Magma Finance to target 50% growth in FY 12

Magma Finance to target 50% growth in FY 12

Hyderabad: Magma Fincorp Limited plans to disburse over 650 crores in Andhra Pradesh in FY 11 and also to romp up disbursements by another 50% in retail loans in the State in FY 12.

Dhrubashish Bhattacharya, vice president, Magma Fincorp Limited told media persons here on Monday.

“We will continue with our focus on providing asset finance to the economically disenfranchised in the state and expect to further grow in the state. This will help in strengthening our market share in each of the segments. For this, we would also increase our manpower to suit the challenge of high growth trajectory," he said.

He said the company disbursed 656 crore in FY 11, which was 25% higher than FY 10. Suvidha (refinance), Trator and SME loan led from the front with a growth of 181%, 167% and 73% respectively. The car finance vertical also witnessed attaining this phenomenal growth rate and played a major part in the market expansion drive for the company in South India, Bhattacharya said.

Company’s focus on rural markets also emphasises its motto of bringing equality of opportunity to the economically disenfranchised, he added.

“The primary sales of assets have witnessed robust growth in the past several quarters and we hope the same would continue. This augurs well for our business. With the development of infrastructure further, we hope our products will continue to do well as majority of them cater to the growth in rural and semi urban", added Bhattacharya.

When asked, Bhattacharya said that recovery of loan disbursed so far was 100%.