Manappuram Finance Ltd

About

Manappuram Finance is engaged in the business of leading Non-Banking Financial Company (NBFC) serving the credit requirements of people belonging to the lower socio-economic classes, particularly in rural and semi-urban areas of India.

  • Market Cap 14,685 Cr.
  • Current Price 174
  • High / Low 195 / 74.2
  • Stock P/E 9.33
  • Book Value 76.2
  • Dividend Yield 1.27 %
  • ROCE 16.0 %
  • ROE 28.8 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 40.42% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.99%

Cons

  • Company has low interest coverage ratio.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
Revenue 872 887 936 1,014 1,081 1,148 1,191 1,343 1,399 1,605 1,513 1,566
Interest 260 268 294 317 354 379 406 448 447 581 567 571
339 340 325 341 340 359 348 354 382 460 413 421
Financing Profit 273 280 317 356 387 410 437 541 570 565 533 574
Financing Margin % 31% 32% 34% 35% 36% 36% 37% 40% 41% 35% 35% 37%
Other Income 10 14 11 13 20 18 10 47 15 13 4 12
Depreciation 17 18 19 19 19 19 40 40 41 44 44 42
Profit before tax 265 276 309 350 388 409 407 548 544 534 492 544
Tax % 35% 34% 35% 36% 36% 32% 34% 21% 26% 25% 25% 26%
Net Profit 171 179 198 222 245 275 264 428 399 395 368 406
EPS in Rs 2.03 2.13 2.35 2.64 2.91 3.26 3.14 5.08 4.72 4.67 4.36 4.79
Gross NPA % 0.70% 0.70% 0.70% 0.70% 0.58% 0.55% 0.71% 0.60% 0.50% 0.88%
Net NPA % 0.30% 0.30% 0.20% 0.30% 0.40% 0.30% 0.20%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
Revenue 20 44 80 165 2,100 1,988 2,369 3,406 3,421 4,180 5,465 6,082
Interest 7 9 14 39 1,027 877 947 1,169 1,030 1,345 1,832 2,165
7 18 32 78 678 648 820 1,011 1,344 1,365 1,547 1,676
Financing Profit 7 17 34 48 396 462 601 1,225 1,047 1,469 2,086 2,241
Financing Margin % 33% 40% 42% 29% 19% 23% 25% 36% 31% 35% 38% 37%
Other Income 0 0 0 1 11 5 3 3 58 63 86 44
Depreciation 0 1 2 3 64 54 56 63 68 75 164 171
Profit before tax 6 17 33 46 343 414 548 1,166 1,037 1,457 2,007 2,115
Tax % 35% 35% 34% 35% 34% 34% 35% 35% 35% 35% 26%
Net Profit 4 11 21 30 226 271 353 756 677 940 1,468 1,568
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 18.54
Dividend Payout % 20% 18% 10% 15% 67% 42% 54% 17% 25% 19% 16%
Compounded Sales Growth
10 Years:%
5 Years:22%
3 Years:17%
TTM:28%
Compounded Profit Growth
10 Years:%
5 Years:40%
3 Years:25%
TTM:29%
Stock Price CAGR
10 Years:8%
5 Years:46%
3 Years:20%
1 Year:12%
Return on Equity
10 Years:%
5 Years:23%
3 Years:24%
Last Year:29%

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 Sep 2020
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 6,282
Borrowings 66 93 174 451 7,795 8,632 9,638 10,986 12,607 15,297 22,265 25,235
28 29 75 48 551 352 443 804 609 605 972 575
Total Liabilities 110 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 28,951 32,261
5 11 16 28 202 206 230 222 310 367 803 843
CWIP -0 -0 -0 0 5 1 -0 1 0 1 3 4
Investments 2 2 2 1 796 217 49 5 5 174 90 61
104 134 274 631 9,836 11,193 12,560 14,925 16,715 19,904 28,055 31,353
Total Assets 110 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 28,951 32,261

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
-0 -26 -57 -235 2,924 -888 -1,042 -1,271 -33 -1,661 -3,625
-2 -6 -6 -10 2 649 72 -25 -148 -371 26
1 20 109 290 -2,923 265 772 1,211 293 2,388 6,052
Net Cash Flow -1 -12 46 46 4 26 -198 -84 112 356 2,453

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
ROE % 46% 35% 23% 11% 13% 25% 19% 23% 29%

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
34.66 34.64 34.64 35.14 35.14 35.14 35.12 35.12 35.05 35.05 35.04 35.00
0.00 0.00 37.83 38.18 39.44 44.18 44.74 43.27 44.37 39.50 38.45 39.09
42.65 44.35 7.25 6.75 5.72 3.89 4.61 5.93 5.67 8.43 9.77 8.68
0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
22.66 21.01 20.28 19.93 19.70 16.79 15.53 15.68 14.91 17.02 16.74 17.23

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