Manappuram Finance Ltd. reported a consolidated net profit of ₹ 369.88 crore for the quarter ending September 30, 2021. The profit is lower by 8.8% compared to ₹ 405.44 crore reported in the year-ago quarter. However, the company’s consolidated assets under management (AUM) grew by 5.7% to ₹28,421.63 crore from ₹26,902.73 crore a year ago, and by 14.8% in comparison to ₹24,755.99 crore reported in the preceding quarter (Q1).
Net profit for the standalone entity (which excludes subsidiaries) was at ₹355.00 crore as against ₹405.56 crore in the year-ago quarter. Total consolidated operating income for the quarter amounted to ₹1,531.92 crore compared to ₹1,565.58 crore in the year ago quarter.
The Board of Directors met at Mumbai today to consider the results, and approved payment of interim dividend of ₹ 0.75 per share with face value of ₹2.
Sharing the results with the media, V.P. Nandakumar, MD & CEO, said, “The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganized sectors of the economy and going forward we expect to sustain the growth along with improved profitability.”
The company’s gold loan portfolio stood at ₹18,719.53 crore, registering a strong growth of 13.2%, over ₹16,539.51 crore in the preceding first quarter. The number of live gold loan customers increased to 25.1 lakh from 24.1 lakh in the first quarter.
Manappuram’s microfinance subsidiary, Asirvad Microfinance Ltd. ended the quarter with an AUM of ₹ 7,162.49 crore, a sharp increase of 44.1% in comparison to ₹4,971.03 crore in the year ago quarter. With 25.7 lakh customers and 1,334 branches across 23 states and UTs, Asirvad Microfinance is now India’s fourth largest NBFC-MFI.
The company’s home loans subsidiary, Manappuram Home Finance Ltd., reported an AUM of ₹ 732.19
crore (₹620.62 crore Q2 FY 21) while its Vehicles & Equipment Finance division posted an AUM of ₹1,267.08 crore (₹1,062.28 crore in Q2 of FY 2021). In aggregate, the company’s non-gold loan businesses account for a 34% share of its consolidated AUM.
Average borrowing costs for the standalone entity declined by 67 basis points during the quarter,to 7.94%. The gross NPA (Standalone) stood at 1.59% with net NPA reported at 1.30%. The company’s consolidated net worth stood at ₹ 7,967.90 crore as of September 30, 2021. The book value per share stands at ₹ 94.14 and its capital adequacy ratio (standalone) was at 31.84%. On a consolidated basis, the total borrowings of the company stood at ₹25,024.14 crore while the total number of live customers stood at 52.11 lakhs as of September 30, 2021.
In October 2021, International rating agency S&P upgraded the long-term issuer credit rating of Manappuram Finance Limited from “B+” to “BB-” with stable outlook. The rating agency also affirmed the ‘B’ short-term issuer credit rating on the company.
more recommended stories
TCS Positioned as a Leader in Life Science Digital Services by Everest Group
NEW YORK/MUMBAI:Tata Consultancy Services (TCS) (BSE:.
Dalmia Bharat Wins Award at FICCI Indian Circular Economy Awards 2022
NEW DELHI:Leading cement company, Dalmia Bharat.
Meesho Appoints Divyesh Shah as Vice President
MUMBAI:Meesho, India’s fastest growing internet commerce.
PayNearby Issues over 1 lakh PAN Cards from Semi-Urban and Rural Kirana Stores
MUMBAI:In its bid to provide a.
Kerala Govt Announces ‘Dreamvestor’ – Innovative Idea Contest
THIRUVANANTHAPURAM:The Kerala government today announced an.
Godrej Interio reveals 47% Revenues from Green Products
MUMBAI:Godrej & Boyce, the flagship company.
Cyberpark, Kozhikode in the Path of Expansion
KOZHIKODE:Cyberpark, Kozhikode the first IT park.
XEMPT Introduces ‘Party Pitcher Max’ Bluetooth Party Speaker
NEW DELHI:Indian lifestyle brand XEMPT- feel.
Croma’s Black Friday Sale with Exciting Offers and Discounts
KOCHI:Croma, India’s first and most trusted.
Voye Homes Opens First Office in Kerala
KOZHIKODE:Startup company Voye Homes opened its.