Manappuram posts Rs 203 crore loss on Asirvad stress, names new CEO

Synopsis

Manappuram Finance reported a ₹203 crore consolidated Q4 nonaccomplishment owed to terrible accent astatine Asirvad Micro Finance. Standalone nett dipped slightly, portion a ₹500 crore equity infusion was announced to enactment the troubled subsidiary.

The Manappuram Finance group, successful which Bain Capital is acceptable to bargain a 42% stake, has suffered a Rs 203 crore consolidated nonaccomplishment for the 4th fourth connected relationship of its subsidiary Asirvad Micro Finance, which is reeling nether terrible asset prime stress.

The Manappuram radical earned a Rs 564 crore nett net successful the year-ago period.

On a standalone basis, Manappuram nevertheless reported a nett net of Rs 414 crore for the 4th nether reappraisal which was 3.2% down arsenic compared with Rs 428 crore earlier. Separately, Asirvad suffered Rs 794 crore nonaccomplishment arsenic compared with Rs 138 crore nett successful the twelvemonth ago-quarter. In the 3rd 4th too, the microfinance lender reported a nonaccomplishment of Rs 253 crore.

With this, Manappuram, which owns 98% successful Asirvad, failed to comply with each the fiscal covenants arsenic mentioned successful the debenture spot deed, autarkic auditor Chokshi & Chokshi LLP said successful a note. The

The consolidated fiscal results of the radical see the audited fiscal results of the holding institution and subsidiaries namely, Asirvad

Micro Finance, Manappuram Home Finance, Manappuram lnsurance Brokers and Manappuram Comptech & Consultants.

Manappuram Finance nevertheless declared an interim dividend of Rs 0.50 per equity stock of the look worth of Rs 2 each. The grounds day for dividend volition beryllium May 15.

The genitor institution has decided to infuse Rs 500 crore successful equity of Asirvad.

Meanwhile, Manappuram has announced the assignment of Deepak Reddy arsenic main enforcement officer, effectual from August 1, 2025. Consequently, the designation of Nandakumar VP, volition alteration to managing manager from MD & CEO from July 31. Reddy presently is simply a Bajaj Finserv executive.

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