Manappuram Finance Q1 Results: Profit Falls 75%

Manappuram Finance Ltd. recorded a 75% decline in its bottom line in the first quarter of financial year, according to an exchange filing on Friday.

The non-banking financial company posted a consolidated net profit of Rs 138 crore in comparison to Rs 555 crore in the year-ago period.

• Net profit declines 75% to Rs 138 crore versus Rs 555 crore.

• Calculated NII declines 10.2% to Rs 1,380 crore versus Rs 1,538 crore.

• Impairment at Rs 559 crore versus Rs 229 crore.

The firm approved the appointment of V P Nandakumar as its chairperson, effective Aug. 28.

Shares of Manappuram Finance closed 1.36% lower at Rs 257 apiece on the NSE, compared to a 0.95% fall in the benchmark Nifty.