Manappuram Finance Ltd has reported a consolidated net profit of ₹498 crore in Q1 of FY24, an increase of 20 per cent over the preceding quarter in March 2023. In comparison with the corresponding figure of ₹281.9 crore for Q1FY23, the profit is higher by 76.7 per cent.
The NBFC’s consolidated assets under management (AUM) for Q1 stood at ₹37,086.3 crore, registering an increase of 20.6 per cent over the corresponding quarter of FY23.
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Net profit in the quarter for the standalone entity (which excludes subsidiaries) was reported at ₹380.9 crore. Total consolidated operating income during the quarter stood at ₹2026.3 crore. The company’s consolidated gold loan portfolio posted an increase of 0.6 per cent to ₹20,603 crore compared with the first quarter of FY23. The number of live gold loan customers stood at 2.4 million as on June 30, 2023.
V.P. Nandakumar, MD & CEO, said, “It is creditable that we have made impressive gains in both profitability and AUM in this first quarter. I am happy that we are making steady progress in our non-gold businesses, especially microfinance, helping us become a well-diversified entity.”
Asirvad Microfinance closed the quarter with an AUM of ₹10,140.6 crore over ₹7,012.5 crore recorded in the year-ago quarter. The home loans subsidiary, Manappuram Home Finance Ltd has been showing a steady growth with an AUM of ₹1,202.6 crore. The Vehicles & Equipment Finance division ended the quarter with an AUM of ₹2,804.9 crore.
The company’s non-gold loan businesses now account for a 44 per cent share of its consolidated AUM. Average borrowing costs for the standalone entity is 8.3 per cent in Q1 FY23. Gross NPA stood at 1.4 per cent and Net NPA reported at 1.2 per cent. The company’s consolidated net worth stood at ₹10,078.7 crore as of June 30, 2023.