Media Centre - Press Coverage
Magma Fincorp in expansion mode
Hindu Business Line, 14 January 2010, Kolkata
Magma Fincorp Ltd, a leading retails finance company, has plans to expand in Kerala. As part of this strategy, the company opened its branch office in Malappuram. The company's presence in Malappuram is part of our expansion plans for Kerala which is a growing market for us ever since the company started focusing on South India. "We consider Kerala to be one of our key market areas and have already done significant business in this financial year. We currently have over 6,000 customers in Kerala and the base is growing fast. Over the past two years in Kerala, Magma has disbursed retail loans worth Rs 250 crore already," said Mr Dhrubashish Bhattacharya, Business Head - South Magma Fincorp Ltd. The company currently has five other branches in Kerala. "We expect Malappuram to be a key growth driver for us in car loans and commercial vehicle loans," said Mr Nishan Nadarajan, Regional Business Head.
Magma Fincorp posts 161% rise in net profit
Business Standard, 13 January 2010, Kolkata
Kolkata-based financial services provider Magma Fincorp posted about 161 per cent rise in net profit at Rs 17.9 crore during the quarter ended December 31, 2009, against Rs 6.9 crore during the corresponding period last year. Disbursements during the quarter under review grew by 19 per cent at Rs 1,049 crore, against Rs 883 crore during same period last year, said Sanjay Chamria, Vice Chairman and Managing Director, Magma. Total income grew by 15 per cent at Rs 182 crore as against Rs 157.6 crore during the same period last year. "There has been a good growth in the high-yielding segments like tractor finance, SME loan and used commercial vehicles segment. They account for almost 13.5 per cent of our total disbursements and we hope the share of such assets is set to rise over the next few quarters," said Chamria. During the financial year 2008-09, the company disbursed Rs 3,673 crore, while so far in the present financial year, it has already disbursed Rs 3,170 crore.
Magma Fincorp Q3 net up at Rs 17.93 cr
Economic Times, 13 January 2010, Kolkata
Magma Fincorp reported a spurt in its net profit at Rs 17.93 crore for the third quarter (Q3) ended December 31, 2009, compared to a Rs 6.87 crore net in the earlier corresponding period. The higher Q3 net follows a 16.18% growth in Magma Fincorp's October-December period income from operations at Rs 165.94crore (Rs 142.82 crore). While total operating income in the said quarter too was higher at Rs 181.14crore (Rs 157. 16 crore), profit before tax during the period under review was up at Rs 27.27 crore (Rs10.32 crore). As on December 31, 2010, the company managed assets worth Rs 9,390 crore. A Koikata-based retail asset financing company, Magma Fincorp's vice chairman & managing director Sanjay Chamria attributed the improved performance to improved disbursals, revenue, profit after tax and assets under management over corresponding quarter last year. "With the economy finally back on track, market conditions improved considerably in the third quarter. We also increased the share of our high yield products to achieve higher net interest margins of 5.6% in Q3," Mr Chamria stated in a media statement issued after the board meeting held in Kolkata.
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