Magma claims 50% growth in current fiscal

Subscribe to Oneindia News

Lucknow, Nov 5 (UNI) Not concerned with the global financial slump, one of country's largest retail asset financing company Magma Fincorp Ltd today said it will grow by at least 50 per cent in the current fiscal.

The company, which is the third largest financers for the Maruti vehicles in the country, has already posted 56 per cent growth in the first half of the present financial year.

Addressing a press conference here today, company's regional head Sanjiv Jha said portfolio in construction equipment finance and car and utility vehicles finance would be the key thrust area for the company other than the commercial vehicles finance, which has been the strength. The company also hopes to ramp up the tractor finance operations during this fiscal.

Talking about the Magma's business strategy in Uttar Pradesh, Mr Jha said the company will try to post at least 25 per cent business growth in the region. ''UP is a highly prospective market and we are confident of achieving faster growth during October-March,'' he said.

He said amidst the recent slowdown in the industry, Magma reported 56 per cent jump in national revenue for the quarter ended September 30, with record revenue of Rs 153.67 crore against Rs 98.80 crore registered during the corresponding period last year.

UNI MB JAS SBA AS1845

Please Wait while comments are loading...