Leading Asset Finance Company, Magma Fincorp Limited, on Tuesday reported a 34% per cent growth in revenue at Rs 631.14 crore for the year ended 31 March 2009. The company disbursed Rs 3673 crore in loans, marginal 5% higher than the previous fiscal. Assets under management as on 31 March 2009 was Rs 8694 crore, an increase of almost 17.3% over 31 March 2008. Magma posted Net Profit of Rs 39.62 crore.

Announcing the result, Magma Fincorp Limited Vice Chairman & Managing Director Sanjay Chamria said the company was severely challenged during the quarter under review due to the slow down of economy and degrowth in the automobile sector. "We rate our performance satisfactory in the backdrop of the global recession and the major slump hitting the automobile and financing industry. While we started the year on a high, the last half was especially tough. However, the silver lining for Magma was marginal 5% growth business disbursals while most other players posted negative growth, Magma fared exceptionally on the Collections front, ensuring the NPAs and credit loss remain minimum and well below industry average. We also have increased the Assets under Management during the year to an impressive Rs 8694 crore. The team collectively weathered the storm and is ready to march ahead as soon as the business environment is conducive" he added.

Magma finances commercial vehicles, passenger car and utility vehicles, construction equipment apart from tractor. The company has also started SME financing as part of its wide bouquet of offerings.

For further information, please contact:

Kaushik Sinha
AVP - Corporate Communications & Admin
Magma Fincorp Limited