Manappuram Finance’s consolidated net profit tumbled 35.4% to Rs 282.08 crore on 4.5% decline in total income to Rs 1,502.73 crore in Q1 FY23 over Q1 FY22.
The NBFC’s revenue declined after its flagship Gold loans business income dropped 10.21% to Rs 1,141.36 in Q1 FY23 from Rs 1271.18 crore reported in Q1 FY22. Meanwhile, revenues from Microfinance segment jumped 19.44% to Rs 361.37 crore in Q1 FY23 as compared to Rs 302.56 crore recorded in the same period last year.
Consolidated profit before tax stood at Rs 380.79 crore in the first quarter, down 35.1% from Rs 586.37 crore recorded in the corresponding quarter previous year.
The company’s total expenses grew 13.63% to Rs 1,121.94 crore in Q1 FY23 over Q1 FY22. Finance costs rose 2.33% to Rs 504.60 crore in Q1 FY23 as against Rs 493.10 crore posted in Q1 FY22 while Impairment of financial instruments added 4.95% year on year to Rs 128.30 crore in the quarter ended June 2022.
The NBFC’s board has declared an interim dividend of Rs 0.75 per equity share of face value Rs 2. The record date for the said dividend is fixed on Thursday, 18 August 2022.
Manappuram Finance is one of India’s leading gold loan NBFCs.
Shares of Manappuram Finance jumped 6.89% to Rs 108.65 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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