Manappuram Finance has posted a consolidated net profit of Rs200.58 crore for the fourth quarter of FY17, up 53.5 % compared with the year-ago period. The gold loan company, which also operates a microfinance and home loan division, posted a net profit of Rs755.85 crore for the entire fiscal, an increase of 113.9 % compared with Rs353.36 crore in FY16.
Operating income for the year stood at Rs3,387.69 crore, higher by 43.5% over s2,360.23 crore recorded in the previous fiscal year. VP Nandakumar, MD & CEO, said: “The performance is encouraging, particularly because the second half of the year was a challenge, given the after effects of demonetisation and the near-drought condition prevailing across Southern India. We are fairly confident we will be able to maintain the trend in the current year too.”
The company’s consolidated assets under management (AUM) grew 19.5 % to Rs13,657 crore from Rs11,433 crore in the year ago. Aggregate gold loan disbursements during the year went up to Rs52,460 crore from Rs36,084 crore. As of March 31, 2017, the number of live gold loan customers stood at 21.46 lakh, compared with 19.32 lakh in FY16, while total gold holding went up to 61.1 tonne from 59.61 tonne. Interest cost continued to decline, falling by 75 bps during the full year and 16 bps in the fourth quarter.
The company’s diversification into new business areas continued to gain momentum, with new businesses now contributing 18.52 % of its consolidated AUM. Its microfinance subsidiary Asirvad Microfinance ended the year with an AUM of Rs1,795.94 crore, a growth of 79.8 % over Rs998.82 crore reported in the previous fiscal.