Business EconomyPosted at: Jun 20 2018 3:57PM

(Rptg, correcting para five)
Ms Kiran said that the company was also planning for Non banking Financial Company ( NBFC) status and details in this regard would be announced later.
Margardarshi has achieved a staggering 26-fold growth from 1994-95 to 2017-18 and from a turnover of Rs 382 crore in the past, the company now recorded Rs 10,204 crore.
The company has targeted to achieve a turnover of Rs 10,800 crore, she said and hoped to achieve Rs 11,000 crore during 2018-19.
The Indian Chit Funds market size was about 60,000 crore.
The company has posted the revenue of Rs 9,400 crore during 2016-17. It has registered 10 per cent growth in 2017-18, the MD said and hoped to achieve same growth during the current fiscal 2018-19.
Of the total business, 70 per came from the two Telugu states of Telangana and Andhra Pradesh.
She said five to six branches would be launched in this financial year 2018-19 in the two Telugu states. There was a lot of scope to expand in Karnataka, Tamil Nadu, she said, adding that there were no plans to enter other states.
Presently, the chit ranged from Rs 50,000 to Rs 80 lakh and the company’s recovery rate was 99 per cent. The company's margin would be 3.5 per cent and the returns would be 5-6 per cent per annum, Ms Kiran added.
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