Manappuram Finance Ltd

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.

See full details
  • Market Cap 16,530 Cr.
  • Current Price 195
  • High / Low 218 / 139
  • Stock P/E 9.22
  • Book Value 86.3
  • Dividend Yield 1.02 %
  • ROCE 15.3 %
  • ROE 26.5 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 37.33% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.11%

Cons

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
Revenue 1,014 1,081 1,148 1,191 1,343 1,436 1,605 1,513 1,566 1,644 1,622 1,563
Interest 317 354 379 406 448 469 581 567 571 557 524 493
341 340 359 348 354 381 460 413 421 394 440 451
Financing Profit 356 387 410 437 541 586 565 533 574 692 658 619
Financing Margin % 35% 36% 36% 37% 40% 41% 35% 35% 37% 42% 41% 40%
Other Income 13 20 18 10 47 15 13 4 12 6 8 10
Depreciation 19 19 19 40 40 41 44 44 42 41 44 43
Profit before tax 350 388 409 407 548 560 534 492 544 657 622 586
Tax % 36% 36% 32% 34% 21% 26% 25% 25% 26% 26% 25% 26%
Net Profit 222 245 275 264 428 410 395 368 406 482 468 437
EPS in Rs 2.64 2.91 3.26 3.14 5.08 4.86 4.67 4.36 4.79 5.70 5.53 5.16
Gross NPA % 0.70% 0.58% 0.55% 0.71% 0.60% 0.50% 0.88%
Net NPA % 0.20% 0.30% 0.40% 0.30% 0.20%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
Revenue 20 44 80 165 2,100 1,988 2,369 3,406 3,421 4,180 5,465 6,331 6,395
Interest 7 9 14 39 1,027 877 947 1,169 1,030 1,345 1,832 2,219 2,145
7 18 32 78 678 648 820 1,011 1,344 1,365 1,547 1,669 1,707
Financing Profit 7 17 34 48 396 462 601 1,225 1,047 1,469 2,086 2,443 2,543
Financing Margin % 33% 40% 42% 29% 19% 23% 25% 36% 31% 35% 38% 39% 40%
Other Income 0 0 0 1 11 5 3 3 58 63 86 44 37
Depreciation 0 1 2 3 64 54 56 63 68 75 164 171 169
Profit before tax 6 17 33 46 343 414 548 1,166 1,037 1,457 2,007 2,316 2,410
Tax % 35% 35% 34% 35% 34% 34% 35% 35% 35% 35% 26% 26%
Net Profit 4 11 21 30 226 271 353 756 677 940 1,468 1,724 1,793
EPS in Rs 0.18 0.49 0.97 0.86 2.69 3.23 4.20 8.98 8.04 11.16 17.37 20.37 21.18
Dividend Payout % 20% 18% 10% 15% 67% 42% 54% 17% 25% 19% 16% 10%
Compounded Sales Growth
10 Years:%
5 Years:22%
3 Years:23%
TTM:8%
Compounded Profit Growth
10 Years:%
5 Years:37%
3 Years:37%
TTM:12%
Stock Price CAGR
10 Years:13%
5 Years:14%
3 Years:40%
1 Year:20%
Return on Equity
10 Years:%
5 Years:25%
3 Years:26%
Last Year:26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8 15 62 21 168 168 168 168 169 169 169 169
Reserves 11 14 32 144 2,324 2,465 2,590 3,193 3,645 4,375 5,545 7,138
Borrowings 66 93 174 451 7,795 8,632 9,638 10,986 12,607 15,297 23,022 23,317
28 29 75 48 551 352 443 804 609 605 799 714
Total Liabilities 110 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338
5 11 16 28 202 206 230 222 310 367 803 926
CWIP 0 0 0 0 5 1 0 1 0 1 3 8
Investments 2 2 2 1 796 217 49 5 5 174 90 338
104 134 274 631 9,836 11,193 12,560 14,925 16,715 19,904 28,639 30,066
Total Assets 110 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-0 -26 -57 -235 2,924 -888 -1,042 -1,271 -33 -1,661 -3,620 -619
-2 -6 -6 -10 2 649 72 -25 -148 -371 26 -186
1 20 109 290 -2,923 265 772 1,211 293 2,388 6,049 59
Net Cash Flow -1 -12 46 46 4 26 -198 -84 112 356 2,455 -747

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROE % 46% 35% 23% 11% 13% 25% 19% 22% 29% 26%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
35.14 35.14 35.12 35.12 35.05 35.05 35.04 35.00 35.00 34.99 34.99 35.05
39.44 44.18 44.74 43.27 44.37 39.50 38.45 39.09 39.53 38.58 35.86 34.93
5.72 3.89 4.61 5.93 5.67 8.43 9.77 8.68 9.15 8.88 10.98 13.43
19.70 16.79 15.53 15.68 14.91 17.02 16.74 17.23 16.32 17.55 18.17 16.59

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