Manappuram Finance Q1 net rises 18.72 % to Rs 436.85 cr

By: |
August 11, 2021 4:47 AM

The Kerala-based lender, which also operates a home loan, micro-finance and commercial vehicle leasing subsidiary, has reported a standalone net profit of Rs 425.21 crore, an increase of 15 % from Rs 369.11 crore reported in the year-ago quarter.

The lender’s non-gold loan businesses now account for a 33% share of its consolidated AUM.

NBFC Manappuram Finance on Tuesday reported a 18.72 % year-on-year(y-o-y) increase in its consolidated net profit for the first quarter to Rs 436.85 crore.

The Kerala-based lender, which also operates a home loan, micro-finance and commercial vehicle leasing subsidiary, has reported a standalone net profit of Rs 425.21 crore, an increase of 15 % from Rs 369.11 crore reported in the year-ago quarter.

However, sequentially the lender has reported a 6.7 % drop in consolidated net profit from Rs 468.35 crore reported in Q4FY21.

Sharing the results with the media, MD & CEO V P Nandakumar said, “We maintained our profitability in a challenging quarter that bore the brunt of the second wave, when many of our branches suffered disruption due to local lockdowns. However, with the strong economic recovery now underway, we expect that the business volumes will regain growth momentum.”

Total consolidated operating income during the quarter stood at Rs1,563.30 crore, an increase of 3.36 % against Rs 1,512.53 crore reported in the year-ago quarter. Consolidated assets under management (AUM) declined 2.33 % to Rs 24,755.99 crore, from Rs 25,345.83 crore reported a year ago.

Gross NPA stands at 1.97 % with net NPA reported at 1.62 %.

The company’s gold loan portfolio posted a 6.75 % decline to Rs 16,539.51 crore from Rs 17,736.79 crore in the year-ago quarter. The aggregate gold loans disbursed during the quarter amounted to Rs 35,419.36 crore while the number of live gold loan customers stood at 24.1 lakh as on June 30.

The company’s micro-finance subsidiary Asirvad Microfinance closed the quarter with an AUM of Rs 6,052.60 crore, 20.13% growth over Rs 5,038.31 crore recorded in the year-ago quarter.

The lender’s non-gold loan businesses now account for a 33% share of its consolidated AUM. Average borrowing costs for the standalone entity went down during the quarter by 78 basis points to 8.61% as compared to the year-ago quarter.

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