Asset financing company Magma Fincorp Ltd has announced that it would offer up Rs 532 crore in retail loans in Punjab and Haryana during the existing fiscal year (2010-11).

In a declaration, Sanjeev Chandhok, regional sales manager stated, "By penetrating deeper, we will focus on providing asset finance to the economically disenfranchised in the state."

Construction equipment and tractor finance have been the major growth drivers this year for the company.

The company owns 11 branch offices in Punjab and 5 in Haryana.

Mr. Chandhok said, "We expect to grow our business in the states by over 50 percent in this new financial year. There would be a considerable increase in our manpower requirements."

For the quarter ended March 2010, the company's standalone net profit rose 3.72 times to Rs 253.26 million as against Rs 68.03 million during the same period of 2009.

Company's net sales during the same period grew by 18.97% to Rs 2,104.19 million, whereas total income during the same period surged by 18.95% to Rs 2,112.19 million. (With Inputs from Agencies)