Hyderabad: Telangana & AP are amongst the top performing states for Magma Fincorp both in terms of disbursements and portfolio quality. The Asset Finance Business is targeting a robust growth in FY18. The company has 22 branches in these states and has expansion plans.
Addressing the press, Mr. Kaushik Banerjee, CEO& President of Asset Finance Business, Magma Fincorp Ltd. said, “Telangana & AP have been key regions for Magma and our focus is to continue to grow business here with deeper penetration and a prudent product mix keeping the portfolio quality on top priority”. Monsoons had been favourable last year witnessing a massive growth in the rural space despite a temporary slowdown due to demonetisation. This year, besides normal monsoons, the various initiatives taken by the Govt will boost a significant growth in the rural economy.
“The various irrigation projects aimed at rural development have also fuelled the rural economy and will continue to see a boost even this year which has reflected in the Tractor volumes in FY17. Telangana & AP have recorded a YoY growth in Tractor sales by 58% and 48% respectively in FY 17 ”, Mr. Banerjee further added.
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