Manappuram Finance Dec quarter net income rises 51% to Rs 393.5 crore

Mumbai: The second largest pure-play gold loan company Manappuram Finance on Friday reported a 51 per cent increase in net income to Rs 393.5 crore in the December 2022 quarter.  The assets under management grew 4.85 per cent to Rs 31,883.37 crore from Rs 30,407.13 crore a year ago.

Operating income for the quarter rose to Rs 1,714.12 crore from Rs 1,484.45 crore in the year-ago quarter.

VP Nandakumar, the chief executive, said the gold loan portfolio stood at Rs 18,614.13 crore, while the number of current gold loan customers reached nearly 23.7 lakhs in this period.

Manappuram's microfinance subsidiary Asirvad Microfinance AUM rose over 22 per cent to Rs 8,653.45 crore from Rs 7,090.15 crore a year ago.

The company's home loans subsidiary Manappuram Home Finance saw its loan rising to Rs 1,004.80 crore from Rs 816.65 crore.

Its vehicles and equipment finance arm posted a 40 per cent rise in AUM to Rs 2,112.12 crore against Rs 1,509.67 crore a year ago.

In aggregate, the non-gold loan businesses account for 42 per cent share of its consolidated AUM.

Average borrowing costs for the standalone entity was 8.14 per cent during the quarter.

Asset quality remained stable, with gross NPA at 1.61 per cent, while net NPA at 1.42 per cent.

The net worth stood at Rs 9,279 crore for the quarter, registering an increase of 13.71 per cent and borrowings stood at Rs 27,018.66 crore.