Magma Fincorp noted a 3.6 per cent in its net profit at Rs 46.87 crore for the quarter ended June 30, 2016. The company's net profit in the corresponding quarter of the last financial year stood at Rs. 45.22 crore. Its net income from operations, nonetheless, remained flat at Rs 605.84 crore as against Rs. 608.77 crore earned during the first quarter of 2015-16.
While the Asset Backed Financing business saw disbursement growth of 12 per cent, SME lending recorded a huge 25 per cent increase. Consolidated Net Interest Margins (NIMs) rose by 48 bps to 6.9 per cent versus 6.4 percent of the April-June period of 2015-16. Magma continues to aim on agriculture (tractors), used assets and burgeoning SME segments. In mortgages, it has decreased ticket size and its reach in to its target segment, the informal customer segment in tier 2-3 towns. These four sectors will contribute 62 per cent of the total disbursals and 59 per cent of the total loan book.
Magma Fincorp has a base of approximately 5,00,000 active customers and manages a Loan book of Rs 17,796 crore. The company has 257 branches in 22 states and employs around 8980 people. Presently, Magma Fincorp share price is trading at a marginal rise of 0.88% at Rs. 103.10. The stock opened at a Rs. 102.55 against its previous closing at Rs. 102.20. The stock touched the day’s high and low at Rs. 103.65 and 101.65 respectively.
Magma Fincorp is a multibagger stock recommended by Dynamic Levels for this quarter hence this share has a great potential to grow in the long run. Magma Fincorp touched its 52 week high at Rs. 116.10 on 4th July ’16 while the 52 week low is seen at Rs. 63.30 3rd Feb ’16. The company has a market cap amounting to Rs. 2420.54 (Cr).
For further details refer Magma Fincorp share price forecast.
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