Magma’s Q2 income up 27 percentOctober 17th, 2011 - 10:14 pm ICT by IANS
Kolkata, Oct 17 (IANS) Magma Fincorp Limited, one of the leading asset finance companies in the country, Monday announced that its income during the second quarter (Q2) of the current fiscal grew by 27 percent to Rs.251 crore compared to the corresponding period last fiscal.
According to a company release here, the company’s disbursements grew by 37 percent to Rs.1,558 crore during the quarter under review compared to the corresponding period last fiscal, riding high on the performances across product categories.
The company recorded Profit before Tax (PBT) of Rs.30.24 crore and Profit after Tax (PAT) of Rs.21.28 crore respectively in Q2 of this fiscal, which is higher by 19 percent and 24 percent respectively compared to the Q1 of the current fiscal
Commenting on the company’s performance, Sanjay Chamria, vice chairman and managing director, said, “We have shown a strong growth trajectory in majority of our products, despite a slowdown in the industry, rise in fuel costs and repeated interest rate hikes by the central bank.
“Our Collection performance has continued to be a major strength, having recorded 99.5 percent efficiency in Q2. We have been able to improve the share of high yield products in the overall disbursement to 23 percent as against 18 percent recorded in Q2, FY 11.”
The company recorded strong growth in car, construction equipment, tractor and SME
finance during the quarter under review compared to the corresponding period last fiscal.
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Tags: asset finance, car construction, construction equipment, crore, disbursement, disbursements, finance companies, fuel costs, growth trajectory, interest rate hikes, limited one, magma, pbt, product categories, q2, rs 1, rs 21, sanjay, slowdown, vice chairman