5.77 crore signifying a positive variance of 77 per cent, he said. Total assets under the company increased by 47 per cent to Rs.703.46 crore at the end of the current quarter from Rs.477.63 crore at the end of the corresponding quarter last year, he said.

MAGFIL was a premier non-banking financial company in the country registered with the Reserve Bank of India.

The company had, at present, 406 branches spread across 13 States.