In a notable financial update, Manappuram Finance reported a consolidated net profit of ₹560.65 crore in the second quarter of the fiscal year 2023-24 (Q2FY24), exhibiting a substantial 37% increase from the ₹409.5 crore recorded in the corresponding period last year.
Sequentially, the company experienced a 12.5% rise in net profit compared to the preceding quarter, reaching ₹498.02 crore for the quarter ending June 2023. The non-banking financial company (NBFC) also witnessed a significant boost in net interest income (NII), soaring to ₹1,468 crore, marking a 25% increase from ₹1,168 crore reported in Q2FY23.
Adding to the positive news, Manappuram Finance declared an interim dividend of ₹0.85 per equity share with a face value of ₹2. The record date to determine entitlement to the interim dividend is set for November 24, 2023, and the payment is scheduled “on or before December 12, 2023,” according to a regulatory filing.
In the quarterly results disclosure, the Kerala-based gold financier outlined that total expenses during Q2FY24 amounted to ₹1,427.32 crore, while total income reached ₹2,174.02 crore. The consolidated profit before tax for the quarter stood at ₹746.70 crore, surpassing both the preceding quarter’s ₹680.84 crore and the year-ago period’s ₹552.73 crore.
Breaking down the revenue streams, the ‘gold, loan, and other’ category contributed ₹1,537.22 crore, while ‘microfinance’ added ₹636.80 crore. These segments accounted for ₹594.15 crore and ₹152.55 crore of the overall profit before tax, respectively.
In the trading session on November 13, Manappuram Finance witnessed a positive trend in the stock market, with shares closing at ₹140.60 apiece on the BSE, reflecting a 1.74% increase compared to the previous day’s closing value.
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