Manappuram Finance Q2 profit rises by 10 per cent to Rs 76.43 crore

Manappuram Finance on Thursday posted net profit increased by 10 per cent to Rs 76.43 crore in the second quarter ended September 30, 2014-15.

It had posted a profit after tax of Rs 69.71 crore in the July-September period 2013-14.

"Profitability increased as our yields improved by 3 per cent in the quarter," Manappuram Finance Managing Director and CEO V P Nandkumar said.

However, its total income in Q2, 2014-15 was down at Rs 502.84 crore as against Rs 544.11 crore in the year-ago period.

The company's total assets under management (AUM) also fell by 7.3 per cent to Rs 8,530.09 crore from Rs 9,201.70 crore in the same period last year.

The company disbursed gold loans worth Rs 5,835 crore, a growth of 16 per cent, as against Rs 5,033.30 crore in the same period last year.

Its tier-I capital stood at 26.83 per cent as of September 30.

Nandkumar said that company also plans to buy a stake in Chennai-based microfinance company Ashirwad Microfinance.