Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q4 FY25 Earnings Presentation
39 slides from Muthoot Capital Services's earnings presentation, May 15, 2025
Slide 1: Exchange filing cover letter for investor presentation
MCSL/SEC/25-26/51 May 15, 2025 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001, Maharashtra Bandra Kurla Complex, Bandra (E), Scrip Code - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture & CP) - 97
Slide 2: Investor Presentation Q4 FY25
INVESTOR PRESENTATION Q4 FY 25
Slide 3: Muthoot Capital Services Limited
Muthoot Capital Services Limited Its equity shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Muthoot Capital Services Ltd., promoted by the Muthoot Pappachan Group, is a Non- Banking Finance Company (NBFC) Established in 1994, it is registered with
Slide 4: Our Mission, Our Vision, Our Values
Our Mission Our Vision Our Values To provide timely To be the most We will do everything small credit to trusted financial to gain and maintain millions of ordinary service provider, at the Trust of all the people, and also the doorstep of the stakeholders and will provide them with common man, not
Slide 5: MCSL Products
MCSL Products Retail Loans Two-Wheeler loans CV loans Used Car loans Loyalty loans Other products Fixed Deposit Corporate loans
Slide 6: 30 Year Journey
30 Year Journey 1994 Started Operations 500cr 1995 2008 2014 2016 Listed on BSE Entered the Two- AUM crosses AUM crosses Wheeler financing 500cr 1000cr segment 2022 2019 2019 2018 Rated CRISIL A+ AUM crosses Golden Peacock MCSL ranks 2000cr Award for Corporate among Top 50 NBFC Ethics across India 2
Slide 7: Financial Results FY25
GNPA 4.88% Y-o-Y 52% AUM NNPA 3,058 Cr 2.30% BLUE WHEEL DEBT Y-o-YEQUITY 52% RATIO (PCR 60%) FINANCIAL RESULTS FY 25 Disbursement 2,642 Cr Y-o-Y 84% DEBT EQUITY PBT RATIO 60.40 Cr 4.34 x CRAR 22.36% 6
Slide 8: Operational Highlights
Operational Highlights AUM FY 25: ₹ 3,058 Cr PBT Shareholders Yield Q4 25 : 6.98 Cr Fund 20.61% FY 25 : 60.40 Cr 658.06 Cr Balance sheet Size FY 25: ₹ 3,584 Cr Borrowing No of Live Cost New Customers Q4 : 9.95% Customers 5,39,841 Total Borrowings in FY 25 : 9.92% Q4 : 73,759 FY 25: ₹ 2,853 Cr Disbur
Slide 9: Strong Geographical Presence
Strong Geographical Presence Geographically spread across 22 349 States Districts Portfolio Outstanding 8% 8% 7% 8% 8% WEST 13% 14% 15% 15% 15% 16% 18% 21% EAST 26% 27% NORTH 63% 60% 58% 51% 50% SOUTH Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Disbursement 6% 7% 6% 9% 9% WEST 15% 17% 16% 15% 16% 19% EAST 25% 26%
Slide 10: AUM Growth – Retail and Other Loans
AUM Growth – Retail and Other Loans ₹. In Crores 3,057.76 2,832.71 8% 2381.10 2178.85 19% 2015.15 9% 3,004.25 8% 2,761.37 2275.8 2044.8 1833.48 AUM Growth 52 % 181.67 134.05 105.3 71.34 53.51 Y-o-Y Q4 FY 24 Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Retail Loans Corp Loan & Others In Q2 Company has done AR
Slide 11: Product wise Portfolio
Product wise Portfolio ₹. In Crores Q4 2015.15 Q3 Q4 2832.71 3057.76 24 25 25 1802.22 2,609.18 2,806.95 181.67 71.34 53.51 26.15 74.35 86.84 - 20.93 25.74 5.11 19.73 28.28 - 32.37 61.25 Product Q-o-Q Y-o-Y TW 8%▲ 56%▲ AUM Growth AUM Growth Corp Loan & Others -25%▼ 71%▼ 52 % 8% 4W 17%▲ 232%▲ Y-o-Y Q-
Slide 12: Product wise Disbursements
Product wise Disbursements ₹. In Crores Q3 Q4 Q4 430.42 845.70 25 654.98 24 25 TW 333.41 783.80 583.28 Corp Loan & Others 85.39 - 10.00 4W 10.56 27.39 19.30 3W - - - LL& PL 1.06 9.87 11.63 CV - 24.64 30.77 Growth Growth Q4 52% 23 % Q3 654.98 Cr Y-o-Y Q-o-Q Q2 845.70 Cr FY FY25 25 2,642.09 Cr Q1 643.
Slide 13: GNPA & NNPA
GNPA & NNPA GNPA % NNPA % 10.17% 9.84% 3.40% 3.41% 2.22% 2.30% 4.80% 4.73% 4.88% 1.62% GNPA Y-o-Y 52% Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Q-o-Q 3% In Q2 Company has done ARC of ₹95.60 Crs. The portfolio has been derecognized from the books in Q2 itself.
Slide 14: Credit Ratings
Credit Ratings CRISIL Rating Bank Lines A+/ Stable CRISIL Rating ICRA Rating Non-Convertible Debentures A+/ Stable A+/ Stable Fixed Deposits CRISIL Rating A+/ Stable Principal Protected Market Linked CRISIL Rating Debenture PPMLD A+/ Stable CRISIL Rating Commercial Paper A1+
Slide 15: Financial Performance – FY 24-25
Financial Performance – FY 24-25 ₹. In Crores Parameters Q3 FY 25 Q4 FY25 FY 24 FY 25 Disbursement 845.70 654.98 1438.42 2642.09 Asset Under Management - AUM 2,832.71 3,057.76 2015.15 3,057.76 Interest Income 125.68 137.32 398.40 471.65 Net Interest Income - NII 64.17 69.69 230.84 248.09 Operating E
Slide 16: Statement of Sources and Application of Funds
Statement of Sources and Application of Funds ₹. In Crores Period Ended Particulars Dec-24 Mar-24 Mar-25 Sources of Funds Share Capital 16.45 16.45 16.45 Reserves & Surplus 635.67 595.30 641.61 Borrowings 2,566.17 1,660.08 2,852.57 Other Liabilities and Provision 63.84 42.33 73.87 Total 3,282.13 2,3
Slide 17: Profit & Loss Statement
Profit & Loss Statement ₹. In Crores Quarter Ended Period Ended Particulars Mar-24 Dec-24 Mar-25 FY 24 FY 25 Revenue From Operations Interest Income 90.49 119.83 130.20 368.79 446.59 Dividend Income - - - 0.03 0.03 Fees and Charges Income 7.27 5.68 6.92 27.25 24.19 Other Operating Income 0.17 0.17 0
Slide 18: Disbursements, Average LTV, AUM and Net Worth
Disbursements (in ₹ Cr) Average LTV 845.7 84.57% 84.30% 643.5 655.0 497.9 430.4 82.22% 81.84% 81.94% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 658.1 652.1 3,057.76 2,832.70 639.4 2,381.10 2,178.85 2,015.15 623.2 611.7 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 19: Capital Adequacy, Loan Loss Provision, PAT, Debt Equity
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 31.2% 28.8% 16.6 26.9% 23.2% 22.4% 4.9 1.1 1.6 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -3.6 Profit after Tax (in ₹ Cr) Debt Equity Ratio 16.3 4.3 3.9 12.7 3.4 11.1 11.4 2.7 2.8 6.0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 20: Analysis of Cost & Yield
Analysis of Cost & Yield 25.00% 21.47% 20.85% 20.72% 20.74% 20.75% 20.80% 20.88% 20.61% 20.24% 20.18% 20.11% 20.33% 20.00% 14.44% 15.00% 14.07% 13.91% 13.85% 13.70% 13.50% 13.61% 13.25% 13.26% 13.19% 11.58% 10.87% 9.70% 9.80% 9.82% 9.89% 9.84% 9.91% 9.94% 9.95% 10.00% 9.18% 9.48% 8.74% 9.00% 7.30% 7
Slide 21: Disbursement Retail Loans Q4 FY24 & Q4 FY25
Disbursement Retail Loans Q4 FY 24 & Q4 FY 25 58.36 59.8 51.19 51.37 45.12 42.16 Q4 87% 24 Y-o-Y 345.02 8.99 10.11 12.12 2.07 1.89 1.84 Jan Feb Mar Dealer Y-o-Y 149% 137.93 131.2 115.98 MFL Q4 Y-o-Y 135% 25 59.2 56.99 56.78 644.99 27.47 25.44 Co Lending 20.61 Y-o-Y 13% 3.52 4.61 5.26 Jan Feb Mar Dea
Slide 22: Collections - FY25
Collections - FY25 ₹. In Crores 292.34 Sources of Collections FY 25 243.85 200.33 180.71 151.51 124.43 107.79 102.52 65.14 63.33 59.74 58.70 32.27 31.78 30.73 26.34 12.64 11.28 10.10 9.96 Q1 25 Q2 25 Q3 25 Q4 25 NACH MFL Bank/Electronic Mode Employee Collection Agency Collection Sources of Collectio
Slide 23: Portfolio Analysis
Portfolio Analysis ₹. In Crores Portfolio Analysis 149.20 Segment – wise Analysis 4.88% 2,806.94 86.84 20.93 61.25 28.28 53.51 5.27% 0.69% 0.00% 0.31% 1.54% 0.25% 94.73% 99.31% 100.00% 99.61% 98.46% 99.75% 2,908.56 95.12% Two Wheeler Four Wheeler Three Commercial Loyality & Corp Loan & Wheeler Vehic
Slide 24: Securitization Details as on 31st Mar 25
Securitization Details as on 31st Mar 25 2.66 ₹. In Crores 413.13 2.98 3,004.25 2,590.79 Off Book On Book Securitized (part of own book) Direct Assignment Own Portfolio No of Transaction Type AUM Transaction Type AUM Transactions Securitized PTC (part of own book) 8 413.13 Off Book 2.66 Direct Assig
Slide 25: Partnerships
Partnerships Co Lending Business Correspondents 339.29 Cr (36%) . 281.89 Cr 122.86 Cr (30%) (13%) 182.92Cr (19%) . 12.63 Cr (1%)
Slide 26: Corporate Loans
Corporate Loans CORPORATE LOAN MOVEMENT Monthly Collection Performance Monitoring – Corp Loan Particulars Q4 25 FY 25 30 100% 90% Opening Balance 71.30 181.64 25 80% 20 70% 17.43 16.64 Add: Addition 10.00 21.00 16.04 15.12 60% 14.16 13.77 15 50% 81.30 202.64 12.45 11.63 11.79 9.66 9.67 9.29 40% 10 3
Slide 27: Stage Wise AUM and ECL Summary
Stage Wise AUM and ECL Summary ₹. In Crores Closing Stage AUM Interest Accrual Provision Net Asset Asset Stage 1A A 2,758.15 36.83 2,794.98 18.90 2,776.08 Stage 1B B 0.84 0.02 0.86 0.50 0.36 Total Stage 1 C 2,758.99 36.85 2,795.84 19.40 2,776.44 Stage 2A D 112.22 1.36 113.58 7.28 106.3 Stage 2B E 15
Slide 28: Stage 3 Assets - Product wise
Stage 3 Assets - Product wise ₹. In Crores Stage 3 Gross Stage 3 Stage 3 ECL Provision Closing Asset Stage 3 POS Accrued Net Stage 3 Asset Asset % Provision Coverage Interest Mar-25 3,057.76 134.67 14.53 149.20 4.88% 80.85 60% 68.35 Two Wheeler 2,806.95 133.38 14.46 147.84 5.27% 80.02 60% 67.82 Used
Slide 29: Asset Quality and NPA Movement - Retail
Asset Quality and NPA Movement - Retail ₹. In Crores Parameters Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Gross NPAs - Opening POS 191.39 188.47 193.16 102.58 120.65 Add : Additions 20.38 21.84 19.47 28.75 29.31 Less: Reductions Normalized and Closed during the Quarter 10.33 6.43 6.23 3.67 5.75 Repossessed
Slide 30: Expected Credit Loss (ECL) Vs IRACP
Expected Credit Loss (ECL) Vs IRACP Mar-2025 Excess Particulars AUM ECL IRACP ECL% IRACP % /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 2,855.19 25.93 11.42 14.50 0.91% 0.40% S1 and S2 other loans 53.37 0.25 0.21 0.04 0.47% 0.40% Non-Performing Assets S3 loans 134.67 80.85 47.49 33.37
Slide 31: ARC & Investment in SRs
ARC & Investment in SRs PHOENIX ARC (Sep 2023) PARAS ARC (Sep 2024) SR @ Sale Current SR SR @ Sale Current SR 102.22 Cr 37.21 Cr 64% 41.73 Cr 32.50 Cr 22% 53.46 NAV SRs NAV SRs 41.73 46.10 36.75 41.09 32.50 37.21 Jun-24 Sep-24 Dec-24 Mar-25 Sep-24 Dec-24 Mar-25 8.92 Quarterly Collections 7.54 Quarte
Slide 32: Shareholding Pattern
Shareholding Pattern Shareholding Pattern (As on 31st March 2025) Corporates 62.62% Public Promoters Others 31.09% 0.81% 5.48%
Slide 33: Sources of Borrowing
Sources of Borrowing Additional Facilities Q 4 FY 25 Total Borrowings CostROI of New Facilities 9.95%9.99% Total Borrowings Short Term 31st March 2025 175 Crores 2866.33 Crores Rate 9.60% Q4 FY 25 Total Funding Concentration 671.36 Crores Cost TotalofCost New TL/WCDL - 43% Facilities 10.80%9.99% NCD
Slide 34: Structural Liquidity as on 31/03/2025
Structural Liquidity as on 31/03/2025 ₹. In Crores Inflow Outflow 878.17 715.28 473.02 407.39 367.24 329.72 343.57 320.85 294.29 136.52 82.18 71.38 34.64 11.39 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
Slide 35: ALM as on 31/03/2025
ALM as on 31/03/2025 ALM MARCH 2025 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 0.00 658.06 658.06 Deposits 1.19 1.15 1.56 8.96 10.41 15.22 2.41 0.00 40.91 Bank Borrowings 36.59 205.59 224.69 11
Slide 36: Banking Partners
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Slide 37: NBFCs & Marquee Partners
NBFCs & Marquee Partners Noel Tata & Neville Tata
Slide 38: Great Place to Work certification
Great Place to work We have received Great Place to Work certification in October 2024.
Slide 39: Don't Just Soch, Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 38
Muthoot Capital Services — Q4 FY25 Earnings Presentation on 6ix