Manappuram Finance shares in early trade on July 30, 2020 opened with losses even aftet the company reported healthy Q1FY21 result.The shares fell to a day's low price of Rs. 174.4, a decline of 4% in comparison to previous closing.
For the quarter ended June, gold finance company posted a jump in consolidated net profit by 38% to Rs. 367.97 crore.
In the corresponding period a year ago, the company posted a profit of Rs. 266.78 crore.
Income from operations rose 27.03 per cent to Rs 1,512.53 crore during April-June quarter of 2020-21 as against Rs 1,190.69 crore in the same quarter of 2019-20.
"This was a quarter when the overall business environment was severely affected by the lockdowns. However, we were able to maintain growth in our core business of gold loans, thanks to our digital infrastructure, particularly our robust online gold loan platform," Manappuram Finance MD & CEO V P Nandakumar said.