New Delhi: Manappuram Finance’s consolidated net profit fell 8.8 percent to Rs 369.88 crore in the second quarter of the current fiscal year due to falling earnings. The non-bank finance company said in a statement that its net profit stood at Rs 405.44 million in the same period last fiscal year.
According to the company, its profits decreased 8.8 percent in the July-September quarter compared to the prior year. However, its consolidated assets under management (AUM) grew 5.7 percent to Rs 28,421.63 crore in the second quarter. Manappuram Finance’s operating income decreased 2.15 percent. It was reduced to Rs 1,531.92 crore from Rs 1,565.58 crore in the same period a year ago.
The Board of Directors has declared an interim dividend of Rs 0.75 per share. Vice President Nandakumar, managing director and chief executive officer of the company, said: “This quarter saw a significant increase in our business volumes. We grew in gold loans, microfinance or home and auto loan portfolio.”