Manappuram Finance Ltd

Manappuram Finance Ltd

₹ 188 -1.95%
19 Jun 10:29 a.m.
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 15,913 Cr.
  • Current Price 188
  • High / Low 207 / 122
  • Stock P/E 7.30
  • Book Value 136
  • Dividend Yield 1.87 %
  • ROCE 13.8 %
  • ROE 20.6 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Revenue 1,622 1,563 1,532 1,484 1,481 1,502 1,696 1,715 1,776 2,026 2,157 2,309 2,360
Interest 524 493 492 531 495 505 528 566 589 648 689 749 779
440 451 526 572 584 568 587 575 587 671 675 729 772
Financing Profit 658 619 514 381 402 429 581 574 600 706 792 831 808
Financing Margin % 41% 40% 34% 26% 27% 29% 34% 33% 34% 35% 37% 36% 34%
8 10 22 22 10 1 18 19 23 31 17 18 2
Depreciation 44 43 41 56 58 49 46 53 56 56 62 62 65
Profit before tax 622 586 495 348 354 381 553 541 567 681 747 786 746
Tax % 25% 26% 25% 25% 26% 26% 26% 27% 27% 27% 25% 27% 24%
468 437 370 261 261 282 409 393 415 498 561 575 563
EPS in Rs 5.53 5.16 4.37 3.08 3.08 3.33 4.82 4.63 4.88 5.86 6.60 6.77 6.63
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Revenue 165 2,100 1,988 2,369 3,406 3,421 4,180 5,465 6,331 6,061 6,684 8,848
Interest 39 1,027 877 947 1,169 1,030 1,345 1,832 2,219 2,011 2,188 2,866
78 678 648 820 1,011 1,344 1,365 1,547 1,669 2,133 2,317 2,848
Financing Profit 48 396 462 601 1,225 1,047 1,469 2,086 2,443 1,916 2,179 3,134
Financing Margin % 29% 19% 23% 25% 36% 31% 35% 38% 39% 32% 33% 35%
1 11 5 3 3 58 63 86 44 65 66 72
Depreciation 3 64 54 56 63 68 75 164 171 198 204 246
Profit before tax 46 343 414 548 1,166 1,037 1,457 2,007 2,316 1,784 2,041 2,960
Tax % 35% 34% 34% 35% 35% 35% 35% 26% 26% 26% 26% 26%
30 226 271 355 758 676 949 1,480 1,725 1,329 1,500 2,197
EPS in Rs 0.86 2.69 3.23 4.20 8.98 8.04 11.16 17.37 20.37 15.70 17.67 25.86
Dividend Payout % 15% 67% 42% 54% 17% 25% 19% 16% 10% 19% 17% 14%
Compounded Sales Growth
10 Years: 15%
5 Years: 16%
3 Years: 12%
TTM: 32%
Compounded Profit Growth
10 Years: 26%
5 Years: 18%
3 Years: 8%
TTM: 46%
Stock Price CAGR
10 Years: 23%
5 Years: 8%
3 Years: 6%
1 Year: 52%
Return on Equity
10 Years: 20%
5 Years: 21%
3 Years: 18%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 17 168 168 168 168 169 169 169 169 169 169 169
Reserves 144 2,324 2,465 2,590 3,193 3,645 4,378 5,577 7,138 8,199 9,476 11,379
Preference Capital 4 0 0 0 0 0 0 0 0 0 0
451 7,795 8,632 9,638 10,986 12,607 15,297 23,022 23,327 24,816 29,167 34,320
48 551 352 443 804 609 602 767 703 623 693 880
Total Liabilities 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338 33,808 39,504 46,748
28 202 206 230 222 310 367 803 926 1,052 1,094 1,070
CWIP 0 5 1 0 1 0 1 3 8 13 17 33
Investments 1 796 217 49 5 5 174 90 338 421 534 726
631 9,836 11,193 12,560 14,925 16,715 19,904 28,639 30,066 32,322 37,860 44,918
Total Assets 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338 33,808 39,504 46,748

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-235 2,924 -888 -1,042 -1,271 -33 -1,661 -3,620 -619 -423 -3,103 -3,383
-10 2 649 72 -25 -148 -371 26 -186 -193 -616 -593
290 -2,923 265 772 1,211 293 2,388 6,049 59 438 3,849 4,025
Net Cash Flow 46 4 26 -198 -84 112 356 2,455 -747 -177 130 49

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
ROE % 29% 11% 13% 25% 19% 22% 28% 26% 17% 17% 21%

Shareholding Pattern

Numbers in percentages

6 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
34.99% 35.05% 35.06% 35.06% 35.15% 35.18% 35.20% 35.20% 35.20% 35.20% 35.20% 35.20%
35.86% 34.93% 34.81% 29.83% 28.91% 28.36% 30.07% 30.17% 30.73% 27.08% 28.95% 31.99%
10.98% 13.43% 14.33% 15.80% 13.50% 12.18% 11.57% 13.54% 10.65% 12.25% 12.15% 9.50%
18.17% 16.59% 15.80% 19.31% 22.44% 24.27% 23.16% 21.11% 23.42% 25.47% 23.69% 23.32%
No. of Shareholders 2,31,3952,56,3072,61,4763,46,5434,06,9374,22,0874,00,3723,90,4903,70,9933,50,7103,85,1174,37,488

* 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.

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Documents

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