Manappuram Finance on Thursday reported a nearly 44 per cent rise in net profit at Rs 398.20 crore for the quarter ended March 2020, on robust interest income.
The non-banking financial company (NBFC) had posted a net profit of Rs 277.39 crore a year ago.
Total income during the quarter rose to Rs 1,618.15 crore against Rs 1,166.51 crore a year ago.
Of this, interest income was Rs 1,471.91 crore, higher than Rs 1,085.80 crore in the year-ago quarter.
For 2019-20, the company’s net profit soared 56 per cent to Rs 1,618.15 crore against Rs 948.55 crore in the previous year.
Total income for 2019-20 rose to Rs 5,551.19 crore from Rs 4,242.04 crore in 2018-19.
The company said it has offered its customers the option to opt for a three-month moratorium.
Manappuram Finance said its board has approved increasing the overall borrowing limit to Rs 30,000 crore from Rs 25,000 crore, subject to shareholders’ approval in the ensuing annual general meeting.
