Manappuram Finance Ltd on Thursday posted a growth of 30.4 per cent in profit before tax at Rs 534.07 crore during the quarter ended March 31, 2020, as compared to Rs 409.41 crore during same period of last year. The company’s total income grew 38.7 per cent to Rs 1618.15 crore during the quarter as against Rs 1166.51 crore during same quarter a year ago.
While profit before tax for the whole year ended March 31, 2020 grew by 37.8 per cent to Rs 2007.30 crore, as compared to Rs 1456.59 crore during FY19, tootal income for the fiscal year grew 30.8 per cent to Rs 5551.19 crore, as against Rs 4242.04 crore during the previous fiscal year.
Profit before tax from gold loan and others grew 44.5 per cent to Rs 459.47 crore during the quarter, as compared to Rs 317.97 crore during same quarter a year ago. However, profit before tax from microfinance business declined by 18.4 per cent to Rs 74.59 crore as against Rs 91.44 crore a year ago.
The company has proposed a opt-in moratorium of three months on the payment of all principal installments and interst as applicable, falling due between March 1, 2020 and May 31, 2020, to all eligible borrowers classicfied as standard, even if overdue as on February 29,2020, excluding the collections already made in the month of March, 2020.
“The extent to which the Covid-19 pandemic will impact the holding company and its two subsidiaries future results will depend on developments which are highly uncertain, including, among others, any new information concerning the severity of the Covid-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the holding company and its two subsidiaries,” it said.