Manappuram Finance Q2 result: Net profit jumps 37% to ₹561 crore; interim dividend declared

Manappuram Finance on November 13 reported a consolidated net profit of ₹560.65 crore in the second quarter of fiscal year 2023-24 (Q2FY24), marking a growth of 37 percent as compared to ₹409.5 crore clocked in the year-ago period.

Sequentially, the net profit increased by 12.5 percent, as compared to ₹498.02 crore reported in the quarter ending June 2023.

The net interest income (NII) of the non-banking financial company (NBFC) increased to ₹1,468 crore, higher by 25 percent as against ₹1,168 crore reported in Q2FY23.

The Kerala-based gold financier also informed the stock exchanges that its board has declared “an interim dividend of ₹0.85 per equity share” of face value ₹2.

The NBFC has fixed November 24, 2023 as the "record date to ascertain the entitlement of interim dividend"", and the same would paid “on or before December 12, 2023”, a regulatory filing noted.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!

In its quarterly results, Manappuram Finance noted that the total expenses during Q2FY24 stood at ₹1,427.32 crore, whereas, the total income came in at ₹2,174.02 crore.

The consolidated profit before tax came in at ₹746.70 crore, as compared to ₹680.84 crore in the preceding quarter and ₹552.73 crore in the year-ago period.

Segment-wise, the ‘gold, loan and other’ category of business contributed to ₹1,537.22 crore of the total revenue, and ‘micro finance’ added ₹636.80 crore. The two segments accounted for ₹594.15 crore and ₹152.55 crore of the overall profit before tax, respectively.

In the trading session on November 13, Manappuram Finance's shares edged higher at the stock market. The scrip settled at ₹140.60 apiece on the BSE, up 1.74 percent as against the previous day's close.