Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q3 FY24 Earnings Presentation
31 slides from Muthoot Capital Services's earnings presentation, Jan 23, 2024
Slide 1: Investor Presentation for Quarter ended December 31, 2023
MCSL/SEC/23-24/272 January 23, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code – 511766 Trading Symbol - MUTHOOTCAP Scrip Code (Debenture & C
Slide 2: PIT Z
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Slide 3: Contents
Contents Operational Highlights 03-08 LI Performance Analysis 09-19 LSales and Collection Analysis 20-28 LW Asset Analysis 29-38 UO Liability Analysis 39-47
Slide 4: Operational Highlights
Operational Highlights
Slide 5: Key highlights Q3 FY24
PAT New customer Borrowing Cost Q3 FY 24: = 1944 Cr Q3 FY 24: 479 Cr No: Of live Shareholders Fund customers No: Of States Q3 FY 24: = ~2400 Cr | rN CRISIL Rating XZ Rated “A+” Stable Q3 FY 24: 3 1756 Cr A NNPA PCR Stage 3 Stage 3 (Net) Overall Prov PAPPACHAN
Slide 6: Geographically spread across States
Geographically spread across States muthoot CAPITAL
Slide 7: Highest Ever Profitability
Highest Ever Profitability alll ~ 111 Cr 7.70% e T | j 113% Yoy © 131% YoY © S Improved Asset Quality 10.69 % 3.55 % -51% YoY v -2% YoY PAPPACHAN CAPITAL
Slide 8: Hawk Eye View
Hawk Eye View Debt Equity Ratio CRAR Ba Average LTV 2.92 Times 33.21% 81.75% APPACHAN CAPITAL
Slide 9: GNPA and NNPA
GNPA and NNPA GNPA 4.73% NNPA 22.14% 22.82% 4.52% 20.55% 11.67% 10.81% 10.69% ° ‘0 Mar-23 June-23 Sep-23 Dec-23 Mar-23 June-23 Sep-23 Dec-23 M GNPA POS’ S&GNPA Interest Accrued M@ NNPA POS’ S&NNPA Interest Accrued APPACHAN —— CAPITAL
Slide 10: Performance Analysis
Performance Analysis
Slide 11: Financial Performance - Quarterly & 9 Months Ended
FINANCIAL PERFORMANCE - QUARTERLY & 9 MONTHS ENDED %. In Crores Parameters 9M FY24 9M FY23 9Mo9M Q3 FY24 QO3FY23 QoQ Disbursement 1,008.02 1,029.85 -2% 479.00 412.39 16% Asset Under Management - AUM 1,944.00 2,141.00 -9% 1,944.00 2,141.00 -9% Net Interest Income - NII 175.93 223.18 -21% 56.32 74.66
Slide 12: Statement of Sources and Application of Funds
STATEMENT OF SOURCES AND APPLICATION OF FUNDS %. In Crores Sources 31-Dec-23 | 30-Sep-23 | 31-Dec-22 Application 31-Dec-23 | 30-Sep-23 | 31-Dec-22 Share Capital 16.4 16.4 16.4Fixed Assets 4.9 2.1 1.7 Reserve & Surplus 584.2 574.0 447.2Investments 190.7 221.3 120.6 Shareholders' Funds 600.7 590.4 463
Slide 13: Disbursements, Average LTV and AUM
Disbursements (in = crores) Average LTV 478.9 80.56% ‘ 412.4 80.00% 279.8 328.5 78.40% 200.7 | 77.20% Q323 Q423 Qi24 Q224 Q324 Q3 23 Q423 Q124 Q2 24 Q3 24 AUM 2102.0 1996.0 In Q2 Company has done ARC of & 235 Crs. The portfolio has been derecognized from the books in Q2 itself. ‘| 4 Q1 24 Q2 24 ri —
Slide 14: Capital Adequacy, Loan Loss Provision, Profit after Tax
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in % crores) 8.0 5.5 35.4% 6.0 33.2% : 0 16 2.7 7 29.9% — i -2.0 Q3 23 az Q2 24 Q3 24 -4.0 66 -1.1 -8.0 Q3 23 Q4 23 Q124 Q2 24 Q3 24 10.0 TA Profit after Tax (in % crores) 83.1 19.7 “yj is | 10.3 irl APPACHAN Q3 23 Q4 23 Q1 24 Q2 24 CAPITA
Slide 15: ROA, ROE and Earnings per Share
ROA (%) ROE (%) 80.0 Soe 20.0 60.0 15.0 10.0 22.1 10.0 = 18-3 14.5 3.7 : 3.6 20.0 6.9 - 0.0 @ Oo aa 0.0 Q3 23 Q4 23 Q1 24 Q2 24 “9 Q3 24 Q3 23 Q4 23 Q124 Q224 Q3 24 Earnings per Share (in ) 15.8 o @a 6.1 f P i Q3 23 Q4 23 Qi 24 Q2 24 Q3 24 CAPITAL 1
Slide 16: Net Worth and Debt Equity Ratio
Net Worth (in = Crores ) Debt Equity Ratio 700.0 + 5 4.50 D 8 600.0 on . “ = ot ° KN© 3 9 rs 4.00 2 65 500.0 0 t+ 400.0 3.50 &)3 300.0 & 3.00 oO AN ‘oO 200.0 N 2.50 100.0 0 2.00 Q3 23 Q4 23 Q124 Q2 24 Q3 24 Q3 23 Q4 23 Q1 24 Q?2 24 Q3 24 Onevacss Q1 FY 23 Q2 FY 23 Q3 FY 23 Q4 FY 23 oom a! Q2 FY 24 Q
Slide 17: Spread Analysis
Spread Analysis 12.00% 22.50% 10.00% 22.00% 8.00% 21.50% 6.00% 21.00% 4.00% 20.50% 2.00% ; 20.00% 0.00% ~ r - 19.50% -2.00% 19.00% 1 2 3 4 5 6 7 mmm Series2 7.16% 8.01% 7.18% 8.50% 9.15% 9.60% 10.35% Series3 7.27% 6.55% 7.93% 7.84% 7.40% 7.17% 6.72% m™ Series4 1.82% 1.70% 0.30% -1.41% -0.23% 0.56% 1
Slide 18: Analysis of Cost & Yield
Analysis of Cost & Yield —@ Cost of Funds —a-Yield 25.00% 20.00% 19.85% 18.88% 19.44%9 19.17%; 19.53%9 19.28%6 \ — ~~ 17.50% SS 16.78% 17.52% 15.00% Sei 9.54% ; , 5 AR9 9.70% 9.80% 9.82% 10.00% 8.83% 9.10% 8.74% 9.00% 7.18% 7 a8 — ~~ © aoe ——— Oa © ——— — > 5.00% 0.00% FY 21 FY 22 FY 23) Q1 FY 23 Q2
Slide 19: Sales & Collection Analysis
Sales & Collection Analysis
Slide 20: Mode Wise Collection (HYP)
MODE WISE COLLECTION (HYP) %. In Crores 107 116 114 113 114 112 113 90% in Ya) a Ly 80% 70% 60% 50% = - SS Ya Ya) 40%9 By2 osPN a 30% 20% 10% 0% Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 m NACH/BANK tmCASH/OTHERS * Directly at MFL branches/Collection by Company executives / outs
Slide 21: Collection Performance Monitoring
Collection Performance Monitoring CORPORATE LOAN = InCrores Monthly Collections Monthly Billing % of collection Jan-23 11.74 11.74 100% Feb-23 16.04 16.03 100% Mar-23 10.69 10.68 100% Apr-23 12.94 12.94 100% May-23 11.59 11.58 100% Jun-23 10.83 10.82 100% Jul-23 11.21 11.20 100% Aug-23 11.57 11.55 1
Slide 22: Bucket 0 Collections Efficiency % Trend
BUCKET 0 — COLLECTIONS EFFICIENCY% TREND 100% 99% 99% 98% 98% ge, 98% 97% 97% 97% 97% 97% 97 97% x y, 90% 96% oO" 96% ae 96 _96%.76% x 95% 95% 95 x 94) x 93 x 92% | | | | WUT | wy nh on a xv V a P D vv PP w@ oe oY w© 9ze « x oS yoy ge a Ra ro ee ——— PAPPACHAN ~ CAPITAL val
Slide 23: 90+ NPA (POS) Trend
90+ - NPA-(POS) TREND POS in & Cr 600.0 500.0 ° ° 55. 435.6 430.7 427.4 4240 416.7 4105 400.0 300.0 4 195.6 4 194.6 200.0 100.0 1 I 0 . | | Oo Yv & wb vv » P&P PP PPP XP s PP > Ss > PP et og xf ¢ + N ¢ ¢ ¢ YY Vy 7 ? x x ye we ye y yw” ok Oo ww * ys ce Ww ye te ye y yw” ok Oo XS x FY23 Q2 FY 24 Q2 FY
Slide 24: Asset Analysis
Asset Analysis
Slide 25: Liquidity Projections
Liquidity Projections . In Crores Particulars Jan-24 Feb-24 Mar-24 Q4 FY 2023 Opening Balance 313.67 262.60 330.24 313.67 Inflows New Funding / Borrowings 50.00 105.00 200.00 355.00 New funding through PTC / NCD /MLD / CP 100.00 100.00 WCDL/CC Rollover 50.00 45.00 215.00 310.00 EMI Repayments incl.
Slide 26: MCSL Geographic Overview - Retail Loans
MCSL GEOGRAPHIC OVERVIEW — RETAIL LOANS 100% 900.00 : Total Zone Zone 90% fii a 86: er Ue Yee, 800.00 Chen AUM wise _ wise 80%75.53 700.00 (Cares)) AUM% NPA% 70% so009 south 184523 775.53 44.51% 51.68% 40% West 24,332 94.25 5.41% 12.52% 50% 4 North 43,478 176.71 10.14% 18.95% 4oy%, 87.03" we? 400.00
Slide 27: 2W 4W Securitized (part of own book)
PFrActkt FF, Fu fF Fr 2W 400,417 1,719.96 4W 942 17.74 Securitized (part of own book) 304.97 Others 1515 4.65 Direct Assignment 3.98 Own Portfolio excl securitized 1,433.80 1.02% 9.27% Off Book 3.21 On Book 1,739.14 98.72% 2W @4W Others PAPPACHAN @
Slide 28: Zonewise Disbursement
ZONEWISE DISBURSEMENT = South = West i an = West = North ™ East Q2 FY24 a Q3 FY24 X Cr 279.94 ; < Cr 453.89 = Co lending = Co lending = Business Assoc =| Business Assoc Share of Branch and Dealer of zone-wise disbursement 1% 0.01 = Branch = Branch = Co Lending = Co Lending = Dealer = Dealer = Busine
Slide 29: Portfolio Analysis (POS) Retail Loans
PORTFOLIO ANALYSIS -(POS) RETAIL LOANS %. In Crores Portfolio Analysis Segment - wise Analysis 11.17% 150.00% 1719.96 22.39 100.00% = NPA 50.00% 94.54% Regular 1547.75 0.00% Two Wheeler Four Wheeler & Others 88.83% M@NPA @Regular Source - wise Analysis Bucket - wise Analysis 5 0.64% _ 11.17% 1007.41
Slide 30: Partnerships
Partnerships PARTN ERSHIP PERFORMANCE %. In Crores ere ama eS) Category 1to30 31to60 61to 90 ell Total Wheels EMI Co Lending 248.91 32.89 6.69 - 288.48 UP Money Co Lending 28.09 0.68 - - 28.77 Credit Wise Capital Co Lending 154.82 - - - 154.82 Manba Finance Co Lending 57.53 2.01 0.11 - 59.64 Deccan
Slide 31: NPA Movement (Excluding DA) Dec-23
NPA Movement (Excluding DA) Dec -23 z. In Crores ®. In Crores eS PIETITRCIN (Oe Mar-23 Jun-23 Sep-23 Dec-23 GNPA 464.49 | 454.72 | 206.22 | 207.36 Opening Balance 190.97 ECL Provision 387.12 | 378.34 | 143.23 | 143.58 Add: New sliopage during the Quarter 25.69 NNPA 77.37 | 76.38 | 62.99 | 63.78 GNPA
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