Manappuram Finance Ltd

Manappuram Fin. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Manappuram Finance Ltd

₹ 185 1.96%
23 Dec 4:01 p.m.
manappuram.com BSE: 531213 NSE: MANAPPURAM
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.

Website BSE NSE
  • Market Cap ₹ 15,623 Cr.
  • Current Price ₹ 185
  • High / Low ₹ 230 / 138
  • Stock P/E 8.89
  • Book Value ₹ 131
  • Dividend Yield 1.92 %
  • ROCE 13.0 %
  • ROE 17.2 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 18.8%

Cons

  • The company has delivered a poor sales growth of 11.3% over past five years.

* 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

Part of BSE Allcap BSE 250 SmallCap Index Nifty 500 BSE SmallCap Nifty Total Market

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Revenue 1,170 1,101 1,055 1,110 1,245 1,244 1,208 1,344 1,454 1,526 1,508 1,620 1,748
Interest 340 352 337 351 367 398 383 415 443 481 489 544 594
322 368 327 335 371 377 376 385 402 415 416 456 465
Financing Profit 508 381 391 424 507 468 450 544 610 630 603 620 690
Financing Margin % 43% 35% 37% 38% 41% 38% 37% 40% 42% 41% 40% 38% 39%
0 10 8 1 8 5 7 13 2 3 5 22 1
Depreciation 34 45 40 35 41 42 44 44 47 48 49 49 51
Profit before tax 474 346 359 390 473 431 413 513 564 584 560 593 640
Tax % 25% 25% 26% 26% 26% 26% 25% 26% 26% 27% 24% 26% 26%
355 259 265 290 349 318 309 381 420 429 428 441 475
EPS in Rs 4.19 3.06 3.13 3.43 4.12 3.76 3.65 4.50 4.96 5.06 5.06 5.21 5.61
Gross NPA % 1.60% 1.40% 3.00% 1.40% 2.00% 2.00% 1.33% 1.45% 1.56% 1.99% 1.90% 1.90% 2.40%
Net NPA % 1.30% 1.00% 2.70% 1.30% 1.80% 1.00% 1.15% 1.24% 1.35% 1.75% 1.70% 1.70% 2.10%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Revenue 2,260 2,100 1,976 2,213 3,007 2,927 3,418 4,311 5,172 4,563 4,815 5,830 6,402
Interest 1,189 1,027 872 884 1,003 794 1,018 1,391 1,720 1,392 1,498 1,828 2,108
709 678 642 759 833 1,043 1,123 1,127 1,048 1,288 1,460 1,617 1,751
Financing Profit 361 396 461 570 1,172 1,090 1,277 1,793 2,404 1,883 1,857 2,385 2,543
Financing Margin % 16% 19% 23% 26% 39% 37% 37% 42% 46% 41% 39% 41% 40%
7 11 5 2 1 27 9 41 21 24 12 25 31
Depreciation 62 64 54 53 58 61 68 154 156 157 163 188 196
Profit before tax 306 343 412 519 1,115 1,055 1,218 1,680 2,270 1,750 1,706 2,222 2,378
Tax % 32% 34% 34% 35% 35% 35% 35% 27% 25% 25% 26% 25%
208 226 271 337 726 689 790 1,230 1,698 1,305 1,266 1,658 1,772
EPS in Rs 2.48 2.69 3.22 4.01 8.62 8.18 9.38 14.56 20.06 15.41 14.96 19.59 20.94
Dividend Payout % 61% 67% 42% 45% 17% 24% 23% 19% 10% 19% 20% 17%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 4%
TTM: 22%
Compounded Profit Growth
10 Years: 22%
5 Years: 16%
3 Years: -1%
TTM: 23%
Stock Price CAGR
10 Years: 19%
5 Years: 1%
3 Years: 4%
1 Year: 5%
Return on Equity
10 Years: 19%
5 Years: 20%
3 Years: 17%
Last Year: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 168 168 168 168 168 169 169 169 169 169 169 169 169
Reserves 2,275 2,324 2,459 2,569 3,142 3,644 4,224 5,187 6,732 7,774 8,811 10,180 10,944
9,815 7,795 8,392 8,800 9,163 10,238 12,743 18,093 18,234 18,541 19,804 23,001 27,259
470 551 313 374 672 543 511 338 518 487 554 623 466
Total Liabilities 12,728 10,838 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,973 38,838
210 197 171 190 179 265 326 741 861 892 869 815 853
CWIP 31 5 1 0 0 0 1 3 6 11 16 33 7
Investments 698 812 379 324 324 378 1,011 932 1,200 1,215 1,454 1,766 1,757
11,789 9,825 10,780 11,397 12,643 13,950 16,309 22,111 23,587 24,852 26,998 31,358 36,221
Total Assets 12,728 10,838 11,332 11,911 13,146 14,593 17,646 23,787 25,654 26,971 29,338 33,973 38,838

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,262 2,923 -827 -361 -283 -53 -1,442 -2,506 150 -112 -314 -2,863
-371 -1 508 -27 -32 -201 -760 34 -261 -118 -264 -307
-694 -2,923 261 181 248 283 2,206 4,268 -87 -100 888 2,826
Net Cash Flow 197 -0 -58 -207 -68 28 3 1,796 -197 -330 310 -343

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
ROE % 9% 9% 11% 13% 24% 19% 19% 25% 28% 18% 15% 17%

Shareholding Pattern

Numbers in percentages

5 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
35.06% 35.06% 35.15% 35.18% 35.20% 35.20% 35.20% 35.20% 35.20% 35.20% 35.24% 35.25%
34.81% 29.83% 28.91% 28.36% 30.07% 30.17% 30.73% 27.08% 28.95% 31.99% 33.00% 30.36%
14.33% 15.80% 13.50% 12.18% 11.57% 13.54% 10.65% 12.25% 12.15% 9.50% 9.34% 10.97%
15.80% 19.31% 22.44% 24.27% 23.16% 21.11% 23.42% 25.47% 23.69% 23.32% 22.42% 23.41%
No. of Shareholders 2,61,4763,46,5434,06,9374,22,0874,00,3723,90,4903,70,9933,50,7103,85,1174,37,4884,52,0905,74,726

* 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

Announcements

Annual reports

Credit ratings

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