Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP

Muthoot Capital Services — Q1 FY25 Earnings Presentation

38 slides from Muthoot Capital Services's earnings presentation, Aug 7, 2024

  1. Slide 1: Exchange filing cover letter for investor presentation

    MCSL/SEC/24-25/143 August 07, 2024 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001 Bandra Kurla Complex, Scrip Code – 511766 Bandra (E), Mumbai - 400 051 Scrip Code (Debenture and CP)- 974915, Trading Symbol

  2. Slide 2: Q1 FY25 Investor Presentation

    Q1 FY 25 INVESTOR PRESENTATION

  3. Slide 3: Q1 Financial Highlights FY24-25

    Disbursements 498 Crs 148% BLUE WHEEL Q1 FINANCIAL HIGHLIGHTS gap FY24-25 ec muthootcap.com | www.muthoot.com | f x@/muthootindia

  4. Slide 4: Hawk Eye View

    Hawk Eye View Improved Asset Quality Improved Customer Base GNPA NNPA New Loan Addition New Customers 9.84% 3.41% ₹ 498 Cr 65,227 -55.4% YoY -28.1% YoY 148% YoY 166% YoY Early Product Wise AUM NPAs 0.59% -56.6% YoY Two-wheeler UCL & LCV Corporate Loan Co-Lending 1284.61 Cr 34.30 Cr 134.05 Cr 725.89

  5. Slide 5: Operational Highlights

    Operational Highlights 4

  6. Slide 6: Operational Highlights

    Operational Highlights Total AUM PAT New customer Borrowing Cost Q1 FY 25: ₹ 2182 Cr Q1 : ₹ 11.41 Crs Q1: 65,227 Q1 : 9.84 % Balance sheet Size Q1 FY 25: ₹ ~2405 Cr No: Of live Shareholders Fund customers No: Of States Total Borrowings as on Q1 : ₹ 623 Crs 4,43,639 20 Q1 FY 25: ₹ 1751 Cr Disbursemen

  7. Slide 7: Geographically spread across

    Geographically spread across 20 States 20 306 Districts AUM Disb 769.76 233.53 184.27 150.86 96.77 73.70 48.61 19.31 SOUTH WEST NO RT H EAST Active Total AUM Zone wise Zone Clients (Cr) AUM % South 1,74,505 769.76 59.93% West 23,570 96.77 7.53% North 50,520 233.48 18.18% East 43,951 184.32 14.35% MC

  8. Slide 8: AUM Growth – Retail and Other Loans

    AUM Growth – Retail and Other Loans ₹. In Crores 2178.85 1992.29 2015.15 1940.31 8.12% AUM 1767.16 3.86% 11.30% 9.80% 2044.8 1831.91 1776.37 1833.48 1593.38 AUM Growth* 25.43% Y-o-Y 160.38 173.77 163.93 181.67 134.05 Q1 FY 24 Q2 FY 24 Q3 FY 24 Q4 FY 24 Q1 FY 25 Retail Lons Corp Loan & Others * In Q2

  9. Slide 9: Performance Analysis

    Performance Analysis 8

  10. Slide 10: Financial Performance – Q1 FY25 & Q4 FY24

    Financial Performance – Q1 FY 25 & Q4 FY24 Parameters Q1-FY 25 Q4-FY 24 Q-o-Q Disbursement 497.92 430.40 16%▲ Asset Under Management – AUM 2,175.85 2,015.14 8%▲ Operating Expense – OPEX 36.98 39.95 -7%▼ Loan Losses and Provisions 4.86 1.11 337%▲ Profit After Tax- PAT 11.41 11.06 3%▲ Capital Adequacy

  11. Slide 11: Disbursements, Average LTV, AUM and Net Worth

    Disbursements (in ₹ Cr) Average LTV 478.9 497.9 430.4 81.8% 81.8% 81.9% 80.6% 328.5 200.7 77.2% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 1944 2018 2182 1996 1771 590.4 600.7 611.7 622.9 507.2 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q

  12. Slide 12: Capital Adequacy, Debt Equity, Profit after Tax

    Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 35.4% 5.4 33.2% 31.2% 29.9% 28.8% 4.9 2.5 1.1 -1.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Profit after Tax (in ₹ Cr) Debt Equity Ratio 83.1 3.3 2.9 2.7 2.7 2.8 18.0 10.2 11.1 11.4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

  13. Slide 13: ROE, ROA, Earnings per Share, Book Value

    ROA (%) ROE (%) 17.2 60.6 3.6 2.3 2.2 14.5 7.3 7.3 2.2 6.9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Earnings per Share (in ₹ ) Book Value Per Share (in ₹ ) 359.0 365.2 37… 378.7 50.6 308.4 10.8 7.1 6.1 6.7 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 12

  14. Slide 14: Analysis of Cost & Yield

    Analysis of Cost & Yield 25.00% 21.47% 20.85% 20.72% 20.74% 20.75% 20.80% 20.24% 20.18% 20.11% 20.00% 15.00% 14.07% 14.44% 13.91% 13.70% 13.85% 13.61% 13.50% 11.58% 10.87% 9.70% 9.80% 9.82% 9.89% 9.84% 10.00% 9.18% 9.48% 8.74% 9.00% 7.27% 6.16% 6.23% 6.45% 6.54% 6.24% 5.81% 5.11% 5.00% 4.35% 0.00% Q

  15. Slide 15: Variance Analysis – Actual vs Budget

    VARIANCE ANALYSIS – ACTUAL VS BUDGET ₹. In Crores Q-1 FY 25 Variance Particulars Budget Actual Amount % Disbursements HYP Loans 324.95 497.90 172.95 53% Other Loans 20.00 .00 - 20.00 -100% Total Disbursements 344.95 497.90 152.95 44% Income Auto Loan 79.38 86.71 7.32 9% Other Loans 9.51 7.58 - 1.93

  16. Slide 16: Sales & Collection Analysis

    Sales & Collection Analysis 15

  17. Slide 17: Product Wise - Disbursements and Portfolio

    Product Wise - Disbursements ₹. In Crores Q1 FY 24 Q1 FY 25 ` 168% 474.01 176.66 1156% 100% 100% 100% 10.57 10.43 1.72 1.19 0.84 0.01 TW 4W Personal Loan TW 4W E3W Loyality LCV Product Wise - Portfolio Q1 FY 24 10.53% Q1 FY 25 1,766.61 1,952.70 157% 100% 125% 100% 33.66 5.91 13.03 2.62 10.43 1.19 TW

  18. Slide 18: Collection Cost as % of Collection

    Collection Cost as % of Collection 6.00% 4.80% 5.00% 4.80% 5.00% 4.50% 4.70% 4.41% 4.05% 3.91% 4.00% 3.50% 3.00% 2.00% 1.00% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 17

  19. Slide 19: Mode Wise Collection (HYP)

    Mode Wise Collection (HYP) 107 116 114 114 114 113 114 112 113 117 118 124 120 128 133 100% 52% 55% 53% 53% 52% 51% 49% 49% 47% 44% 44% 44% 42% 44% 41% 90% 80% 70% 60% 59% 58% 56% 56% 56% 56% 50% 53% 51% 51% 49% 48% 48% 47% 47% 40% 45% 30% 20% 10% 0% Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23

  20. Slide 20: Monthly Collection Performance Monitoring – Corp Loan

    Monthly Collection Performance Monitoring – Corp Loan In ₹ Cr 30 100% 90% 25 80% 70% 20 17.1 17.43 16.64 15.89 16.04 60% 14.41 14.81 14.03 14.33 15 13.06 50% 11.21 11.57 40% 10 30% 20% 5 10% 0 0% Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Monthly Collections

  21. Slide 21: Asset Analysis

    Asset Analysis 20

  22. Slide 22: Portfolio Analysis – (POS) Retail Loans

    Portfolio Analysis –(POS) Retail Loans ₹. In Crores Portfolio Analysis Segment – wise Analysis 196.10 9.79% 1952.70 33.66 10.42 1.19 5.91 9.98% 1.96% 8.07% 1807.78 90.02% 98.04% 100.00% 100.00% 91.93% 90.21% Two Wheeler Four Wheeler Three Wheeler Commercial Loyality Loan & Vehicle Others Regular NPA

  23. Slide 23: Securitization Details as on 30th June 24

    Securitization Details as on ₹. In Crores 30th June 24 204.69 2.94 3.27 2,000.94 1,795.92 Off Book On Book Securitized (part of own book) Direct Assignment Own Portfolio No of Transaction Type AUM Transaction Type AUM Transactions Securitized (part of own book) 7 204.69 Off Book 2.94 Direct Assignme

  24. Slide 24: Partnerships: Co-Lending and Business Correspondents

    Partnerships Co-Lending Business Correspondents 310.77 Cr (44%) 213.47 Cr (30%) 16.38 Cr (100%) 56.80 Cr 100.4 Cr (8%) (14%) 22.09Cr (3%) 23

  25. Slide 25: Corporate Loans

    Corporate Loans CORPORATE LOAN MOVEMENT – Q1 FY25 Particulars Corp loan Nos Balance Balance as on 31.03.2024 38 181.64 Add: Addition 0 0.00 38 181.64 Less: Loans closed 4 6.21 Less: Amount collected 41.42 Less: Written off 0 0 Balance as on 30.06.2024 34 134.01 24

  26. Slide 26: Asset Quality and NPA Movement

    Asset Quality and NPA Movement ₹. In Crores Parameters Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Gross NPAs - Opening POS 431.20 419.88 190.97 191.39 188.47 Add : Additions 35.96 32.58 25.69 20.38 21.98 Less: Reductions Normalized and Closed during the Quarter 19.79 12.25 11.70 10.33 6.43 Repossessed vehic

  27. Slide 27: Stage Wise NPA and ECL Summary

    Stage Wise NPA and ECL Summary ₹. In Crores Interest Stage AUM Asset Provision Net Asset Accrual Stage 1A A 1,872.36 22.39 1,894.75 13.14 1,881.61 Stage 1B B 0.67 0.01 0.68 0.46 0.22 Total Stage 1 C 1,873.03 22.40 1,895.43 13.60 1,881.83 Stage 2A D 68.85 0.79 69.64 6.15 63.49 Stage 2B E 20.89 0.89 2

  28. Slide 28: GNPA and NNPA

    GNPA and NNPA GNPA NNPA 11.67% 10.69% 3.88% 10.17% 10.16% 9.97% 9.84% 3.55% 3.40% 3.40% 3.38% 3.41% Sep-23 Dec-23 Mar-24 Apr-24 May-24 Jun-24 Sep-23 Dec-23 Mar-24 Apr-24 May-24 Jun-24 GNPA Interest Accrued NNPA Interest Accrued 27

  29. Slide 29: Expected Credit Loss (ECL) Vs IRACP

    Expected Credit Loss (ECL) Vs IRACP ₹. In Crores IRACP Excess Particulars AUM ECL Provision ECL% IRACP % Provision /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 1,830.48 18.66 7.32 11.34 1.02% 0.40% S1 and S2 other loans 133.91 0.77 0.54 0.24 0.58% 0.40% Non-Performing Assets S3 Hypothe

  30. Slide 30: ALM as on 30/06/2024

    ALM as on 30/06/2024 ₹. In Crores ALM JUNE 2024 Particulars 1M 2M 3M 4M to 6M 7M to 12M 1 to 3 Yrs 3 to 5 Yrs Above 5 Yrs Total A. OUTFLOWS Capital, Reserves & Surplus 0.00 0.00 0.00 0.00 0.00 0.00 0.00 623.16 623.16 Deposits 1.99 0.52 1.01 4.35 5.89 19.64 3.80 0.00 37.20 Bank Borrowings 65.43 89.94

  31. Slide 31: Investment In SRs

    Investment In SRs Investment in SRs 120 102.22 100 84.84 79.21 80 74.31 70.32 66.95 63.07 58.67 60 56.22 53.46 40 20 5.62 4.91 3.99 3.37 3.88 4.4 2.45 2.76 2.45 0 Oct-23: Opening Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Value NAV MCSL Share of Collection *NAV: The investment va

  32. Slide 32: Liability Analysis

    Liability Analysis 1 aan mm

  33. Slide 33: Shareholding Pattern as on 30/06/24

    Shareholding Pattern as on 30/06/24 Others Non Resident Public 1.74% Indians (NRIs) 26.24% 1.34% Bodies Corporate 5.90% Foreign Portfolio Investors Category I 1.32% Promoters Institutions (AIFs & Banks) 62.62% 0.84% 32

  34. Slide 34: Sources of Borrowing

    Sources of Borrowing Additional Facilities Q 1 FY 25 Total Borrowings Cost of New Facilities 9.65% Total Borrowings 30th June 2024 Short Term 178.50 Crores 1751.38 Crores Cost of Borrowings 9.84% Funding Concentration Total TL/WCDL - 46% 358.50 Crores NCD/MLD – 29% WCDL Rollovers in Q1 CP/Securitisa

  35. Slide 35: Borrowing Profile – by instrument

    Borrowing Profile – by instrument ₹. In Crores Jun-23 Mar-24 Jun-24 Borrowings O/S Rate O/S Rate O/S Rate NCD & MLD 259.00 10.11% 409.00 10.20% 504.00 10.15% Sub Debt & Public Deposit 39.24 8.28% 37.17 7.81% 41.97 8.43% LFD & Others 6.78 11.00% 6.80 10.85% 6.90 10.85% CC/WCDL/WCTL 1,000.05 9.22% 860

  36. Slide 36: Impact of MCLR Changes in WCDL Interest Rates

    Impact of MCLR Changes in WCDL Interest Rates MCLR VS BANK INTEREST RATES 11.00% 10.00% Average June-23 June- 24 9.00% Average Interest Rate 9. 70% 9.84% Average MCLR Rate 8.51% 9.21% 8.00% 7.00% MCLR Bank 6.00% 0.70% Increase Average MCLR Rate 0.14% Increase in Average ROI % CHANGE IN MCLR V/S INTE

  37. Slide 37: Structural Liquidity as on 30/06/2024

    Structural Liquidity as on 30/06/2024 700.00 ₹. In Crores 600.00 Inflow Outflow 500.00 400.00 300.00 200.00 100.00 - 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months Cumulative Mismatch 159

  38. Slide 38: Don't Just Soch Karo Blue Soch

    DON’T JUST SOCH KARO BLUE SOCH 37

Muthoot Capital Services — Q1 FY25 Earnings Presentation on 6ix