Kolkata-based Magma Fincorp reported an over 14 per cent growth in standalone net profit to Rs 40 crore for the quarter ending June 30 2015. Standalone net profit stood at Rs 35 crore in the corresponding quarter last year.
Its total income from operations stood at Rs 516 crore, up by nearly 10 per cent; as against the Rs 471 crore it reported in the year ago period.
Its consolidated net profit during the period improved by nearly 4.65 per cent to Rs 45 crore (Rs 43 crore); while consolidated income from operations stood at Rs 606 crore (againsrt Rs 544 crore).
While the finance and mortgages segment reported earnings before finance cost, tax expense and minority interest of Rs 58 crore; the general insurance business reported a loss of approximately Rs 2 crore.
According to a release issued by the company, there was a 5 per cent increase in loan book during this quarter.
The company, it said, has consciously altered the product and customer mix to ensure improvement in margins. Accordingly the company has increased the share of mortgage, SME, tractors and used assets in its incremental portfolio during the quarter.