At rupees 282 crore, Manappuram’s Q1 net profit up 8% over preceding quarter

Declares interim dividend of ₹ 0.75 rupee per share.

Manappuram Finance Ltd reported a consolidated net profit of ₹ 281.92 crore in its first quarter results for FY23, an increase of 8.04% over the preceding quarter ending March 2022. In comparison with the corresponding figure of Rs 436.85 crore for Q1FY22, the profit is lower by 35.46%.

The NBFC’s consolidated assets under management (AUM) for the Q1 stood at an impressive Rs 30,759.52 crore, registering an increase of 24.25% over the corresponding quarter of FY22 and up by 1.65% q-o-q.

Net profit in the quarter for the standalone entity (which excludes subsidiaries) was reported at ₹290.12 crore. Total consolidated operating income during the quarter stood at ₹1,501.98, a dip of 3.92% from the year-ago quarter.

The company’s standalone gold loan portfolio posted an increase of 21.22% to Rs 20,050 crore compared with the first quarter of FY22. The aggregate gold loans disbursed during the quarter amounted to 27,751.46 crore while the number of live gold loan customers stood at 2.4 million as on June 30, 2022.

Sharing the results with the media, Mr V.P. Nandakumar, MD & CEO, said, “In the face of intense competition, it is creditable that we have not only improved upon the performance in the preceding quarter but also managed our cost position in a competent manner. Year-on-year, our gold loan AUM has picked up significantly despite the fact that our LTV is well below the peer group. Asirvad, our microfinance business, is poised for significant growth in the days to come.”

Asirvad Microfinance Ltd closed the quarter with an AUM of ₹7,012.53 crore, a growth of 15.86% over ₹6,052.60 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 874.75 crore, which is up by 22.63% year-on-year and 3.49% more than the previous quarter. The Vehicles & Equipment Finance division ended the quarter with an AUM of Rs 1,755.05 crore, registering an increase of 67.98% year-on-year.

The company’s non-gold loan businesses now account for a 34 per cent share of its consolidated AUM. Average borrowing costs for the standalone entity is 7.47% in Q1 FY23 vs. 8.61% in the year-ago quarter. Gross NPA stood at 1.43% and Net NPA reported at 1.25%. The company’s consolidated net worth stood at Rs 8,576.02 crore as of June 30, 2022. The book value per share stood at ₹101.32 and its capital adequacy ratio (for the standalone entity) was at 31.45%. On a consolidated basis, the total borrowings of the company stood at Rs 23,970.85 crore while the total number of live customers stood at 5.17 million as on June 30, 2022.

Consolidated( Rs. in Crore)
Particulars Q1 FY 2023 Q1 FY 2022 YoY % Growth Q4 FY 2022 QoQ % Growth
Income from operations 1,501.98 1,563.30 -3.92% 1,481.35 1.39%
Profit before tax 380.79 586.37 -35.06% 353.94 7.59%
Profit after tax (Before OCI & minority interest) 281.92 436.85 -35.46% 260.95 8.04%
AUM 30,759.52 24,755.99 24.25% 30,260.82 1.65%
Net Worth 8,576.02 7,662.38 11.92% 8,368.35 2.48%
Return on Assets (%) 3.3% 5.8%   3.1%  
Return on Equity (%) 13.3% 23.3%   12.6%  
No. of branches 5,068 4,672 8.48% 5,053 0.30%
Total no. of employees 40,763 32,754 24.45% 41,396 -1.53%
Book value per share 101.32 90.53 11.92% 98.87 2.48%
Total no. of customers (in mn.) 5.16 4.96 4.08% 5.09 1.32%
Total borrowing 23,970.85 19,742.98 21.41% 24,118.48 -0.61%
EPS 3.33 5.16 -35.45% 3.08 8.03%

Standalone (Rs. In crore)

Particulars Q1 FY 2023 Q1 FY 2022 YoY % Growth Q4 FY 2022 QoQ % Growth
Profit After Tax (Before OCI) 290.12 425.21 -31.77% 265.27 9.37%
AUM 22,887.23 18,035.21 26.90% 22,413.36 2.11%
Gold loan AUM 20,050.00 16,539.51 21.22% 19,867.35 0.92%
Gold Holding (Tonnes) 65.88 58.08 13.44% 67.01 -1.68%
Total Live gold loan customers (in mn.) 2.40 2.41 -0.23% 2.37 1.34%
Gold loans disbursed 27,751.46 35,419.36 -21.65% 29,430.37 -5.70%
Capital Adequacy Ratio (%) 31.45% 34.42%   31.33%  
Cost of Fund (%) 7.47% 8.61%   7.15%  
Gross NPA (%) 1.43% 1.96%   2.95%  
Net NPA (%) 1.25% 1.62%   2.72%  
Number of Branches 3524 3524 0.00% 3524 0.00%
Comm. Vehicle Loans Division AUM 1,755.05 1,044.79 67.98% 1,643.16 6.81%
Subsidiaries          
Microfinance – AUM 7012.53 6052.60 15.86% 7002.18 0.15%
Microfinance – PAT  (Before OCI) -8.29 7.65 -208.25% -7.12 16.32%
Microfinance – Number of customers (in mn) 2.60 2.42 7.27% 2.57 0.96%
Home Loans – AUM 874.75 713.31 22.63% 845.27 3.49%
Home Loans – PAT (Before OCI) 5.29 2.19 141.07% 0.46 1059.07%

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