Non-banking finance company Manappuram Finance Ltd Wednesday has posted a 42.15 per cent rise in its profit after tax for the third quarter ending December 31, 2018 at Rs 244.11 crore.
The company had recorded Rs 171.73 crore during the same period of last year.
Income from operations for the October-December 2018 quarter grew by 23.99 per cent to Rs 1,081.20 crore from Rs 872 crore registered last year.
“Our performance during the quarter is noteworthy not only because of the substantial growth in business volumes and profitability, but also because all our new businesses have now contributed to the profits,” company MD and CEO V P Nandakumar said.
The company’s microfinance subsidiary, Asirvad Microfinance, registered a 51.3 per cent rise in assets under management at Rs 3,195.16 crore compared to Rs 2,728.94 crore year ago.
Asirvad Microfinance also reported net profit of Rs 33.24 crore as compared to Rs 2.90 crore.
The company’s home loans subsidiary, Manappuram Home Finance, reported an assets under management of Rs 478 crore, a growth of 39.7 per cent over Rs 342.22 crore recorded the same period of last year.
The commercial vehicles division reported assets undermanagement of Rs 975.54 crore as against Rs 499.81 crore.
Gold loan assets under management went up by 10.57 per cent to Rs 12,524.91 crore from Rs 11,327.08 crore.
As of December 31, 2018, Manappuram Finance has 4,314 branches across the country and manages assets of Rs 17,783.06 crore, it added.