Manappuram sparkles, q2 net profit up 82% to ₹402 CRORE
Manappuram Finance Ltd. has declared a consolidated net profit of ₹402.28 crore for the quarter ended September 30, 2019, a sharp increase of 82 percent over ₹221.39 crore recorded in same quarter last year. Net profit of the standalone entity (which excludes subsidiaries) is reported at ₹334.72 crore.
Total consolidated operating income during the quarter stood at ₹1,286.78 crore, an increase of 26.85 percent over ₹1,014.44 crores reported in the year-ago quarter. Consolidated assets under management (AUM) grew by 31.91 percent to ₹22,676.93 crore, from ₹17,190.70 crores reported in the year-ago quarter.
The Board of Directors met at Valapad today to consider the results and approved payment of an interim dividend of ₹0.55 per share with face value of ₹2.
Gold loan Assets under Management (AUM) increased by 20.45 percent to ₹15,168.34 crore, from ₹12,592.80 crore in the year ago quarter. The gold loans business also added 3.62 lakh new customers, and disbursed loans worth ₹50,296.26 crore in aggregate. The number of live gold loan customers stood at 25.9 lakh as of September 30, 2019.
The company’s microfinance subsidiary, Asirvad Microfinance, ended the quarter with an AUM of ₹4,724.25 crore, a growth of 73.12 percent over the AUM of ₹2,728.94 crore recorded in the year ago quarter. It's home loans subsidiary, Manappuram Home Finance, reported an AUM of ₹567.93 crore while the Commercial Vehicles division ended the quarter with an AUM of ₹1,317.76 crore. In aggregate, the company’s non-gold loan businesses have contributed 33 percent of its total consolidated AUM.
Sharing the results with the media, Mr. V.P. Nandakumar, MD & CEO, said, “Our Q2 performance represents continued progress along our stated objective of growth with profitability. We have achieved good increase in business volumes and profitability thanks to strong all-round performance from all our verticals. We are now well placed to keep up the momentum.”
The company’s consolidated net worth stood at ₹5,061.80 crore as of September 30, 2019. The book value per share was reported at ₹60.03 while the total borrowings of the company amounted to at ₹18,346 crore. For the standalone entity, average borrowing cost decreased marginally by 4 bps to 9.30 percent during the quarter. The capital adequacy ratio was at 22.66 percent while the Gross NPA position stood at 0.55 percent for the standalone entity.