Manappuram Finance consolidated net up 51% at Rs 393 cr

Kerala-based gold loan major Manappuram Finance on Friday reported a 50.76% rise in its consolidated net profit at Rs 393.49 crore for the third quarter of FY23 as compared to Rs 261.01 crore reported in the year-ago quarter.

Income from operations stood at Rs 1,714.12 crore as compared to Rs 1,484.45 crore, recording a growth of 15.47%. The company’s consolidated assets under management (AUM) also grew 4.85% to Rs 31, 883.37 crore from Rs 30, 407.13 crore. It has declared an interim dividend of Rs 0.75 per equity share of face value of Rs 2.

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VP Nandakumar, MD & CEO, Manappuram Finance, said, “It is heartening that we have posted an increase in profit of 51% year-on-year.” He also expressed satisfaction over the performance of Asirvad, the company’s microfinance subsidiary.

Manappuram‘s gold loan portfolio stood at Rs 18,614.13 crore, while the number of live gold loan customers reached nearly 2.37 million in this period. Asirvad Microfinance’s AUM grew 22.05% to Rs 8, 653.45 crore from Rs 7,090.15 crore in the year-ago quarter and 12.96% q-o-q.

Its home loans subsidiary, Manappuram Home Finance, reported AUM of Rs 1,004.80 crore (Rs 816.65 crore in Q3FY22) registering a y-o-y growth of 23.04%, while its vehicles and equipment finance division posted an AUM of Rs 2,112.12 crore, 39.91% higher than Rs 1,509.67 crore in the year-ago period.

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In aggregate, the company’s non-gold loan businesses account for 42% of its consolidated AUM. Average borrowing cost for the standalone entity was 8.14% during the quarter, while gross non-performing assets (NPA) (standalone) stood at 1.61% and net NPA at 1.42%.

The company’s consolidated net worth stood at Rs 9,279 crore for the quarter, registering an increase of 13.71% y-o-y. The book value per share was at Rs 109.63 and its capital adequacy ratio (standalone) stood at 32.86%. On a consolidated basis, total borrowings stood at Rs 27,018.66 crore, while it had 5.45 million live customers as on December 31, 2022.