 |
Magma Aims 50% Growth In Chhattisgarh
Raipur, 22nd November, 2011: Magma Fincorp Limited today announced its ambitious growth plans for Chhattisgarh for the financial year 2011-12. The company, which disbursed Rs 240 crores in Chhattisgarh in FY 11, plans to romp up disbursements by another 50% in retail loans in the state in FY12. Magma, headquartered in Kolkata, already has a footprint in the state with its 10 offices.
|
|
Mr Anuj Kishore, Regional Sales Manager, Magma Fincorp Limited said, “We will continue with our focus on providing asset finance to the economically disenfranchised in Chhattisgarh and expect to further grow in the states. This will help in strengthening our market share in each of the segments. For this, we would also increase our manpower strength to suit the challenge of high growth trajectory.”
Buoyed by the growth it witnessed across all product categories in the last financial year, Magma has a focused growth plan charted out for the state. The company disbursed Rs 240 crores in FY11, which was 13% higher than FY10. Suvidha (Refinance), Tractor Finance, Commercial Vehicle Finance & SME Loan posted a healthy growth of 66%, 65%, 25% & 25% respectively. The aggressive marketing strategy adopted by the company helped in attaining this phenomenal growth rate and played a major part in the market expansion drive for the company in this region. Company’s focus on rural markets also emphasises it’s motto of bringing equality of opportunity to the economically disenfranchised.
In the first half of the current financial year, the company has already experienced an overall growth of 38% in Chhattisgarh, compared to the corresponding period of the last financial year. All the products, including SME Loan, Tractor Finance, Car Finance, Suvidha (Refinance), Commercial Vehicle Finance & Construction Equipment Finance witnessed a growth of 125%, 58%, 40%, 37%, 36% & 6% respectively.
Magma has 10 branch offices in Chhattisgarh in Raipur (2), Bilaspur, Ambikapur, Baikanthpur, Jagdalpur, Korba, Bhilai, Raigarh & Dhamtari and employs over 280 people in the state.
“The primary sales of assets have witnessed robust growth in the past several quarters and we hope the same would continue. This augurs well for our business. With the development of infrastructure further, we hope our products will continue to do well as majority of them cater to the growth in rural and semi urban markets”, added Mr Kishore. He also said that the company, apart from consolidating its position for its core products like Car, Commercial Vehicle & Construction loans in the market, will also focus to grow the newly launched higher yield product - Suvidha, Tractor Finance & SME Loan which will contribute significantly to the company’s business.
About Magma:
Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.
Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of around 2.6 lac customers and has assets of INR 11378 crores under management. The company has 190 branches in 20 states and 1 union territory and employs over 5000 people.
Magma has signed a joint venture with HDI Gerling, part of Talanx Group, Germany’s third largest insurance group to start a general insurance company in India, which since has received R1 license from the insurance regulator.
|
