Leading asset finance company, Magma Fincorp announced the Q3, FY12 results that reflected strong growth in business disbursals and assets under management (AUM) over corresponding qu?a?rter of the last year. The disbur?sements grew at a robust 50 per cent to Rs 1915 crore, riding high on the performances across product categories, according to the company. Total assets on fi?n?ance in the books of the company have recorded an imp?ressive increase of 77 per cent.

In spite of 77 per cent growth in business of high yield products in the 9M, the portfolio quality is maintained and is reflected in collection efficiency consistently being above 100 per cent and write offs at 0.22 per cent, lower than FY 11.

The company recorded pro?fit before tax of Rs 20.57 crore and profit after tax of Rs 13.90 crore in Q3 after an impact of Rs 5 crore as a consequence of a MTM loss on forex exposure. Commenting on the company?s performance, Sanjay Chamria, Vice Chairman and Managing Director, Magma Fincorp, said, ?We have shown a strong growth trajectory in our disbursements despite a sluggish growth in industry, increase in the interest rates and rise in fuel costs. The disbursements for the quarter witnessed an encouraging growth of 50 per cent. Our portfolio quality has been robust with collection performance recorded at 100.4 per cent for the Q3 of FY12 and write offs remaining below FY11 levels at 0.22 per cent to the AUM. We have been able to improve the share of high yield products in the overall disbursement to 25 per cent.?