Manapurram Finance reports 63% yoy rise in PAT in Q3FY20

Manapurram Finance reports 63% yoy rise in PAT in Q3FY20
Manappuram Finance Ltd. declared a consolidated net profit of Rs397.84cr for the December 2019 quarter, a substantial 63% increase over Rs244.11cr recorded in Q3 of the preceding fiscal year.

Net profit of the standalone entity (which excludes subsidiaries) is reported at Rs332.42cr. Importantly, the company’s consolidated net profit in the first nine-months of the current fiscal year has crossed the Rs1,000cr mark.

Total consolidated operating income during the quarter stood at Rs1,399.02cr, a growth of 29.40% over Rs1,081.20cr reported in the year-ago quarter. Consolidated assets under management (AUM) grew by 35.52% to Rs24,099.95cr, from Rs17,783.10cr a year ago.

The Board of Directors met at Valapad today to consider the results and approved payment of an interim dividend of Rs0.55 per share of the face value of Rs2.

The company’s Gold loan AUM increased by 29.69 per cent to Rs16,242.95cr, from Rs12,524.91cr in the year-ago quarter. The gold loans business also added 3.25 lakh new customers and disbursed loans worth Rs40,304.26cr in aggregate in the quarter. The number of live gold loan customers stood at 26.4 lakh as of December 31, 2019.

The company’s microfinance subsidiary, Asirvad Microfinance Ltd., ended the quarter with an AUM of Rs5,022.14cr, representing a growth of 57.18% compared to Rs3,195.16cr recorded as AUM in the year-ago quarter. Its home loans subsidiary, Manappuram Home Finance Ltd., reported an AUM of Rs601.23cr, while the Vehicles & Equipment Finance division reported an AUM of Rs1,397.40cr. In aggregate, the company’s non-gold loan businesses have contributed 33% of its total consolidated AUM.

Sharing the results with the media, Mr. V.P. Nandakumar, MD & CEO, said, “Our performance so far in the current fiscal is in line with our guidance. All our subsidiaries and business verticals have made worthwhile contributions to the overall performance. We now look forward to a strong finish in the fourth quarter.”

For the standalone entity, the average borrowing cost during the quarter decreased by 18 bps to 9.12 per cent. The capital adequacy ratio stood at 23.36 per cent while the Gross NPA was at 0.50% for the standalone entity.

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