Quarterly Result
- Financial Results for the Quarter and Audited for the Year Ended 31st March 2011
| Financial
Results for the Quarter and Audited for the Year Ended
31st March 2011 |
| (Rs.
in lacs) |
|
Particulars |
Consolidated
|
Standalone |
Quarter
Ended |
Year
To Date |
Quarter Ended |
Year To Date |
| 31st
March, 2011 |
31st
March, 2010 |
31st
March, 2011 |
31st
March, 2010 |
31st
March, 2011 |
31st
March, 2010 |
31st
March, 2011 |
31st
March, 2010 |
| (Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Audited) |
1.
|
Income From Operations |
25,851.83 |
20,162.85 |
81,903.98 |
65,658.80 |
25,318.27 |
19,556.70 |
79,001.82 |
63,653.11 |
| 2. |
Other Operating Income |
1,086.33 |
1,485.24 |
5,330.13 |
6,277.77 |
1,318.54 |
1,485.24 |
5,562.04 |
6,277.77 |
| |
Total Operating Income (A) |
26,938.16 |
21,648.09 |
87,234.11 |
71,936.57 |
26,636.81 |
21,041.94 |
84,563.86 |
69,930.88 |
| 3. |
Staff Cost |
3,965.57 |
2,617.67 |
13,464.99 |
10,533.55 |
3,965.57 |
2,617.67 |
13,464.99 |
10,533.55 |
| 4. |
Depreciation and Amortisation |
662.09 |
777.61 |
2,785.07 |
3,278.58 |
662.09 |
777.61 |
2,785.07 |
3,278.58 |
| 5. |
Provision for Standard Assets |
1,148.00 |
- |
1,148.00 |
- |
1,090.00 |
- |
1,090.00 |
- |
| 6. |
Brokerage & Commission |
2,395.47 |
1,657.69 |
7,009.07 |
5,021.72 |
2,395.17 |
1,657.69 |
7,006.42 |
5,021.72 |
| 7. |
Bad Debts Written-off |
245.18 |
1,418.27 |
2,408.43 |
4,083.48 |
348.34 |
1,355.96 |
2,463.29 |
4,001.85 |
| 8. |
Other Operative & Administrative
Expenses |
2,439.06 |
2,158.71 |
7,132.15 |
5,838.38 |
2,783.27 |
2,060.61 |
7,060.11 |
5,536.11 |
| |
Total Operating Expenditure (B) |
10,855.37 |
8,629.95 |
33,947.71 |
28,755.71 |
11,244.44 |
8,469.54 |
33,869.88 |
28,371.81 |
| 9. |
Profit From Operations Before
Other Income & Interest (A-B) |
16,082.79 |
13,018.14 |
53,286.40 |
43,180.86 |
15,392.37 |
12,572.40 |
50,693.98 |
41,559.07 |
| 10. |
Other Income |
39.54 |
79.95 |
169.12 |
370.01 |
39.54 |
79.95 |
169.12 |
370.01 |
| 11. |
Profit Before Interest & Tax |
16,122.33 |
13,098.09 |
53,455.52 |
43,550.87 |
15,431.91 |
12,652.35 |
50,863.10 |
41,929.08 |
| 12. |
Interest & Finance Charges |
9,524.18 |
8,872.37 |
35,234.54 |
32,504.56 |
9,161.33 |
8,604.36 |
33,813.00 |
31,624.96 |
| 13. |
Profit Before Tax |
6,598.15 |
4,225.72 |
18,220.98 |
11,046.31 |
6,270.58 |
4,047.99 |
17,050.10 |
10,304.12 |
| 14. |
Tax Expense (Includes Deferred Tax) |
2,104.74 |
1,579.90 |
6,006.38 |
3,914.20 |
1,985.31 |
1,515.36 |
5,606.78 |
3,658.09 |
| 15. |
Profit After Tax |
4,493.41 |
2,645.82 |
12,214.60 |
7,132.11 |
4,285.27 |
2,532.63 |
11,443.32 |
6,646.03 |
| 16. |
Share of Minority Interest in Profit / (Loss) |
54.12 |
29.43 |
200.55 |
126.40 |
- |
- |
- |
- |
| 17. |
Profit After Tax & Minority Interest |
4,439.29 |
2,616.39 |
12,014.05 |
7,005.71 |
4,285.27 |
2,532.63 |
11,443.32 |
6,646.03 |
| 18. |
Paid-Up Equity Share Capital (Face Value Rs. 2/- per
share) |
2,595.47 |
2,177.71 |
2,595.47 |
2,177.71 |
2,595.47 |
2,177.71 |
2,595.47 |
2,177.71 |
| 19. |
Reserves & Surplus |
- |
- |
54,629.23 |
33,048.95 |
- |
- |
53,680.33 |
32,670.78 |
| 20. |
Earning Per Share |
|
|
|
|
|
|
|
|
| |
- Basic (In Rs.) |
3.17 |
2.32 |
8.57 |
5.79 |
3.05 |
2.24 |
8.12 |
5.46 |
| |
- Diluted (In Rs.) |
3.09 |
2.31 |
8.38 |
5.78 |
2.98 |
2.24 |
7.94 |
5.45 |
| 21. |
Public Shareholding |
|
|
|
|
|
|
|
|
| |
- Number Of Shares |
75,746,047 |
54,806,585 |
75,746,047 |
54,806,585 |
75,746,047 |
54,806,585 |
75,746,047 |
54,806,585 |
| |
- Percentage Of Shareholding |
58.37% |
50.33% |
58.37% |
50.33% |
58.37% |
50.33% |
58.37% |
50.33% |
| 22. |
Promotors and promotor group Shareholding |
|
|
|
|
|
|
|
|
| |
a) Pledged / Encumbered |
|
|
|
|
|
|
|
|
| |
- Number of Shares |
- |
- |
- |
- |
- |
- |
- |
- |
| |
- % of Shares (to total shareholding of promotor
and promotor group) |
- |
- |
- |
- |
- |
- |
- |
- |
| |
- % of Shares (to total share capital of the Company) |
- |
- |
- |
- |
- |
- |
- |
- |
| |
b) Non-encumbered |
|
|
|
|
|
|
|
|
| |
- Number of Shares |
54,027,503 |
54,079,115 |
54,027,503 |
54,079,115 |
54,027,503 |
54,079,115 |
54,027,503 |
54,079,115 |
| |
- % of Shares (to total shareholding of promotor
and promotor group) |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
| |
- % of Shares (to total share capital of the Company) |
41.63% |
49.67% |
41.63% |
49.67% |
41.63% |
49.67% |
41.63% |
49.67% |
| Interim disclosure
of Balance Sheet items |
| (Rs. in lacs) |
| Particulars |
Consolidated |
Standalone |
| As
at |
As
at |
| 31st
March, 2011 |
31st
March, 2010 |
31st
March, 2011 |
31st
March, 2010 |
| (Audited) |
(Audited) |
(Audited) |
(Audited) |
| Shareholders' Funds |
|
|
|
|
| (a)
Share Capital |
17,283.83 |
13,787.91 |
17,283.83 |
13,787.91 |
| (b)
Optionally Convertible Equity Warrants |
1,250.00 |
- |
1,250.00 |
- |
| (c)
Reserves and Surplus |
54,629.23 |
33,048.95 |
53,680.33 |
32,670.78 |
| Total Shareholders'
Funds |
73,163.06 |
46,836.86 |
72,214.16 |
46,458.69 |
| Minority Interest |
983.51 |
522.96 |
- |
- |
| Subordinated Non-Convertible
Perpetual Debentures (Tier I Capital) |
5,500.00 |
3,000.00 |
5,500.00 |
3,000.00 |
| Subordinated Redeemable
Non-Convertible Debentures (Tier II Capital) |
35,420.00 |
21,800.00 |
35,420.00 |
21,800.00 |
| Loan Funds |
418,324.69 |
340,633.13 |
399,921.77 |
331,909.07 |
| Deferred Tax Liability |
3,808.96 |
4,789.02 |
3,829.40 |
4,791.55 |
| Total |
537,200.22 |
417,581.97 |
516,885.33 |
407,959.31 |
| |
|
|
|
|
| Fixed Assets |
18,712.97 |
20,795.87 |
18,712.97 |
20,795.87 |
| Investments |
1,138.44 |
1,911.64 |
2,988.38 |
3,021.58 |
| Current Assets,
Loans and Advances |
|
|
|
|
| (a)
Assets on Finance |
451,429.04 |
330,136.73 |
428,374.76 |
318,158.65 |
| (b)
Stock-in-trade |
17.17 |
17.17 |
17.17 |
17.17 |
| (c)
Sundry Debtors |
549.58 |
710.81 |
606.25 |
744.65 |
| (d)
Cash & Bank Balances |
100,753.13 |
97,090.65 |
100,427.60 |
96,845.68 |
| (e)
Other Current Assets |
10.67 |
36.18 |
10.67 |
36.18 |
| (f)
Loans and Advances |
16,555.04 |
15,596.77 |
16,448.16 |
16,225.26 |
| Less: Current Liabilities
and Provisions |
|
|
|
|
| (a)
Current Liabilities |
42,177.13 |
43,401.68 |
41,037.93 |
42,689.12 |
| (b)
Provisions |
9,788.69 |
5,312.17 |
9,662.70 |
5,196.61 |
| Total Net Current
Assets, Loans and Advances |
517,348.81 |
394,874.46 |
495,183.98 |
384,141.86 |
| Total |
537,200.22 |
417,581.97 |
516,885.33 |
407,959.31 |
Notes
: |
| 1. |
The audited financial results have
been reviewed by the Audit Committee and recommended
for adoption to the Board of Directors. The Board of
Directors of the Company have considered and approved
the same at its Meeting held on 18th April 2011. |
| 2. |
The consolidated financial statements
have been prepared in accordance with the Accounting
Standard 21 (Consolidated Financial Statements) and
comprise of the financial results of Magma Fincorp Limited
and its subsidiary, Magma ITL Finance Limited. |
| 3. |
Pursuant to the approval of the
shareholders at the Annual General Meeting held on 15th
July 2010, each equity shares of the face value of Rs.
10/- each has been sub-divided into five equity shares
of the face value of Rs. 2/- each on record date of
16th August 2010. Accordingly, the EPS has been recalculated
based on face value of Rs. 2/- each for the current
year and for the earlier years as required by Accounting
Standard 20 (Earnings Per Share). |
| 4. |
The Board of Directors at their
meeting considered and recommended an Equity Dividend
@ 30% i.e. Rs. 0.60/- per Equity Shares of Rs. 2/- each
and Preference Dividends of 9.7%, 5%, 3.71%, 9.6% and
12% for the financial year 2010-11 and @ 1% on 21,09,199
Cumulative Non-Convertible Redeemable Preference Shares
of Rs. 100/- each for the financial year 2009-10, subject
to approval of the Shareholders. |
| 5. |
The Company had entered into an
agreement with HDI Gerling International Holding AG.(
HDI ), part of the Talanx AG Group, Germany for the
purposes of undertaking general insurance business in
India through Magma HDI General Insurance Company Limited
(the "Insurance Company") subject to necessary
regulatory approvals. Pursuant to the application seeking
licence for carrying on the business of general insurance
in India, the Insurance Company has since received the
approval for its R1 application and is in the process
of obtaining the R2 approval from the Insurance Regulatory
Development Authority. |
| 6. |
The Reserve Bank of India (RBI)
vide its Notification No. DNBS. 223/CGM (US) –
2011 dated 17th January 2011 has issued directions to
all NBFCs to make provision of 0.25% against standard
assets with immediate effect. Accordingly, the Company
has made provision of Rs. 1,148.00 lacs including Rs.
58.00 lacs pertaining to Subsidiary Company during the
year against standard assets which has been charged
to Profit and Loss Account. The above provision is treated
as Tier II Capital. |
| 7. |
The Company is engaged primarily
in the business of financing in India and as such no
separate information as per Accounting Standard 17 (Segment
Reporting) is required to be furnished. |
| 8. |
Previous year / quarter figures
are regrouped / restated, wherever found necessary. |
| 9. |
During the quarter, no complaints
received. There were no complaints pending on 31st March
2011. |
|
By order of the Board
For Magma Fincorp Limited
|
Place : Kolkata - 700
016
Dated : 18th April, 2011 |
Sanjay
Chamria
Vice Chairman & Managing Director
|
Registered
Office : Magma House, 24 Park Street, Kolkata - 700
016 |
|
|
|