Gold loan NBFC Manappuram Finance posted a consolidated net profit of Rs 392.7 crore for the Q4 ended March 31, 2020, against Rs 274.6 crore a year ago, company sources said.
Gold loan NBFC Manappuram Finance posted a consolidated net profit of Rs 392.7 crore for the Q4 ended March 31, 2020, against Rs 274.6 crore a year ago, company sources said. The Kerala-based NBFC reported a full-year consolidated profit after tax of Rs 1,461.8 crore, a 55.7% rise over Rs 938.9 crore a year ago. The operating income stood at Rs 5,465 crore, up 30.8% over the previous year’s Rs 4,179 crore.
Sharing the results, VP Nandakumar, MD & CEO, said, “We ended the fiscal 2019-20 on a strong note, recording good growth in business and profitability in the fourth quarter despite the setback towards the end related to Covid. Going forward, we feel we are well positioned to tackle the economic fallout and maintain the momentum in this year too.”
The company’s consolidated assets under management (AUM) stood at Rs 25,225 crore, up 29.8% compared to Rs 19,438 crore in the previous year. Growth was led by gold loans, which grew 30.90% to reach Rs 16,967 crore. Gold holding went up from 67.5 tonne to 72.4 tonne, an increase of 7.2% over the year. Aggregate gold loan disbursements during the year went up to Rs 168,909 crore from Rs 89,649 crore in the previous year. As of March 31, 2020, the number of live gold loan customers stood at 26.2 lakh.
Besides gold loans, the company’s microfinance subsidiary, Asirvad Microfinance, also registered an impressive growth, closing the year with an AUM of Rs 5,503 crore, an increase of 43.3% over Rs 3,841 crore in the previous fiscal. The vehicle and equipment finance division saw its AUM grow 20.6 % to Rs 1,344.35 crore while the company’s home finance subsidiary contributed Rs 630 crore to the total AUM, against Rs 519 crore in the previous year. Overall, the non-gold businesses contributed a 32.7% to the total portfolio.
The net NPA position of the company stood at 0.47% and gross NPA at 0.88%, as of March 31, 2020.