Magma Fincorp Q1 net jumps 93 percent

Kolkata, July 12 (IANS) City-based non-banking finance company (NBFC) Magma Fincorp Thursday reported a 92.76 percent jump in its consolidated net profit to Rs.33.02 crore for the quarter ended June 30, 2012, from Rs.17.13 crore during the same period a year ago.

The company's total income from operations posted a 53.6 percent growth to Rs.325.24 crore during the period under review, from Rs.211.74 crore during the corresponding period last year.

The company's disbursements grew 45 percent to Rs.2,057 crore during the first quarter of this fiscal, said the company in a statement.

"Our performance has been resounding and our overall growth in disbursements across all our products have been terrific despite a sluggish industry, high fuel costs and inflation continuing to pull the economic growth down," said Sanjay Chamria, vice chairman and managing director.

While car financing during the period under review grew by 51 percent, that of tractor and Suvidha (Refinance) grew by 85 percent and 100 percent respectively.