Financial Daily from THE HINDU group of publications
Friday, Nov 01, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 01, 2002 |
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Corporate Results
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Financial Services Money & Banking - Financial Services Magma aims at 80 pc rise in business — Second-quarter PAT at Rs 2.22 cr Our Bureau
KOLKATA, Oct. 31 MAGMA Leasing Ltd, a mid-segment player in the truck, car and construction equipment financing segments, has projected a business of Rs 600 crore for the current financial year, an increase of nearly 80 per cent over the Rs 335 crore achieved in 2001-02. During the first half of the current fiscal, the company has achieved disbursements of Rs 240 crore (Rs 175 crore), and the major chunk of growth took place in the retail sector. The profit after tax (PAT) of the company, for the second quarter ended September 30, 2002, has increased to Rs 2.22 crore from Rs 1.74 crore achieved for the same period of last financial year. Income from operations has gone up to Rs 14.07 crore from Rs 13.19 crore. Talking to newspersons after the company's board meet here to take on record the second quarter results, Mr Sanjay Chamria, Managing Director, said the company had made much headway in the construction equipment financing business, especially in Andhra Pradesh where Magma had made a major foray, which grew by 105 per cent in the first-half of the year, followed by the car financing segment which witnessed a growth of 55 per cent. He said the PAT for the first half at Rs 4.20 crore (Rs 3.24 crore) had shown a 30 per cent growth as compared to that in the corresponding period of last financial year. The level of income in the first half, he pointed out, had increased by eight per cent despite pressure on lending rates. The truck industry during the April-September period of this fiscal had grown by 37 per cent (4-5 per cent for the same period last year), contributing to the spurt in business income, he pointed out. Asked on the construction equipment financing, Mr Chamria said the geographical expansion, in new territories such as Andhra Pradesh and Rajasthan contributed in a big way.
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