Magma Shrachi posts 58 percent jump in revenueJuly 22nd, 2008 - 9:06 pm ICT by IANS
Kolkata, July 22 (IANS) Retail asset finance company Magma Shrachi Finance Ltd reported Rs.1.38 billion ($32.8 million) total revenue for the first quarter of the current fiscal against Rs.874 million over the same period last year, a 58 percent increase. Magma Shrachi vice-chairman and managing director Sanjay Chamria said: “We have been successful in enhancing our disbursements significantly leading to healthy increase in our asset base.”
Assets under management of the company as on June 30, 2008, stood at Rs.80.05 billion.
The company registered 43 percent growth in disbursals at Rs.10.16 billion during the period under review compared to Rs.7.08 billion of the year-ago period.
Car and utility vehicle segment was the key growth driver during the April-June quarter. Tie-ups with Maruti Suzuki, Hyundai, Mahindra & Mahindra and General Motors, and penetration into urban markets have enabled Magma to perform better in this segment. Total disbursements in this segment amounted to Rs.2.99 billion, recording an increase of 74 percent.
Disbursements in the construction equipment business grew by 43 percent to Rs.2.59 billion during the quarter compared to Rs.1.80 billion for the corresponding quarter last fiscal.
Total disbursements in the commercial vehicle segment amounted to Rs.3.75 billion during the period against Rs.3.03 billion, registering a 24 percent increase.
The company has enhanced its product portfolio by launching personal loans in May.
Magma launched personal loans in 54 locations across India focused mainly at the rural and semi-urban areas.
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Tags: asset base, asset finance, assets under management, disbursements, finance company, finance ltd, first quarter, hyundai, mahindra, managing director, maruti suzuki, sanjay, segment, suzuki, tie ups, ups, vice chairman