Manappuram Finance Q2 Results: Net Profit Rises 20%

Manappuram Finance Ltd.'s second quarter net profit rose 20%, beating analysts' estimates.

The Kerala-based gold financier's standalone net profit increased 20.6% year-on-year to Rs 420 crore in the quarter ended September, according to a regulatory filing issued on Monday. Analysts polled by Bloomberg estimated a standalone net profit of Rs 389.6 crore.

Sequentially, the profit was up 10.2%.

The company's total income stood at Rs 1,456 crore, up 17% year-on-year.

The interest income stood at Rs 1,405 crore, up 13.4% year-on-year. The finance costs also grew 21% year-on-year, to Rs 443 crore.

The company's board has declared an interim dividend of 0.85 paisa per equity share and fixed Nov. 24 as the record date to ascertain the entitlement of interim dividend among the shareholders.

(This is a developing story)