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Healthy rise in Magma profit

Calcutta, Oct. 12: Magma Fincorp Ltd has reported a 67 per cent growth in profit after tax at Rs 24.39 crore during the quarter ended September 30 against Rs 14.59 crore in the year-ago period.

A buoyant automobile market helped the asset finance firm to increase its disbursements by 28 per cent to Rs 1,139 crore.

“Our business has shown strong growth in a majority of products resulting in a 28 per cent growth in disbursement and a 67 per cent rise in profit,” vice-chairman Sanjay Chamaria said. “We have also improved our performance in loan recovery.” The firm’s revenue grew to Rs 378.4 crore from Rs 323.9 crore a year ago.

Net interest margin improved to 5.4 per cent from 5.1 per cent at the end of first half of 2009-10.

“We’ll now concentrate on growing volumes by increasing the share of high-yield products such as tractor financing,” he said.

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