Manappuram sustains growth in third quarter
Manappuram Finance Ltd has declared its third quarter results. Net profit for the quarter ended December 31, 2014 is reported at Rs.80.64 crores, an increase of 5.5% compared to Rs. 76.43 crores in the preceding September quarter. Net profit in the corresponding Q3 of FY-2013-14 stood at Rs.71.06 crores.
Operating income for the quarter increased to Rs.515.73 crores as against Rs.502.84 crores reported in the previous quarter. The same was reported at Rs.534.87 crores in Q3 of the previous fiscal year. The increase in profits follows continuing growth in business volumes. The company recorded a 3.4% increase in its gold loan Assets under Management (AUM) to Rs.8,823 crores as against Rs. 8,530 crores reported in Q2 of the year. Aggregate gold loans disbursed during the quarter amounted to Rs.5,932 crores. At the same time, gross NPAs have fallen to 1% of AUM from 2.01% in the previous quarter, which is attributed to the focus on recoveries.
The Board of Directors, which met at Valapad (Thrissur) today to consider the results, also approved payment of interim dividend of Rs.0.45 per share of face value of Rs 2/-
Sharing the results with the media, Mr. V.P. Nandakumar, MD & CEO, said, “The fact that we have succeeded in growing our business over the last two quarters confirms that the uptrend is here to stay. We are now confident that we can sustain moderate growth in business in the coming quarters too.”
The company added 2.43 lakh new customers during the quarter taking the number of live customers to 16.80 lakhs. The company’s net worth stood at Rs 2,603.1 crores as of Dec 31, 2014. Tier I capital of the company is at 26.24%. Book value per share stands at Rs.30.95. The company has a network of 3293 branches spread across 27 states and UTs.
The company has recently entered new areas of business such as housing finance and vehicle loans. Experienced teams with extensive industry experience have been put in place in these businesses and disbursements have also commenced. Further, the company’s acquisition of Asirvad Microfinance Private Limited, announced earlier in October 2014, is in an advanced stage of completion.
Results at a glance
| Particulars | Q32014-15 | Q22014-15 | Q-QGrowth (%) | Q32013-14 | Y-YGrowth % |
| Income from operations |
515.73 |
502.84 |
2.6% |
534.87 |
-3.6% |
| Profits before tax |
122.71 |
116.16 |
5.6% |
108.20 |
13.4% |
| Profit after tax |
80.64 |
76.44 |
5.5% |
71.06 |
13.5% |
| Total AUM |
8,823 |
8,530 |
3.4% |
8,530 |
3.4% |
| Gold Loans Disbursed |
5,966 |
5,835 |
2.2% |
5,007 |
19.1% |
| Net Worth |
2,603 |
2,568 |
1.4% |
2,548 |
2.2% |
| Number of Branches |
3,293 |
3,293 |
— |
3,293 |
— |
About Manappuram Finance Ltd.
Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala. The company went public in August 1995 and its shares are listed on the stock exchanges of Mumbai, Chennai, and Kochi.
As of December 31, 2014, Manappuram Finance had 3,293 branches across 27 states and UTs with Assets under management (AUM) of Rs. 88.23 billion. The company’s net worth stood at Rs. 26.03 billion.
