MANAPPURAM'S Q3 NET PROFIT JUMPS 42 PERCENT TO RS. 244.11 CRORE

MANAPPURAM'S Q3 NET PROFIT JUMPS 42 PERCENT TO RS. 244.11 CRORE

Chennai: Manappuram Finance Ltd. has declared its third quarter results with all-round growth in business and profitability. Consolidated net profit for the third quarter ending on December 31, 2018 was reported at Rs. 244.11crore, a sharp increase of 42percent over Rs. 171.73 crore recorded in Q3 of the previous fiscal. Net quarterly profit of the standalone entity (which excludes subsidiaries) grew by 24.4 percentto Rs.210.83crore.

Total consolidated operating income during the quarter stood at Rs.1081.20 crore, an increase of 24 percent compared to Rs. 872.00crore reported in the year ago quarter. Consolidated assets under management (AUM) grew by 21.4percent to Rs.17,783.06­­­­­­­­crore, against Rs. 14,650.16crorereported in the year ago quarter.

The Board of Directors, which met at Valapad today to consider the results, approved payment of interim dividend of Rs. 0.55per share of face value of Rs. 2/-

Sharing the results with the media, Mr. V.P.Nandakumar, MD & CEO, said, “Our performance during the quarter is noteworthy not only because of the substantial growth in business volumes and profitability, but also because all our new businesses have now contributed to the profits. Having begun its diversification in 2014, the company is well set to reap the rewards from here on.”

The company’s microfinance subsidiary, Asirvad Microfinance, registered impressive growth ending the quarter with an AUM of Rs.3195.16 crore, an increase of 51.3percentcompared to Rs.2728.94 crore in the year ago quarter. Asirvad also reported a net profit of Rs 33.24 crore compared to Rs 2.90 crore reported in Q3 of FY19. With 16.66 lakh customers, 928 branches, and 4,872 employees, Asirvad Microfinance has a presence in 22 States and UTs and the 6th largest NBFC- MFI in India.

The company’s home loans subsidiary, Manappuram Home Finance ,reported an AUM of Rs478.00crore, a growth of 39.7percent over Rs. 342.22 crore recorded in Q3 of previous year. The Commercial Vehicles divisionreported rapid growth and ended the quarter nearly doubling its AUM to Rs. 975.54crore (Rs.499.81crore). In aggregate, the company’s non-gold loan businesses have contributed29.6percent of its total consolidated AUM. 

The company’s Gold loan AUM went up by 10.57percent to Rs.12,524.91crore, from Rs.11,327.08crore in the year ago quarter. Gold holdings have increased to 66.3 tonnes from 62.34 tonnes last year, a growth of 6.4percent. The number of live gold loan customers stood at 23.80 lakhs as of December 31, 2018.

In keeping with recent trends, average borrowing cost went up by 48bps during the quarter, to9.37percent. The company’s consolidated net worth stood at Rs4,341.52crore as of December 31, 2018. The book value per share stood at Rs.51.51and its capital adequacy ratio was at 26.36percent.

Results at a glance

Consolidated

   

Rs. in Crore

Particulars

Q3 FY 2019 (IND AS)

Q3 FY 2018 (IND AS)

% Growth YoY

Income from operations

1081.20

872.00

23.99%

Profit before tax

387.84

265.36

46.16%

Profit after tax (After minority interest)

244.11

171.73

42.15%

AUM

17783.06

14650.16

21.38%

Net Worth

4341.52

3698.91

17.37%

Return on Assets (%)

5.15%

4.50%

 

Return on Equity (%)

23.02%

19.06%

 

No. of branches

4314

4183

 

Total No. of Employees

25202

24761

 
       

Stand alone

   

Rs. in Crore

Particulars

Q3 FY 2019 (IND AS)

Q3 FY 2018 (IND AS)

% Growth YoY

AUM

    14,207.33

 12,196.29

16.49%

Gold loan AUM

12,524.91

 11,327.08

10.57%

Gold Holding (Tonnes)

    66.32

        62.34

6.38%

Total Live gold loan customers (in mn)

        2.38

          2.22

7.39%

Comm. Vehicle Loans AUM

        975.54

      499.81

95.18%

Gold loans disbursed

     21,028.53

 16,164.00

30.09%

Capital Adequacy Ratio

26.36%

27.88%

 

Cost of Fund

9.37%

8.56%

 

Gross NPA (%)

0.58%

0.69%

 

Net NPA (%)

0.32%

0.42%

 

Number of Branches

3349

3318

 

Subsidiaries

 

 

 

Microfinance - AUM

3195.16

2111.65

51.31%

Home Loans - AUM

478.00

342.22

39.68%