Manappuram Finance Limited · NSE:MANAPPURAM
Manappuram Finance — Q4 FY2025 Earnings Presentation
44 slides from Manappuram Finance's earnings presentation, May 2025
Slide 1: Investor Presentation Q4 & FY2025
Investor Presentation Q4 & FY2025
Slide 2: Contents
Page – 04 Page – 05 01 Vision and strategy 02 Financial snapshot Page – 18 Page – 37 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: 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 Q4 - FY2025
a FINANCE LIMITED ‘Moke Ue Eony FINANCIAL HIGHLIGHTS Q4 - FY2025
Slide 6: Key Performance Highlights for Q4 & FY2025
KEY PERFORMANCE HIGHLIGHTS FOR Q4 & FY2025 • Consolidated Gold Loan AUM INR 25,586 Cr , up by 18.7% YoY wherever Standalone Gold Loan AUM INR 24,658 Cr, up by 19.3% YoY with stable yield of 22.35% for FY25 • Gold Loan LTV is at 57% as on 31st Mar,2025 (Vs. 60% as on 31st Dec,2024) • MFI book was INR
Slide 7: Consolidated Financial Overview – Q4 & FY2025
CONSOLIDATED FINANCIAL OVERVIEW – Q4 & FY2025 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Consolidated AUM (Rs. Bn) 430 442 -2.7% 421 2.3% 430 421 2.3% Net Interest Income 1,464 1,634 -10.4% 1,569 -6.7% 6,466 5,982 8.1% OPEX 785 707 11.0% 650 20.7% 2,872 2,517 14.1% PPOP
Slide 8: Consolidated Operational Overview – Q4 & FY2025
CONSOLIDATED OPERATIONAL OVERVIEW – Q4 & FY2025 Particulars (Rs. Mn) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y Gold AUM (Rs. Bn) 256 245 4.4% 216 18.7% Gold Tonnage 56.36 57.33 -1.7% 58.84 -4.2% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Mn) 2.58 2.60 -0.7% 2.51 2.9% Non-Gold AUM (
Slide 9: AUM Mix for Q4 & FY2025
AUM MIX FOR Q4 & FY2025 Q4 FY25 Q3 FY25 Q4 FY24 1% 1% 2% 7% 7% 7% 11% 12% 10% 4% 4% 4% 55% 51% 59% 17% 21% 26% Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Gold MFI HFC VEF Onlending MSME Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y Gold 24,658 23,686 4.1% 20,671 19.3%
Slide 10: Consolidated Profit & Loss Statement
CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q4 & FY2025 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Closing AUM (Rs. Bn) 430 442 -2.7% 421 2.3% 430 421 2.3% Income from Operations 2,360 2,560 -7.8% 2,348 0.5% 10,041 8,848 13.5% Finance expenses 895 925 -3.2% 779 14.9% 3,575
Slide 11: Consolidated Balance Sheet for Q4 FY2025
CONSOLIDATED BALANCE SHEET FOR Q4 FY2025 Particulars (Rs. Cr) Mar-25 Dec-24 Q-o-Q Mar-24 Y-o-Y Cash & Bank Balances 3,808 4,592 -17.1% 3,181 19.7% Investments 788 832 -5.3% 726 8.5% Loans & Advances 42,252 43,530 -2.9% 40,948 3.2% Fixed Assets 518 502 3.2% 474 9.4% Other Assets 1,840 1,693 8.7% 1,41
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. Cr) 9.3% 9.3% 9.2% 9.4% 9.4% Borrowing Mix Q4FY25 Q3FY25 Q4FY24 Particulars Amount % Amount % Amount % WCDL / CC 7,261 21% 7,623 21
Slide 13: Standalone Financial Overview – Q4 & FY2025
STANDALONE FINANCIAL OVERVIEW – Q4 & FY2025 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Standalone AUM (Rs. Bn) 330 324 1.8% 287 15.1% 330 287 15.1% Net Interest Income 1,129 1,170 -3.5% 1,019 10.8% 4,530 4,002 13.2% OPEX 503 483 4.2% 436 15.3% 1,899 1,697 12.0% PPOP # 6
Slide 14: Standalone Profit & Loss Statement
STANDALONE PROFIT & LOSS STATEMENT FOR Q4 & FY2025 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Closing AUM (Rs. Bn) 330 324 1.8% 287 15.1% 330 287 15.1% Income from Operations 1,738.9 1,798.7 -3.3% 1,507.8 15.3% 6,906.3 5,829.9 18.5% Finance expenses 609.5 628.7 -3.0% 48
Slide 15: Standalone Result Analysis
STANDALONE RESULT ANALYSIS Q4 & FY2025 GOLD LOAN AUM (Rs. Bn) NET PROFIT (Rs. Cr) 247 237 247 226 232 1,698 1,783 207 207 1,658 191 199 190 1,305 1,266 475 453 441 428 414 FY21 FY22 FY23 FY24 FY25 Q4 Q1 Q2 Q3 Q4 FY21 FY22 FY23 FY24 FY25 Q4 Q1 Q2 Q3 Q4 FY24 FY25 FY25 FY25 FY25 FY24 FY25 FY25 FY25 FY2
Slide 16: Standalone Result Analysis
STANDALONE RESULT ANALYSIS Q4 & FY2025 NE T YI E LD (%) O P E X TO AUM % 24.9% 21.9% 22.3% 7.0% 22.2% 20.9% 21.7% 21.8% 22.0% 22.2% 21.7% 6.9% 6.6% 6.4% 6.2% 6.2% 6.1% 6.1% 6.0% 5.9% FY21 FY22 FY23 FY24 FY25 Q4 Q1 Q2 Q3 Q4 FY21 FY22 FY23 FY24 FY25 Q4 Q1 Q2 Q3 Q4 FY24 FY25 FY25 FY25 FY25 FY24 FY25 FY
Slide 17: Standalone Borrowing Profile
STANDALONE BORROWING PROFILE FOR Q4 & FY2025 ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) COST OF BORROWING % Borrowing Mix Q4 FY25 Q3 FY25 Q4 FY24 Particulars Amount % Amount % Amount % WCDL/CC 7,237 27% 7,586 28% 7,622 34% 9.2% Term Loan 11,124 41% 10,462 39% 9,533 42% 9.2% 9.1% 9.0% NCD & Bo
Slide 18: Segmental Performance
a FINANCE LIMITED ‘Moke Ue Eony SEGMENTAL —______» PERFORMANCE
Slide 19: Gold AUM Update for Q4 & FY2025
GOLD AUM UPDATE FOR Q4 & FY2025 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Mn) GOLD AUM PER BRANCH (Rs. Cr) AVG. LOAN TICKET SIZE (Rs 75.0 67.8 ‘000) 67.8 2.59 62.1 62.5 64.3 65.0 56.6 57.5 58.5 58.5 2.49 2.47 7.0 6.7 7.0 55.0 44.6 2.44 2.45 2.44 6.4 6.6 5.4 5.6 5.4 5.9 5.9 45.0 2.37 2.38 2.38 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 Q4 FY2025
GOLD LOAN PAN INDIA PRESENCE Q4 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 82% 79% 82% 76.9 75.0 76.9 74% 73.2 71.7 71.7 72.3 73.0 70% 63.3 54% 57% 57% 53.0 50% 44% FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4
Slide 23: Asirvad Microfinance Results for Q4 & FY2025
ASIRVAD MICROFINANCE RESULTS FOR Q4 & FY2025 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from Operations 511 664 -23.1% 726 -29.6% 2,705 2,681 0.9% Finance Cost 217 263 -17.3% 260 -16.4% 1,034 947 9.2% Net Interest income 294 401 -26.8% 466 -37.0% 1,671 1,7
Slide 24: Asirvad Microfinance Result Analysis
ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q4 & FY2025 ASIRVAD AUM (Rs. Cr) CAPITAL ADEQUACY RATIO % 23.3% 23.3% 11,881 11,881 12,310 12,149 22.8% 22.8% 10,041 10,013 21.8% 8,189 8,189 21.5% 20.8% 20.9% 20.9% 7,002 5,985 19.7% FY21 FY22 FY23 FY24 FY25 Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25 FY21 FY22 FY23 FY24
Slide 25: Asirvad Microfinance: Asset Quality
ASIRVAD MICROFINANCE: ASSET QUALITY Evolution of Asset Quality for Asirvad Particulars Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 (Rs Cr) Amount % Amount % Amount % Amount % Amount % Stage - I 10,177 94.5% 10,787 95.4% 10,535 93.3% 8,268 88.4% 6,541 85.3% Stage - II 194 1.8% 192 1.7% 276 2.4% 549 5.9%
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 31st As on 31st Lender Overlap (Clients %) Loan Exposure Mar,2025 Mar,2025 Only Asirvad 33.3% Below 50k 42.2% Asirvad +1 24.4% 50k to 99k 28.2% 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 Cr) Number of loan officers 14,000 11,881 12,149 12,000 10,041 10,013 11,035 7,002 8,189 8,189 9,129 8,879 9,636 9,129 8,736 10,000 8,000 7,507 6,000 4,000 2,000 0 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 FY22 FY23 F
Slide 29: Asirvad Microfinance Liabilities Overview
ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q4 FY2025 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q4 FY25 Q3 FY25 Q4 FY24 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 5,385 77.6% 7,159 81.0% 7,297 72.9% Refinance 700 10.1% 784 8.9% 6 0.1% Debentures 25 0.
Slide 30: Asirvad Microfinance Liquidity Update
ASIRVAD MICROFINANCE LIQUIDITY UPDATE Maturity ALM (Rs. Cr) 10,000 9,491 9,491 9,000 8,000 7,000 6,000 5,000 4,000 2,966 3,000 2,425 1,881 2,060 2,045 2,000 1,096 1,222 1,244 1,173 1,000 438 438 462 599 484 427 21 - 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5
Slide 31: Asirvad Microfinance Pan India Presence
ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q4 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
HOUSING FINANCE BUSINESS UPDATE FOR Q4 & FY2025 AUM EVOLUTION (Rs. Cr) Home Loan AUM MIX (%) LAP ATS (INRL) Yield 1,824 1,778 1,824 1,692 28% 29% 29% 31% 31% 31% 32% 32% 32% 1,587 1,510 1,510 5.9 19.9% 1,096 845 666 72% 71% 71% 69% 69% 69% 68% 68% 68% 6.0 17.8 FY21 FY22 FY23 FY24 FY25 Q4 FY24 Q1 FY2
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
VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q4 & FY2025 AUM EVOLUTION (Rs. Cr) ATS (INRL) Yield CV TW PV AUM MIX (%) 5,085 4.9 18.0% 22% 18% 17%18% 4,773 4,848 4,773 17% 26% 17% 26% 16% 28% 16% 30% 16% 31% 15% 31% 15% 31% 4,541 4,111 4,111 2,431 0.8 21.5% 65% 61% 1,643 57% 57% 56% 55% 54% 54%
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 Allied Business Update
STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q4 & FY2025 AUM EVOLUTION (Rs. Cr) AUM MIX (%) MSME Micro-Housing Secured PL Unsecured PL ATS (INRL) Yield 3,079 2,963 3,001 3,079 5% 2% 5% 3% 2% 2,908 2,908 2,946 11% 12% 9% 7% 20% 20% 19% 0.7 26% 18% 19% 19% 20% 17% 18% 1,945 4.3 20% 33% 40% 38% 42% 4
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 ₹31.5 lakhs to the Peringottukara Dialysis • A total of ₹1.64 crores was spent in FY 2024–25 on Centre for the purchase of three dialysis machines, • Donated 75 three-wheeler scooters to 75 deserving installation of a 30 kW solar power system, and monthly house constr
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 March, 2025 Stock Data Market Cap as on 08th May, 2025 ₹ 19,298.71 Crs Top Shareholders holding 28% more than 1% (other than % Stock Price as on 08th May, 2025 228.00 35% promoters) 52 Week (High/Low) ₹ 247 / ₹ 138 1% 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 Manappuram Finance L