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Manappuram Finance posts 8.8% decline in consolidated profit in second quarter

Manappuram Finance reported an 8.8% decline in its consolidated net profit to ₹370 crore in the quarter ended in September 2021 due to lower income.

The non-banking finance company had posted a net profit of ₹405 crore in the July-September quarter of 2020-21.

However, the company’s consolidated assets under management (AUM) grew by 5.7% to ₹28,421 crore from ₹26,902 crore a year ago.

Income from operations was down by 2% to ₹1,532 crore in Q2FY22, as against ₹1,565 crore in Q2FY21. The board of directors of the company at its meeting have also approved payment of interim dividend of ₹0.75 per share.

The company’s gold loan portfolio stood at ₹18,719.53 crore, registering a strong growth of 13.2% over ₹16,539.51 crore in the preceding quarter.

The number of live gold loan customers increased from 24.1 lakh to 25.1 lakh in this period.

“The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganized sectors of the economy and going forward we expect to sustain the growth along with improved profitability,” V P Nandakumar, MD & CEO, Manappuram Finance said.

On Friday, Manappuram Finance shares were up 0.55% to close at ₹218 on NSE.

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