Manappuram Finance consolidated net doubles to Rs. 202 crore in Q3

Thursday, February 09, 2017
The Hindu Business Line

Manappuram Finance has recorded a consolidated net profit of Rs.202.54 crore during the December quarter of this fiscal, which is 101.9 per cent higher than that profit recorded in the year-ago period.

Sequentially, the net profit was up 5.3 per cent.

‘Back to normal’
The board of directors, which met at Valapad (Thrissur) on Wednesday to consider the results, approved payment of an interim dividend of Rs.0.50 per share of face value of Rs.2.

VP Nandakumar, MD and CEO, Manappuram Finance, said that the quarterly performance was affected by the dislocation caused by demonetisation.

“However, the situation is now almost back to normal and we expect to revert to business as usual at the earliest,” he added.

The average borrowing cost declined by a further 24 basis points to 9.86 per cent during the quarter. The cost has fallen by 78 bps over the last one year and 234 bps over the last two years.
The company’s consolidated net worth stood at Rs.3,210 crore as of December 31, 2016, and the book value per share, at Rs.38.15.

Capital adequacy ratio was 22.77 per cent, and the total consolidated borrowings, Rs.12,211 crore.
Total consolidated operating income registered an increase of 46.1 per cent to Rs.900.51crore over that of the year-ago quarter. Sequentially, there was a 6.9 per cent rise.

Consolidated assets under management (AUM) stood at Rs.14,555 crore, a growth of 37.6 per cent. The company also registered a healthy 27.3 per cent growth in its gold loan AUM to Rs.12,267 crore.

Aggregate gold loans disbursed during the quarter amounted to Rs.12,060 crore. The gold loans business added 3.64 lakh new customers taking the number of live gold loan customers to 22.48 lakh.

The company’s micro-finance subsidiary, Asirvad Microfinance, ended the quarter with an AUM of Rs.1,650 crore, up 136 per cent over the year ago and 5 per cent sequentially.

The contribution of new businesses to the consolidated AUM has increased to 15.7 per cent compared to 14.5 per cent in the previous quarter.

Link: http://www.thehindubusinessline.com/money-and-banking/manappuram-finance-results/article9532603.ece