Manappuram Finance Ltd. share price target

Manappuram Finance's Q1FY19 result has come in line with our expectations. There has been an overall AUM growth of 24% YoY (+5.4% QoQ) backed by housing and CV finance in the non-gold segment. NII and PAT growth of 12%/19% YoY has largely been in line with our estimates. Growth in NII was majorly supported by 40% YoY increase in income from operations in the microfinance segment. Asset quality of the standalone business is stable on a sequential basis at 0.7%. Q1FY18 adjusted PAT has been revised upwards by 9% as it moves towards IND AS accounting. We retain a Buy rating on the...

Operating Income increased by 1.95% to Rs. 889.8 Cr in Q4FY18 when compared to the previous quarter. Manappuram Finance Ltd Result Comment

Operating Income increased by 1.95% to Rs. 889.8 Cr in Q4FY18 when compared to the previous quarter. Manappuram Finance Ltd Q4FY18 results Comment

Revival in gold loan growth of 4% QoQ and 5% YoY. Management has guided growth of 10-15% for FY19. Gold loan disbursement growth of 67% YoY not getting reflected in loan growth on account of decrease in average duration to 2 months....

Weak results; Non-gold loans to drive growth Manappuram Finance Ltd (MFL) reported weak results led by a muted AUM growth of mere 0.7% YoY (6.6% QoQ) to 14,650 crore as on 31 Dec'17. Net interest income (NII) grew 5.5%, while pre-provisioning profit and net profit declined 12.6% and 14.6%, respectively. Cost-income ratio increased 1,045bps YoY to 51.0%. Asset quality remained healthy with gross and net NPAs at 0.7% and 0.4%, respectively, down 50bps QoQ each. Recommendation: Over the last few months, the stock of MFL has remained...

Manappuram Finance Limited (MFL) reported a moderate set of numbers in its Q3FY18 financial results. AUM growth and net profit were below from our estimates, however net revenue and asset...

Manappuram Finance (MGFL) reported muted NII growth of 7% YoY while PAT declined 17% on account of slowdown in gold loan disbursement and losses in Asirvad Microfinance.

Manappuram Finance (MFL) reported Q2FY18 results with the broad takeaway being that this is the last quarter of significant provisions on MFI book and Asirvad MFI is, now, poised to...

Manappuram Finance (MFL) reported Q1FY18 results with Consolidated quarterly PAT broadly flattish to lower, de-growing -3% yoy to INR 155 cr. Group AUM growth was particularly tepid at 3%...

Manappuram Finance (MGFL) reported PAT growth of 51% YoY at Rs 201 cr, however flat QoQ as MFI subsidiary reported loss of Rs.7 cr in Q4 FY17 which was due to deterioration in asset quality.

Manappuram Finance reported Q4FY17 results with Consolidated PAT surging 53% yoy to INR 201cr, capping a standout FY17, in which Consolidated PAT increased by 115% over the previous year.

Manappuram Finance Ltd: RBI changes regulation for NBFC, Q3FY17 Results better then expected

As per World Gold Council, India holds 22,000 tonnes of gold. India accounts for 27.1% of world's jewellery demand and 19.2% of global demand for gold bars and coins. Part of the large appetite for jewellery in India is driven by the cultural role that gold plays in India. Limited access to financial assets means gold has an important parallel status as a store of value. Gold loans in India have been largely concentrated in South India, which holds the largest proportion of India's gold portfolio and is typically...

Manappuram Finance possesses some unique advantages that are allowing it to grow AUM and win market share in the gold loan market

Manappuram Finance (MGFL) reported PAT growth of 205% YoY at Rs 192 cr which was led by healthy NII growth backed by strong advance growth and improvement in NIMs. MGFL, AUM growth for Q2FY17 was at 42% at Rs 14,500 cr, management maintained its guidance to take non gold portfolio to 25% (currently..

Manappuram's Net Income at INR 486cr grew by 59% YoY on the back of 29% growth in AUM. NIMs expanded 370bp YoY / 40bp QoQ as (i) the company suffered severe auction losses in 1QFY16, (ii) company shifted its entire incremental advances towards the three month product which commands a higher yield. Further, lower OPEX growth of 8% aided Pre Provisioning Profits to come in at INR 266cr, an increase of 156% YoY. Provisioning increased from INR 12cr to INR 16cr on YoY basis. Consequently profits grew by a robust 170% to INR 160cr, much above our estimate of INR 128cr. Motilal Oswal value the company at INR 114 (earlier INR 75),maintain BUY.

Revamped the business model to de-risk gold loan business: Post the FY12-14 period, when the gold loan industry faced regulatory challenges coupled with steep decline in gold prices, Manappuram realigned its business model to de-risk it from volatility in gold prices. The...