FROM GOLD TO GOLD +, THE STRATEGY HAS DELIVERED – V.P.NANDAKUMAR
These days, stock market indices around the world are in decline and India is no exception. After touching a high of over 30,000 in March 2015, the Sensex is down more than 20 percent to about 23,500 today. Earnings are stagnant in general, and many players, especially in the banking sector, have reported losses.
Amidst the gloom, the third quarter results of Manappuram Finance Ltd. released on February 12, stood out as one bright spot. Our net profit for the December 2015 quarter was about Rs.100 crore, up by 25 percent year on year, and 59 percent over the second quarter figure. We managed to grow our consolidated Assets under Management (AUM) by 20 percent over last year, increasing from Rs.8,824 crore to Rs. 10,579 crore. Incidentally, this is about twice the rate of growth of non food credit in the economy.