11th August 2023, Mumbai: 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.
Sharing the results with the media, Mr 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% |