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
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
Slide 2: Q1 FY25 Investor Presentation
Q1 FY 25 INVESTOR PRESENTATION
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
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
Slide 5: Operational Highlights
Operational Highlights 4
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
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
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
Slide 9: Performance Analysis
Performance Analysis 8
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
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
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
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
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
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
Slide 16: Sales & Collection Analysis
Sales & Collection Analysis 15
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
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
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
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
Slide 21: Asset Analysis
Asset Analysis 20
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
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
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
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
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
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
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
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
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
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
Slide 32: Liability Analysis
Liability Analysis 1 aan mm
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
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
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
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
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
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