Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q3 FY2025 Earnings Presentation
44 slides from Manappuram Finance's earnings presentation, February 2025
Slide 1: Investor Presentation Q3 - FY2025
Investor Presentation Q3 - FY2025
Slide 2: Agenda
Page – 04 Page – 05 01 Vision and strategy 02 Financial snapshot Page – 16 Page – 34 03 Segmental performance 04 Creating a difference
Slide 3: Safe Harbour Statement
SAFE HARBOUR STATEMENT This presentation may include The company assumes no Any person/ party intending to Actual results could differ materially statements, which may constitute responsibility to publicly amend, provide finance / invest in the from those expressed or implied. forward-looking statem
Slide 4: Vision: To become financial partner of choice for under-banked customers
VISION: TO BECOME FINANCIAL PARTNER OF CHOICE FOR UNDER-BANKED CUSTOMERS ACROSS THEIR LIFECYCLE #2 lender in gold loans in India (core product), with Operational rigor: Company has perfected the art of a trusted brand and nation-wide reach managing appraisal, custodial and valuation risks that are i
Slide 5: Financial Highlights Q3 - FY2025
a FINANCE LIMITED ‘Moke Ue Eony FINANCIAL HIGHLIGHTS —_______» Q3 - FY2025
Slide 6: Key Performance Highlights for Q3 FY2025
KEY PERFORMANCE HIGHLIGHTS FOR Q3 FY2025 Consolidated Business • Consolidated AUM for QE Dec 24 was INR 442 bn ,down by 3.3% sequentially and 9.5% YoY growth Performance: (Consolidated AUM excluding Asirvad for QE Dec 24 was INR 342 bn up by 1.9% sequentially and 18.7% YoY growth) 18.7% YoY growth i
Slide 7: Consolidated Financial Overview – Q3 & 9M FY2025
CONSOLIDATED FINANCIAL OVERVIEW – Q3 & 9M FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y 9M FY25 9M FY24 Y-o-Y Consolidated AUM (Rs. Bn) 442 457 -3.3% 404 9.5% 442 404 9.5% Net Interest Income 16,344 17,274 -5.4% 15,566 5.0% 50,017 44,134 13.3% OPEX 7,066 6,983 1.2% 6,419 10.1% 20,8
Slide 8: Consolidated Operational Overview – Q3 FY2025
CONSOLIDATED OPERATIONAL OVERVIEW – Q3 FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y Gold AUM (Rs. Bn) 245 244 0.6% 208 18.0% Gold Tonnage 57.33 59.70 -4.0% 58.19 -1.5% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Mn) 2.60 2.66 -2.1% 2.47 5.4% Non-Gold AUM (Rs
Slide 9: AUM Mix for Q3 FY2025
AUM MIX FOR Q3 FY2025 Q3 FY25 Q2 FY25 Q3 FY24 1% 2% 3% 7% 7% 7% 12% 11% 9% 4% 4% 4% 53% 51% 55% 21% 24% 26% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y Gold 2,36,863 2,32,478 1.9% 1,99,298 18
Slide 10: Consolidated Profit & Loss Statement for Q3 & 9M FY2025
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q3 & 9M FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y 9M FY25 9M FY24 Y-o-Y Closing AUM (Rs. Bn) 442 457 -3.3% 404 9.5% 442 404 9.5% Income from Operations 25,597 26,331 -2.8% 23,053 11.0% 76,810 64,999 18.2% Finance expenses 9,253 9,057 2.2
Slide 11: Consolidated Balance Sheet for Q3 FY2025
CONSOLIDATED BALANCE SHEET FOR Q3 FY2025 Particulars (Rs. Mn) Dec-24 Sep-24 Q-o-Q Dec-23 Y-o-Y Cash & Bank Balances 45,924 49,397 -7.0% 30,767 49.3% Investments 8,321 8,066 3.2% 7,219 15.3% Loans & Advances 4,35,296 4,47,621 -2.8% 3,88,552 12.0% Fixed Assets 5,019 4,873 3.0% 4,700 6.8% Other Assets
Slide 12: Well Capitalized, Prudent Liabilities Strategy with Reducing CoF
WELL CAPITALIZED, PRUDENT LIABILITIES STRATEGY WITH REDUCING COF ACCESS TO DIVERSIFIED SOURCES OF FUNDING (CONSOLIDATED CO S T O F BO RRO W I NG (CO NS O LI DATE D) RS. MN) 9.3% 9.3% 9.2% 9.4% Borrowing Mix Q3FY25 Q2FY25 Q3 FY24 9.1% Particulars Amount % Amount % Amount % WCDL / CC 76,227 21% 73,413
Slide 13: Standalone Financial Overview – Q3 & 9M FY2025
STANDALONE FINANCIAL OVERVIEW – Q3 & 9M FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y 9M FY25 9M FY24 Y-o-Y Standalone AUM (Rs. Bn) 324 319 1.7% 274 18.3% 324 274 18.3% Net Interest Income 11,700 11,543 1.4% 10,446 12.0% 34,009 29,827 14.0% OPEX 4,826 4,624 4.4% 4,347 11.0% 13,968
Slide 14: Standalone Profit & Loss Statement for Q3 & 9M FY2025
STANDALONE PROFIT & LOSS STATEMENT FOR Q3 & 9M FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y 9M FY25 9M FY24 Y-o-Y Closing AUM (Rs. Bn) 324 319 1.7% 274 18.3% 324 274 18.3% Income from Operations 17,987.1 17,482.4 2.9% 15,258.8 17.9% 51,674.5 43,220.8 19.6% Finance expenses 6,286.7
Slide 15: Standalone Result Analysis Q3 & 9M FY2025
STANDALONE RESULT ANALYSIS Q3 & 9M FY2025 GOLD LOAN AUM (Rs. Bn) NET PROFIT (Rs. Mn) 237 16,979 16,578 226 232 199 207 199 207 191 190 13,045 12,663 170 12,303 13,689 12,294 4,286 4,283 4,406 4,749 4,534 FY20 FY21 FY22 FY23 FY24 Q3 Q4 Q1 Q2 Q3 FY20 FY21 FY22 FY23 FY24 Q3 Q4 Q1 Q2 Q3 9M 9M FY24 FY24
Slide 16: Standalone Result Analysis Q3 FY2025
STANDALONE RESULT ANALYSIS Q3 FY2025 NE T YI E LD (%) O P E X TO AUM % 25.4% 24.9% 7.2% 7.0% 6.9% 22.3% 21.7% 21.8% 22.0% 22.2% 6.6% 6.4% 6.4% 22.2% 21.9% 6.2% 6.1% 6.0% 20.9% 5.9% FY20 FY21 FY22 FY23 FY24 Q3 Q4 Q1 Q2 Q3 FY20 FY21 FY22 FY23 FY24 Q3 Q4 Q1 Q2 Q3 FY24 FY24 FY25 FY25 FY25 FY24 FY24 FY25
Slide 17: Standalone Borrowing Profile for Q3 FY2025
STANDALONE BORROWING PROFILE FOR Q3 FY2025 ACCESS TO DIVERSIFIED SOURCES OF FUNDING (RS. MN) COST OF BORROWING % Borrowing Mix Q3 FY25 Q2 FY25 Q3 FY24 Particulars Amount % Amount % Amount % WCDL/CC 75,862 28% 73,173 27% 81,663 38% 9.1% 9.2% 9.0% Term Loan 1,04,617 39% 1,01,954 38% 85,505 40% 8.8% 8.
Slide 18: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL —______» PERFORMANCE
Slide 19: Gold AUM Update for Q3 & 9M FY2025
GOLD AUM UPDATE FOR Q3 & 9M FY2025 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Mn) GOLD AUM PER BRANCH (Rs. Mn) AVG. LOAN TICKET SIZE (Rs 75 ‘000) CAGR:4% 2.60 2.59 62.1 62.5 64.3 65 56.6 57.5 58.5 57.4 58.5 2.49 2.47 67.2 55 44.6 2.45 64.2 66.0 54.1 56.4 54.0 58.6 56.5 58.6 45 38.5 2.37 2.38 2.3
Slide 20: Gold Loan Growth Levers
GOLD LOAN GROWTH LEVERS Low interest rate sensitivity given Celebrity small ticket size, short tenor and Online convenience of product Endorsement Gold Loan Gold Loan Business Associates / DSA Channel Business Growth Digital Marketing Manappuram has undertaken various Levers cost rationalization ini
Slide 21: Gold Loan Pan India Presence Q3 FY2025
GOLD LOAN PAN INDIA PRESENCE Q3 FY2025 North 17% West 10% State Branch State Branch Jammu & Kashmir 10 Maharashtra 210 Himachal Pradesh 13 Goa 8 Chandigarh 4 Gujarat 123 Delhi 59 Total 341 Punjab 75 Uttarakhand 8 Union Territories Haryana 64 State Branch Uttar Pradesh 140 Daman Diu 3 Rajasthan 96 An
Slide 22: Online Gold Loan Business
ONLINE GOLD LOAN BUSINESS AVERAGE TICKET SIZE (Rs ‘000) % SHARE OF OGL IN THE OVERALL GOLD AUM CAGR:7% 73.2 71.7 75.0 72.3 73.0 69.7 71.7 79% 63.3 74% 70% 50.2 53.0 57% 56% 57% 54% 48% 50% 44% FY20 FY21 FY22 FY23 FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 FY20 FY21 FY22 FY23 FY24 Q3FY24 Q4FY24 Q1FY25 Q
Slide 23: Asirvad Microfinance Results for Q3 & 9M FY2025
ASIRVAD MICROFINANCE RESULTS FOR Q3 & 9M FY2025 Particulars (Rs. Mn) Q3 FY25 Q2 FY25 Q-o-Q Q3 FY24 Y-o-Y 9M FY25 9M FY24 Y-o-Y Total Revenue from Operations 6,640 7,775 -14.6% 6,942 -4.3% 21,946 19,556 12.2% Finance Cost 2,627 2,813 -6.6% 2,430 8.1% 8,171 6,875 18.8% Net Interest income 4,013 4,962
Slide 24: Asirvad Microfinance Result Analysis for Q3 FY2025
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q3 FY2025 ASIRVAD AUM (Rs Mn) CAPITAL ADEQUACY RATIO % CAGR: 21% 1,18,805 1,23,102 1,21,492 1,15,627 1,18,805 25.4% 1,00,409 23.3% 22.8% 23.0% 22.8% 23.3% 1,00,129 20.8% 21.8% 21.5% 19.7% 70,022 55,026 59,846 FY20 FY21 FY22 FY23 FY24 Q3FY24Q4FY24Q1FY25Q2FY25Q
Slide 25: Asirvad Microfinance: Asset Quality
ASIRVAD MICROFINANCE: ASSET QUALITY Evolution of Asset Quality for Asirvad Particulars Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Stage - I 89.1% 95.4% 96.3% 95.0% 95.4% 94.5% 95.4% 93.3% 88.3% Stage - II 3.0% 1.9% 0.8% 2.2% 2.0% 1.8% 1.7% 2.4% 5.9% Stage III 7.9% 2.7% 2.9% 2.8%
Slide 26: Stringent Underwriting Checks
Stringent Underwriting Checks Total Microfinance and unsecured indebtedness Number of Microfinance lenders per borrower limit of INR 2 Lacs As on 30th As on 30th Lender Overlap (Clients %) Loan Exposure Nov,2024 Nov,2024 Only Asirvad 31.9% Below 50k 36.7% Asirvad +1 23.5% 50k to 99k 24.6% Asirvad +2
Slide 27: Steps Taken Towards Credit Rationalization and Risk Aptitude
Steps taken towards credit rationalization and risk aptitude Stringent rules over and above SRO guidelines resulted in a lower sourcing to sanction rate of 34.0 % in Feb 2025 from 64.0 % Sep 2024 Micro focus - Disbursement enabled only in centres having PAR < 2.0 % Disbursement fully enabled at bran
Slide 28: Asirvad Microfinance Business and Productivity Metrics
ASIRVAD MICROFINANCE BUSINESS AND PRODUCTIVITY METRICS GROWTH PRODUCTIVITY AUM (INR mn) Number of loan officers CAGR: 26% CAGR: 25% 1,40,000 1,18,805 1,23,102 1,21,492 1,20,000 1,00,409 1,00,129 11,035 9,893 8,879 9,636 1,00,000 59,846 70,022 8,736 80,000 7,507 60,000 40,000 4,490 20,000 0 FY21 FY22
Slide 29: Asirvad Microfinance Liabilities Overview for Q3 FY2025
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q3 FY2025 Access to diversified sources of Funding (Rs. Mn) Borrowing Mix Q3 FY25 Q2 FY25 Q3 FY24 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 71,594 81.0% 85,612 82.3% 67,011 72.8% Refinance 7,835 8.9% 8,656 8.3% 6,489 7.0% Debent
Slide 30: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Mn) 1,40,000 1,20,000 1,17,1691,17,169 1,00,000 80,000 60,000 40,000 30,921 29,694 27,757 27,667 23,462 17,577 16,110 14,075 20,000 13,996 5,447 5,550 5,733 6,665 4,876 4,597 211 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Ye
Slide 31: Asirvad Microfinance Pan India Presence Q3 FY2025
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q3 FY2025 East State Branch North Bihar 161 MFI AUM - STATEWISE BREAKUP State Branch Sikkim 3 Chandigarh 1 Assam 40 West Bengal 147 Bihar 14% Punjab 48 Jharkhand 63 Haryana 57 Tripura 31 Tamil Nadu 13% Rajasthan 155 Chhattisgarh 31 Uttarakhand 10 Odisha 126 Ut
Slide 32: Housing Finance Business Update for Q3 FY2025
HOUSING FINANCE BUSINESS UPDATE FOR Q3 FY2025 17,784 AUM EVOLUTION (Rs. Mn) 16,916 Home Loan AUM MIX (%) CAGR:19 15,874 LAP ATS (INRL) Yield 15,097 15,097 % 14,153 28% 29% 29% 30% 31% 31% 31% 32% 10,958 6.2 19.6% 8,453 6,296 6,663 72% 71% 71% 70% 69% 69% 69% 68% 6.0 18.4 FY20 FY21 FY22 FY23 FY24 Q3
Slide 33: Housing Finance Business Strategy
HOUSING FINANCE BUSINESS STRATEGY Growth drivers for future Underwriting expansion • Riding on the parent’s brand equity and • Decentralized underwriting and pan India presence for scaling up the disbursement for lower ticket size loans business • Compliance with policy parameters via • Low-cost ope
Slide 34: Vehicle and Equipment Finance Business Update for Q3 FY2025
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q3 FY2025 ATS (INRL) Yield AUM EVOLUTION (Rs Mn) CV TW PV AUM MIX (%) 50,854 48,482 45,413 CAGR:25% 41,109 41,109 20%10% 4.9 18% 22% 18% 17%18% 17% 25% 17% 26% 17% 26% 35,974 16% 28% 16% 30% 16% 31% 24,308 16,432 0.8 22% 13,443 10,526 70% 65% 61% 58%
Slide 35: Vehicle and Equipment Finance Business Strategy
VEHICLE AND EQUIPMENT FINANCE BUSINESS STRATEGY Increase penetration into Rural and Semi PROFIT Urban locations OPTIMIZERS Digital Lending Platform and automated approval process in TW loans Analytics Mobility Solution Deep Penetration Brand Tie-ups – With Use of Analytics for On the go solution wit
Slide 36: Standalone MSME and Personal Loans Business Update for Q3 FY2025
STANDALONE MSME AND PERSONAL LOANS BUSINESS UPDATE FOR Q3 FY2025 AUM EVOLUTION (Rs Mn) AUM MIX (%) MSME Micro-Housing Secured PL Unsecured PL ATS (INRL) Yield 30,010 29,629 29,460 29,085 29,085 28,576 CAGR:83% 5% 5% 3% 11% 12% 12% 9% 7% 19% 0.6 26% 18% 19% 19% 20% 17% 18% 19% 19,447 4.3 20% 33% 40%
Slide 37: MSME and Personal Loans Business Strategy
MSME AND PERSONAL LOANS BUSINESS STRATEGY Stronger in Rural and Different products are Predominantly digital Diverse product portfolio Huge cross-sell potential CRM tool integrated with Semi Urban locations disbursed in 150+ collections (80% overall) covering secured & with existing gold loan loan m
Slide 38: Creating a Difference
CREATING A DIFFERENCE • Donated Rs 10,00,000/- to 100 children who lost one or both • Financial assistance to BPL/economically backward patients, • 50% reimbursement to BPL category (last 3 months):192 BPL parents due to covid-19 as part of Thrissur District Collector’s 37 cheques through Manappuram
Slide 39: Deep Management Bench
DEEP MANAGEMENT BENCH Mr. V. P. Nandakumar Dr. Sumitha Nandan Mr. B.N. Raveendra Mrs. Bindu A L Mr. Raju Narayanan Managing Director and CEO Executive Director Babu CFO Group Business Head MD – Asirvad Micro Finance Ltd • Postgraduate in • MBBS from Rajiv • Masters degree in • Fellow member of the •
Slide 40: Senior Management Team
SENIOR MANAGEMENT TEAM Mr. Kamal Parmar Mr. Vijayakumar Mr. Ratheesh PM Mr. Vipin TS Mr. Chinta Prasad Mr. Suveen P.S Head – Vehicle KB Business Head- Business Head – CEO – Asirvad CEO - Housing Finance and Equipment Finance Business Head - MSME Micro Home Finance Secured Personal Loan Micro Finance
Slide 41: Independent Board Bench
INDEPENDENT BOARD BENCH Dr. Shailesh J Mehta Mr. Harshan Kollara Mr. Abhijit Sen Mr T C. Suseel Kumar Independent & Independent & Independent & Independent & Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director • B-tech in ME from IIT- • He holds a Masters in •
Slide 42: Independent Board Bench
INDEPENDENT BOARD BENCH Dr. Sankaran Nair Mrs. Pratima Ram Mr. Edodiyil Adv. Veliath Pappu Rajagopal Independent & Kunhiraman Bharat Seemanthini Independent & Non-Executive Director Bhushan Independent & Non-Executive Director Independent & Non-Executive Director Non-Executive Director • A seasoned
Slide 43: Shareholding and Stock Performance
SHAREHOLDING AND STOCK PERFORMANCE Shareholding Pattern as on 31st December, 2024 Stock Data Market Cap as on 12th Feb, 2025 ₹ 16,226.15 Crs Top Shareholders holding 30% more than 1% (other than % Stock Price as on 12th Feb, 2025 191.70 35% promoters) 52 Week (High/Low) ₹ 230 / ₹ 138 Small World Fun
Slide 44: Thank You
Mrs. Bindu A.L. Mr. Susil Kumar Mishra Nikunj Seth CFO Head – Investor Relations & Treasury Het Choksey Advisors Contact No : +914873050000 Contact No : +919967405163 +91 9773397958 Email – bindhu@manappuram.com Email – susilmishra@manappuram.com ir-advisors@hetchoksey.com Thank DISCLAIMER : Manappu