Manappuram Finance making steady progress in our non-gold businesses, especially microfinance
MUMBAI, Aug 10 (The CONNECT) – Manappuram Finance Ltd reported a consolidated net profit of ₹498 crore in its first quarter results for FY24, an increase of 20% over the preceding quarter ending March 2023.
In comparison with the corresponding figure of Rs 281.9 crore for Q1FY23, the profit is higher by 76.7%. The NBFC’s consolidated assets under management (AUM) for Q1 stood at an impressive Rs 37,086.3 crore, registering an increase of 20.6% over the corresponding quarter of FY23 and up by 4.6% q-o-q.
Net profit in the quarter for the standalone entity (which excludes subsidiaries) was reported at ₹380.9 crore. Total consolidated operating income during the quarter stood at ₹2026.3 Crore, an increase of 34.9% from the year-ago quarter. The company’s consolidated gold loan portfolio posted an increase of 0.6% to Rs 20,603 crore compared with the first quarter of FY23. The number of live gold loan customers stood at 2.4 million as on June 30, 2023.
V.P. Nandakumar, MD & CEO, said, “It is creditable that we have made impressive gains in both profitability and AUM in this first quarter. I am happy that we are making steady progress in our non-gold businesses, especially microfinance, helping us become a well-diversified entity.”
Asirvad Microfinance Ltd closed the quarter with an AUM of ₹10,140.6 crore, a growth of 44.6% over ₹7,012.5 crore recorded, in the year-ago quarter. The home loans subsidiary, Manappuram Home Finance Ltd., has been showing a steady growth with an AUM of Rs 1,202.6 crore, which is up by 37.5% year-on-year and 9.7% more than the previous quarter. The Vehicles & Equipment Finance division ended the quarter with an AUM of Rs 2,804.9 crore, registering an increase of 59.8% year-on-year.
The company’s non-gold loan businesses now account for a 44% share of its consolidated AUM. Average borrowing costs for the standalone entity is 8.3% in Q1 FY23 vs. 7.5% in the year-ago quarter. Gross NPA stood at 1.4% and Net NPA reported at 1.2%. The company’s consolidated net worth stood at Rs 10,078.7 crore as of June 30, 2023. The book value per share stood at ₹119.1 and its capital adequacy ratio (for the standalone entity) was at 30.5%. On a consolidated basis, the total borrowings of the company stood at Rs 28,533.4 crore while the total number of live customers stood at 6.1 million as on June 30, 2023.
| Consolidated(Rs. in Crore) | |||||
| Particulars | Q1 FY 23-24 | Q1 FY 22-23 | YoY % Growth | Q4 FY 22-23 | QoQ % Growth |
| Income from operations | 2,026.3 | 1,502.0 | 34.9% | 1,771.7 | 14.4% |
| Profit before tax | 680.8 | 380.8 | 78.8% | 566.6 | 20.2% |
| Profit after tax (Before OCI & minority interest) | 498.0 | 281.9 | 76.7% | 415.3 | 19.9% |
| AUM | 37,086.3 | 30,759.5 | 20.6% | 35,452.3 | 4.6% |
| Gold loan AUM | 20,603.2 | 20,470.8 | 0.6% | 19,746.2 | 4.3% |
| Gold Holding (Tonnes) | 59.5 | 67.2 | -11.5% | 60.1 | -1.1% |
| Total Live gold loan customers (in mn.) | 2.4 | 2.5 | -1.5% | 2.4 | 0.0% |
| Net Worth | 10078.7 | 8576.0 | 17.5% | 9644.9 | 4.5% |
| Return on Assets (%) | 5.0% | 3.3% | 4.3% | ||
| Return on Equity (%) | 20.1% | 13.3% | 17.5% | ||
| No. of branches | 5,281 | 5,087 | 3.8% | 5,232 | 0.9% |
| Total no. of employees | 45304 | 40763 | 11.1% | 48369 | -6.3% |
| Book value per share | 119.1 | 101.3 | 17.5% | 114.0 | 4.5% |
| Total no. of customers (in mn.) | 6.1 | 5.2 | 17.7% | 5.9 | 3.4% |
| Total borrowing | 28533.4 | 23970.8 | 19.0% | 28482.9 | 0.2% |
| EPS | 5.9 | 3.3 | 76.7% | 4.9 | 19.9% |
| Standalone (Rs. In crore) | |||||
| Particulars | Q1 FY 23-24 | Q1 FY 22-23 | YoY % Growth | Q4 FY 22-23 | QoQ % Growth |
| Profit After Tax (Before OCI) | 380.9 | 290.1 | 31.3% | 309.1 | 23.2% |
| AUM | 25,768.1 | 22,887.2 | 12.6% | 24,445.6 | 5.4% |
| Capital Adequacy Ratio (%) | 30.5% | 31.5% | 31.7% | ||
| Cost of Fund (%) | 8.3% | 7.5% | 8.1% | ||
| Gross NPA (%) | 1.4% | 1.4% | 1.3% | ||
| Net NPA (%) | 1.2% | 1.3% | 1.1% | ||
| Number of Branches | 3524 | 3524 | 0.0% | 3524 | 0.0% |
| Comm. Vehicle Loans Division AUM | 2,804.9 | 1,755.0 | 59.8% | 2,455.1 | 14.2% |
| Subsidiaries | |||||
| Microfinance – AUM (incl Gold Loan) | 10,140.6 | 7,012.5 | 44.6% | 10,040.9 | 1.0% |
| Microfinance – PAT (Before OCI) | 111.2 | -8.3 | 1441.8% | 99.3 | 11.9% |
| Microfinance – Number of customers (in mn) | 3.4 | 2.5 | 33.0% | 3.2 | 5.3% |
| Home Loans – AUM | 1,202.6 | 874.8 | 37.5% | 1,095.8 | 9.7% |
| Home Loans – PAT (Before OCI) | 3.2 | 5.3 | -39.1% | 7.4 | -56.3% |
