MAGMA FINCORP LIMITED  

Quarterly Result
- Unaudited Consolidated Financial Results for the Quarter Ended 30th June 2010
Unaudited Consolidated Financial Results for the Quarter Ended 30th June 2010
       
(Rs. in lacs)
P a r t i c u l a r s
Quarter ended
Year ended 31st March 2010
30th June 2010
30th June 2009
   
(Unaudited)
(Unaudited)
(Audited)
1. Income From Operations
16,354.05
12,868.35
65,658.80
2. Other Operating Income
1,550.61
1,613.88
6,277.77
  Total Operating Income (A)
17,904.66
14,482.23
71,936.57
3. Staff Cost
3,190.88
2,374.86
10,533.55
4. Depreciation
728.36
848.62
3,278.58
5. Brokerage & Commission
1,591.30
1,069.12
5,021.72
6. Bad Debts Written-off
988.27
967.19
4,083.48
7. Other Operative & Administrative Expenses
1,338.58
994.63
5,838.38
  Total Operating Expenditure (B)
7,837.39
6,254.42
28,755.71
8. Profit From Operations Before Other Income & Interest (A-B)
10,067.27
8,227.81
43,180.86
9. Other Income
35.78
113.13
370.01
10. Profit Before Interest & Tax
10,103.05
8,340.94
43,550.87
11. Interest & Finance Charges
7,331.87
6,636.07
32,504.56
12. Profit Before Tax
2,771.18
1,704.87
11,046.31
13. Tax Expense (Includes Deferred Tax)
953.87
579.19
3,914.20
14. Profit After Tax
1,817.31
1,125.68
7,132.11
15. Share of Minority Interest Profit / (Loss)
46.07
28.50
126.40
16. Profit After Tax & Minority Interest
1,771.24
1,097.18
7,005.71
17. Paid-Up Equity Capital (Face Value Rs.10/-Each)
2,586.96
2,177.71
2,177.71
18. Reserves & Surplus
-
-
33,048.95
19. Earning Per Share
     - Basic (In Rs.)
6.60
4.12
28.96
     - Diluted (In Rs.)
6.56
4.11
28.90
20. Public Shareholding
     - Number Of Shares
15,053,797
11,056,440
10,961,317
     - Percentage Of Shareholding
58.19%
50.77%
50.33%
21. 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
10,815,823
10,720,700
10,815,823
     - % of Shares (to total shareholding of promotor and promotor group)
100.00%
100.00%
100.00%
     - % of Shares (to total share capital of the Company)
41.81%
49.23%
49.67%


Notes :
1. The financial results have been reviewed by the Audit Committee and taken on record and approved by the Board of Directors of the Company at its Meeting held on 15th July 2010.
2. The Statutory Auditors have carried out the Limited Review of the unaudited financial results as required under Clause 41 of the listing agreement.
3. In accordance with Clause 41 of the Listing Agreement, the Company has opted to publish unaudited consolidated financial results. The unaudited standalone results of the Company will, however, be available on the Company's website www.magma.co.in or on the websites of BSE (www.bseindia.com) or NSE (www.nseindia.com).
4. 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.
5. During the quarter, the Company has allotted, 20,00,000 Warrants to a Promoter carrying an option / entitlement to subscribe to equivalent number of Equity Shares at a price of Rs. 250/- per Equity Share, on a future date not exceeding 18 months from the date of issue of such Warrants in terms of provisions of SEBI Guidelines for Preferential Issue (Chapter VII of the SEBI (Issue and Disclosure Requirements) Regulations, 2009).
6. During the quarter, the Company has, for augmenting capital adequacy and long term resources, allotted, 40,67,220 Equity Shares to Qualified Institutional Buyers (QIBs) in the Qualified Institutions Placement under chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 at a price of Rs. 301/- per Equity Share (including premium of Rs. 291/- per share) aggregating Rs. 12,242.33 Lacs. Further, the Company has allotted on preferential basis on 25th May, 2010, 25,260 Equity Shares, under Employee Stock Option Plan (ESOP) pursuant to SEBI (ESOS and ESPS) Guidelines, 1999 to the eligible employees of the Company. The total paid-up Equity Share Capital of the Company stands increased to 2,58,69,620 Equity Shares of Rs.10/- each aggregating to Rs. 2,586.96 Lacs.
7. During the quarter, the Company has raised a sum of Rs. 35 Crores by alloting 25,00,000, 12%, Cumulative Redeemebale Non-Convertible Preference Shares of Rs. 100/- each aggregating Rs. 25 Crores and 10,00,000, 9.6% Cumulative Redeemable Non Convertible Preference shares of Rs. 100/- each aggregating Rs. 10 Crore respectively on private placement basis for augmenting the working capital requirements of the Company.
8. The Company is engaged primarily in the business of financing and only in India and as such no separate information as per Accounting Standard 17 (Segment Reporting) is required to be furnished.
9. There was no investor complaint pending as on 30th June 2010. During the quarter, 1 (one) complaint was received and duly resolved.
10. Unaudited Financial Results of Magma Fincorp Limited (Standalone Information):
P a r t i c u l a r s
Quarter ended
Year ended 31st March 2010
30th June 2010
30th June 2009
1. Total Operating Income
17,207.28
14,090.06
69,930.88
2. Profit Before Tax
2,502.80
1,536.35
10,304.12
3. Profit After Tax
1,640.15
1,014.30
6,646.03
By order of the Board
For Magma Fincorp Limited
Place : Kolkata - 700 016
Dated : 15th July 2010
Sanjay Chamria
Vice Chairman & Managing Director
Registered Office : Magma House, 24 Park Street, Kolkata - 700 016