Manappuram Finance Q4 Profits Climb 35.7% Amid Gold Rally, Dividend Announced

Manappuram Finance's Q4FY24 net profit jumped 35.7% to ₹563.5 crore, driven by a gold price rally that significantly boosted its earnings compared to ₹415 crore last year.
Manappuram Finance Q4 Profits Climb 35.7% Amid Gold Rally, Dividend Announced

Manappuram Finance reported a significant 35.7% increase in net profit for Q4FY24, reaching ₹563.5 crore, up from ₹415 crore last year, boosted by a surge in gold prices which influenced its earnings.

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Net interest income for the quarter rose 32% year-on-year to ₹1,494 crore, compared to ₹1,129 crore in the same period last year, reflecting robust financial performance amid favourable market conditions.

Gold’s price rally, with a 9% increase in 2024, coincided with Manappuram’s strong quarter. The rising demand for gold in India also supported the company’s performance, with a 20% increase in value during the January-March quarter.

The company announced an interim dividend of ₹1 per share with a face value of ₹2, setting June 5 as the record date for determining eligible shareholders. The dividend will be paid by June 22, 2024.

Manappuram Finance’s shares closed at ₹181.25 on May 24, marking a 1.5% increase from the previous day. The stock has seen a 5.7% rise year-to-date and a substantial 64% gain over the past year.

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