Manappuram Finance share price gained over 7% on Friday after the company reported better than expected March quarterly earnings.
The company reported 44% rise (YoY) in consolidated net profit to Rs 398 crore during the quarter ended March 31, 2020 as against Rs 277.39 crore, recorded in a year-ago period.
Total income of the non-banking financial company (NBFC) rose 38% (YoY) to Rs 1,618 crore in the January-March quarter of the current fiscal as compared to Rs 1,166.51 crore in the same period last financial year.
Bucking the weak broader trend today, Manappuram Finance share price opened with a gain of 5.12% today and later touched an intraday high of Rs 131.9, rising 7.24% on BSE today.
Yesterday, the stock price of Manappuram Finance closed 1.3% higher at Rs 123 on the BSE.
Manappuram Finance stock trades higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages. The stock has risen 8.45% in the last 4 days and 23% in one month.
For fiscal ended 2019-20, the company's net profit rose 56% to Rs 1,618.15 crore as against Rs 948.55 crore in the preceding fiscal. Its total income for FY20 climbed to Rs 5,551.19 crore from Rs 4,242.04 crore in 2018-19.
The company board has also approved increasing the overall borrowing limit to Rs 30,000 crore from Rs 25,000 crore, subject to shareholders' approval.
Sharing the results, V.P. Nandakumar, MD & CEO, said,"We ended fiscal year 2019-20 on a strong note, recording good growth in business and profitability in the 4th quarter despite the setback towards the end related to COVID-19. Going forward, we feel we are well positioned to tackle the economic fallout of Covid-19 and maintain the momentum in this year too."