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Published on 8/11/2019 5:02:57 PM | Source: Dion Global Solutions Ltd

Magma Fincorp Q2 net profit down 82.87% at Rs 12.09 cr

The company reported standalone net profit of Rs 12.09 crore for the quarter ended September 30, 2019 as compared to Rs 70.58 crore in the same period last year, registering a year-on-year decline of 82.87 per cent.

Net revenue of the company rose marginally by 2.60 per cent at Rs 580.69 crore in July-September quarter of this fiscal as against Rs 565.99 crore in the corresponding period last year. During July-September quarter, operating expenses increased by 12.92 per cent to Rs 253.64 crore from Rs 224.61 crore in year ago period.

Other Income dipped by 18.39 per cent at Rs 11.67 crore versus (Sep'18 Rs 14.30 crore). Operating Profit slipped by 4.20 per cent to Rs 327.05 crore as against Rs 341.38 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 6.63 per cent in September quarter. Interest grew by 21.59 per cent y-o-y to Rs 302.73 crore, while Taxation decreased by 76.66 per cent at Rs 5.54 crore (Sep'18 Rs 23.74 crore).