Magma Fincorp’s net profit has crashed down in Q2

By | September 28, 2011

According to a recent press report Fincorp Limited has reported a 19 per cent drop in its net profit at Rs.21 crore against Rs.26 crore during the corresponding period last year. The company has recorded a fall in its net profit in spite of the strong growth in the disbursement.

Reports said that the company has earned Rs.57 crore through the securitization route during the second quarter of 2010. But this year they are very conscious not to utilize that route and securitization is primarily used as a treasury tool. Mr. V. Lakshmi Narashiman, Chief financial officer, Magma Fincorp Ltd said that the net profit during this quarter has been suppressed compared with the same last year period.

Magma Fincorp’s (Magma Leasing Limited) was incorporated in 1988 and commenced operations in 1989 in Kolkata. To strengthen its business, the company had merged with ARM Group Enterprises in 1992 and acquired Consortium Finance Limited, a north based NBFC in 2000. It offers individual and corporate customers a range of financial products and services in Commercial Vehicle Finance, Construction Equipment Finance, Car loan and Utility Vehicle Finance. Suvidha Loans (Refinance), Strategic Construction Equipment Finance, Tractor Finance, SME Loans, Insurance etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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