Gold loan major Manappuram Finance on Saturday reported a consolidated net profit of Rs 409.48 crore for the quarter ended September 30, 2022, as compared to Rs 369.88 crore reported in the year-ago quarter, registering a growth of 10.70%.
Sequentially, the Kerala-based company posted a 45.25% rise in net profit from the previous quarter. The company’s consolidated assets under management (AUM) also grew by 7.89% to Rs 30,664.96 crore from Rs 28,421.63 crore a year ago, and marginally went down by 0.31% in comparison to Rs 30,759.52 crore reported in the previous quarter.
Net profit for the standalone entity (which excludes subsidiaries) was down at Rs 348.71 crore as against Rs 355 crore in the year-ago quarter but registered an increase of 20.20% sequentially. Total consolidated operating income for the quarter amounted to Rs 1,696.26 crore compared to Rs 1,531.92 crore in the year-ago quarter.
V P Nandakumar, MD and CEO of Manappuram Finance, said, “I am pleased to note that we have posted a sequential increase in profit of 45%. It is in line with our commitment to maintain operational efficiency even as we target growth.”
The company’s gold loan portfolio remained at Rs 19,190 crore while the number of live gold loan customers reached 24.1 lakh in this period. Manappuram’s microfinance business, ended the quarter with an AUM of Rs 7,118.10 crore, an increase of 1.25% in comparison to Rs 7,029.90 crore in the year-ago quarter and 8.74% Q-o-Q.
Its home loans subsidiary, Manappuram Home Finance, reported an AUM of Rs 921.58 crore (Rs 732.19 crore in Q2 of FY2022) registering a y-o-y growth of 25.87% while its vehicles & equipment finance division posted an AUM of Rs 1,885.53 crore (Rs 1,267.08 crore in Q2 of FY2022) with a y-o-y growth of 48.81%.
In aggregate, the company’s non-gold loan businesses accounted for a 37% share of its consolidated AUM. Average borrowing costs for the standalone entity declined by 38 basis points to 7.56% during the quarter (y-o-y). The gross NPA (standalone) stood at 1.95% while the net NPA was reported at 1.77%. The company’s consolidated net worth stood at Rs 8,957.69 crore as of September 30, 2022. The book value per share was at Rs 105.83 and its capital adequacy ratio (standalone) stood at 31.92%. On a consolidated basis, the total borrowings of the company stood at Rs 26,756.69 crore while the number of live customers was 5.28 million as of September 30, 2022. The board of directors has approved the payment of an interim dividend of 0.75 per share with a face value of Rs 2.