Arman Financial Reports a 100% Increase in H1 FY20 Profit After Tax at ₹ 24.2 crore
Arman Financial Reports a 100% Increase in H1 FY20 Profit After Tax at ₹ 24.2 crore |
[13-December-2019] |
Consolidated AUM grows to ₹ 753.1 crores; up 46% Y-o-Y AHMEDABAD, India, Dec. 13, 2019 /PRNewswire/ -- Arman Financial Services Ltd (Arman), a Gujarat based non-banking financial company (NBFC), with interests in microfinance, two-wheelers, and micro-enterprise (MSME) loans, announced its financial results for the second quarter ended 30th September 2019.
Consolidated Financial Highlights - Q2 FY2019-20 (July - Sep 2019) v/s. Q2 FY2018-19 (July - Sep 2018)
Consolidated Financial Highlights - H1 FY2019-20 (April - Sep 2019) v/s. H1 FY2018-19 (April - Sep 2018)
Operational Highlights - Q2 FY2019-20 (July - Sep 2019) v/s. Q2 FY2018-19 (July - Sep 2018)
Commenting on the Company's performance for H1 FY2019-20, Mr. Jayendra Patel, Vice Chairman & Managing Director, Arman Financial Services said, "We delivered a resilient and solid all-round performance in the first half of this year, despite the prevailing macro-economic challenges and ongoing liquidity squeeze impacting the NBFC space. Such a performance in tough times validates the robustness of our business model. Further, just to point out, we have implemented Indian Accounting Standard (IndAS) in H1 FY20, which has resulted in many notional changes in the financials compared to the previous iGAAP Standards. "Continued traction in the MFI and MSME business, coupled with an improvement in the cost-to-income ratio, has enabled us to post a strong operating performance. Asset quality remained well within check and steady vis-Ã -vis last year, as we continue to prioritize the quality of the book. Although the NBFC sector, in general, continues to face tough liquidity conditions, having a positive ALM, superior asset quality, and a strong performance track record has helped us to successfully raise debt capital albeit at slightly higher rates. On the leverage front, we remain comfortable and have sufficient capital to drive growth in the current year. "As a part of our FY20 expansion strategy, we have launched 14 new branches during the second quarter. Looking ahead, we are confident of continuing our positive growth momentum through the successful ramp-up of the newly launched branches, penetration into newer geographies, and expansion of our customer base in a calibrated manner. More importantly, we will continue to exercise prudence and closely track rural macroeconomic indicators and make all necessary adjustments to protect asset quality." Segmental Performance Update - Q2 & H1 FY2019-20 v/s. Q2 & H1 FY2018-19 Microfinance - Financial Highlights
Two-Wheeler & MSME - Financial Highlights
About Arman Financial Service Limited Arman Financial Services Ltd (BSE: 531179) is a category 'A' Non-Banking Finance Company (NBFC) active in the 2-Wheeler, MSME, and Microfinance Lending business. The Microfinance division is operated through its wholly-owned subsidiary, Namra Finance Ltd, an NBFC-MFI. The group operates mostly in unorganized and underserviced segment of the economy and mostly serves niche rural markets in Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, and Rajasthan through its network of 223 branches and 55 dealer touchpoints. Arman's big differentiator from a Bank and other NBFCs is the last mile credit delivery system. They serve areas and clients where it is simply not possible for banks to provide financial services under the current market scenario. For more information, please visit our web site www.armanindia.com. For more information, contact Mandar Kapse, Investor Relations Mehul Mehta
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Company Codes: Bombay:531179, Bombay:ARMANFIN.BO, India:ARMANFIN.NS |
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