Manappuram Finance Ltd

Manappuram Finance Ltd

₹ 173 -0.63%
28 Mar - close price
About

Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC(NBFC-ND).(Source : 202003 Annual Report Page No:120)

Key Points

Fast growth period (FY08-FY12)
Due to rapid increase in gold prices, Manappuram grew their branch network > 6.5x in a period of 4-years, from 436 branches in FY08 to 2,908 in FY12. [1] During this period, AUM grew at >90% CAGR reaching 11,532 Cr. and gold tonnage increased to 65.6 ton.
As a result, RBI removed priority sector status for gold financiers in March 2012 and further reduced loan to value ratio to 60% for NBFCs vs 85% for banks.[2] This was later normalized to the previous limit in September 2013.

  • Market Cap 14,656 Cr.
  • Current Price 173
  • High / Low 199 / 102
  • Stock P/E 9.53
  • Book Value 114
  • Dividend Yield 1.73 %
  • ROCE 11.6 %
  • ROE 15.0 %
  • Face Value 2.00

Pros

Cons

  • The company has delivered a poor sales growth of 10.4% over past five years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Revenue 1,353 1,315 1,238 1,170 1,101 1,055 1,110 1,245 1,244 1,204 1,340 1,451 1,522
Interest 437 408 363 340 352 337 351 367 398 383 415 443 481
258 264 271 322 368 327 335 371 377 376 385 402 415
Financing Profit 658 643 603 508 381 391 424 507 468 446 540 606 626
Financing Margin % 49% 49% 49% 43% 35% 37% 38% 41% 38% 37% 40% 42% 41%
2 3 6 0 10 8 1 8 5 11 17 6 6
Depreciation 37 39 38 34 45 40 35 41 42 44 44 47 48
Profit before tax 623 608 570 474 346 359 390 473 431 413 513 564 584
Tax % 25% 25% 25% 25% 25% 26% 26% 26% 26% 25% 26% 26% 27%
465 458 425 355 259 265 290 349 318 309 381 420 429
EPS in Rs 5.50 5.41 5.02 4.19 3.06 3.13 3.43 4.12 3.76 3.65 4.50 4.96 5.06
Gross NPA % 1.30% 1.90% 2.00% 1.60% 1.40% 3.00% 1.40% 2.00% 2.00% 1.33% 1.45% 1.56% 1.99%
Net NPA % 0.80% 1.50% 1.60% 1.30% 1.00% 2.70% 1.30% 1.80% 1.00% 1.15% 1.24% 1.35% 1.75%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Revenue 2,645 2,260 2,100 1,976 2,213 3,007 2,927 3,418 4,311 5,172 4,563 4,802 5,517
Interest 1,089 1,189 1,027 872 884 1,003 794 1,018 1,391 1,720 1,392 1,498 1,722
641 709 678 642 759 833 1,043 1,123 1,127 1,048 1,288 1,460 1,577
Financing Profit 915 361 396 461 570 1,172 1,090 1,277 1,793 2,404 1,883 1,844 2,218
Financing Margin % 35% 16% 19% 23% 26% 39% 37% 37% 42% 46% 41% 38% 40%
10 7 11 5 2 1 27 9 41 21 24 25 40
Depreciation 48 62 64 54 53 58 61 68 154 156 157 163 183
Profit before tax 877 306 343 412 519 1,115 1,055 1,218 1,680 2,270 1,750 1,706 2,074
Tax % 33% 32% 34% 34% 35% 35% 35% 35% 27% 25% 25% 26%
591 208 226 271 337 726 689 790 1,230 1,698 1,305 1,266 1,539
EPS in Rs 7.03 2.48 2.69 3.22 4.01 8.62 8.18 9.38 14.56 20.06 15.41 14.96 18.17
Dividend Payout % 21% 61% 67% 42% 45% 17% 24% 23% 19% 10% 19% 20%
Compounded Sales Growth
10 Years: 8%
5 Years: 10%
3 Years: 4%
TTM: 19%
Compounded Profit Growth
10 Years: 20%
5 Years: 13%
3 Years: 1%
TTM: 26%
Stock Price CAGR
10 Years: 23%
5 Years: 7%
3 Years: 5%
1 Year: 42%
Return on Equity
10 Years: 19%
5 Years: 20%
3 Years: 19%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 168 168 168 168 168 168 169 169 169 169 169 169 169
Reserves 2,213 2,275 2,324 2,459 2,569 3,142 3,644 4,224 5,187 6,732 7,774 8,811 9,481
9,294 9,815 7,795 8,392 8,800 9,163 10,238 12,743 18,093 18,234 18,541 19,804 22,894
401 470 551 313 374 672 543 511 338 518 487 554 563
Total Liabilities 12,077 12,728 10,838 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,106
224 210 197 171 190 179 265 326 741 861 892 869 850
CWIP 14 31 5 1 0 0 0 1 3 6 11 16 24
Investments 218 698 812 379 324 324 378 1,011 932 1,200 1,215 1,454 1,757
11,620 11,789 9,825 10,780 11,397 12,643 13,950 16,309 22,111 23,587 24,852 26,998 30,475
Total Assets 12,077 12,728 10,838 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,106

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-2,066 1,262 2,923 -827 -361 -283 -53 -1,442 -2,506 150 -112 -298
-459 -371 -1 508 -27 -32 -201 -760 34 -261 -118 -280
2,534 -694 -2,923 261 181 248 283 2,206 4,268 -87 -100 888
Net Cash Flow 8 197 -0 -58 -207 -68 28 3 1,796 -197 -330 310

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
ROE % 27% 9% 9% 11% 13% 24% 19% 19% 25% 28% 18% 15%

Shareholding Pattern

Numbers in percentages

7 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
34.99% 34.99% 35.05% 35.06% 35.06% 35.15% 35.18% 35.20% 35.20% 35.20% 35.20% 35.20%
38.58% 35.86% 34.93% 34.81% 29.83% 28.91% 28.36% 30.07% 30.17% 30.73% 27.08% 28.95%
8.88% 10.98% 13.43% 14.33% 15.80% 13.50% 12.18% 11.57% 13.54% 10.65% 12.25% 12.15%
17.55% 18.17% 16.59% 15.80% 19.31% 22.44% 24.27% 23.16% 21.11% 23.42% 25.47% 23.69%
No. of Shareholders 2,14,3952,31,3952,56,3072,61,4763,46,5434,06,9374,22,0874,00,3723,90,4903,70,9933,50,7103,85,117

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls