Earnings: Magma Fincorp Q3 net up 25% to Rs 44 crore

Mumbai: Non-bank lender Magma Fincorp reported a 24.86 percent jump in net profit at Rs 44 crore in the third quarter ended December. [caption id=“attachment_2048431” align=“alignleft” width=“380”]  Reuters[/caption] The Kolkata-based company had posted a post-tax profit of Rs 35.24 crore in the corresponding period last year. For the reporting quarter, total income from operations moved up to Rs 616.81 crore from Rs 527.63 crore in the year-ago period, a Magma statement said here. The company’s disbursements grew 16 percent to Rs 2,835 crore, while the assets under management were up 13 percent at Rs 19,503 crore as on 31 December. In the October-December period, the NBFC was able to expand its net interest margin (a key mark of profitability) by 1 percentage point to 6.41, which was one of the biggest reasons for the growth in net profit, the statement said. “In the backdrop of a challenging environ emanating essentially from erratic cash flows in the customer’s hands, our focus on the bottomline through consistent realignment of the mix of product/market and customer segment has stood us in good stead,” Magma Vice-Chairman and Managing Director Sanjay Chamria said. PTI