Manappuram Finance Ltd

₹ 108 6.39%
05 Aug - 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 9,154 Cr.
  • Current Price 108
  • High / Low 224 / 81.5
  • Stock P/E 7.80
  • Book Value 98.9
  • Dividend Yield 2.77 %
  • ROCE 11.9 %
  • ROE 16.9 %
  • Face Value 2.00

Pros

  • Stock is trading at 1.09 times its book value

Cons

  • Company has low interest coverage ratio.

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
Revenue 1,191 1,343 1,436 1,605 1,513 1,566 1,644 1,622 1,563 1,532 1,484 1,481 1,502
Interest 406 448 469 581 567 571 557 524 493 492 531 495 505
348 354 381 460 413 421 394 440 451 526 572 584 568
Financing Profit 437 541 586 565 533 574 692 658 619 514 381 402 429
Financing Margin % 37% 40% 41% 35% 35% 37% 42% 41% 40% 34% 26% 27% 29%
10 47 15 13 4 12 6 8 10 22 22 10 1
Depreciation 40 40 41 44 44 42 41 44 43 41 56 58 49
Profit before tax 407 548 560 534 492 544 657 622 586 495 348 354 381
Tax % 34% 21% 26% 25% 25% 26% 26% 25% 26% 25% 25% 26% 26%
Net Profit 264 428 410 395 368 406 482 468 437 370 261 261 282
EPS in Rs 3.14 5.08 4.86 4.67 4.36 4.79 5.70 5.53 5.16 4.37 3.08 3.08 3.33
Gross NPA % 0.71% 0.60% 0.50% 0.71%
Net NPA % 0.40% 0.30% 0.20% 0.40%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
Revenue 44 80 165 2,100 1,988 2,369 3,406 3,421 4,180 5,465 6,331 6,061 6,000
Interest 9 14 39 1,027 877 947 1,169 1,030 1,345 1,832 2,219 2,011 2,023
18 32 78 678 648 820 1,011 1,344 1,365 1,547 1,669 2,133 2,250
Financing Profit 17 34 48 396 462 601 1,225 1,047 1,469 2,086 2,443 1,916 1,727
Financing Margin % 40% 42% 29% 19% 23% 25% 36% 31% 35% 38% 39% 32% 29%
0 0 1 11 5 3 3 58 63 86 44 65 56
Depreciation 1 2 3 64 54 56 63 68 75 164 171 198 204
Profit before tax 17 33 46 343 414 548 1,166 1,037 1,457 2,007 2,316 1,784 1,578
Tax % 35% 34% 35% 34% 34% 35% 35% 35% 35% 26% 26% 26%
Net Profit 11 21 30 226 271 353 756 677 940 1,468 1,724 1,328 1,174
EPS in Rs 0.49 0.97 0.86 2.69 3.23 4.20 8.98 8.04 11.16 17.37 20.37 15.70 13.86
Dividend Payout % 18% 10% 15% 67% 42% 54% 17% 25% 19% 16% 10% 19%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 13%
TTM: -6%
Compounded Profit Growth
10 Years: %
5 Years: 12%
3 Years: 12%
TTM: -35%
Stock Price CAGR
10 Years: 12%
5 Years: 2%
3 Years: -4%
1 Year: -48%
Return on Equity
10 Years: %
5 Years: 23%
3 Years: 23%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
15 62 21 168 168 168 168 169 169 169 169 169
Reserves 14 32 144 2,324 2,465 2,590 3,193 3,645 4,375 5,545 7,138 8,199
93 174 451 7,795 8,632 9,638 10,986 12,607 15,297 23,022 23,327 24,816
29 75 48 551 352 443 804 609 605 799 703 626
Total Liabilities 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338 33,811
11 16 28 202 206 230 222 310 367 803 926 1,052
CWIP 0 0 0 5 1 0 1 0 1 3 8 13
Investments 2 2 1 796 217 49 5 5 174 90 338 421
134 274 631 9,836 11,193 12,560 14,925 16,715 19,904 28,639 30,066 32,325
Total Assets 147 293 660 10,838 11,616 12,839 15,152 17,030 20,446 29,535 31,338 33,811

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-26 -57 -235 2,924 -888 -1,042 -1,271 -33 -1,661 -3,620 -619 -423
-6 -6 -10 2 649 72 -25 -148 -371 26 -186 -193
20 109 290 -2,923 265 772 1,211 293 2,388 6,049 59 438
Net Cash Flow -12 46 46 4 26 -198 -84 112 356 2,455 -747 -177

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
ROE % 46% 35% 23% 11% 13% 25% 19% 22% 29% 26% 17%

Shareholding Pattern

Numbers in percentages

10 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
35.12 35.05 35.05 35.04 35.00 35.00 34.99 34.99 35.05 35.06 35.06 35.15
43.27 44.37 39.50 38.45 39.09 39.53 38.58 35.86 34.93 34.81 29.83 28.91
5.93 5.67 8.43 9.77 8.68 9.15 8.88 10.98 13.43 14.33 15.80 13.50
15.68 14.91 17.02 16.74 17.23 16.32 17.55 18.17 16.59 15.80 19.31 22.44

Documents

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