Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q3 FY25 Earnings Presentation
46 slides from Muthoot Capital Services's earnings presentation, Feb 4, 2025
Slide 1: Exchange filing cover letter for investor presentation
MCSL/SEC/24-25/402 February 04, 2025 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 Symb
Slide 2: Q3 FY25 Finance Presentation
Q3 FY 25 FINANCE PRESENTATION 04 February 2025
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 Q3 FY25
GNPA 4.73% Y-o-Y 56% AUM NNPA 2833 Cr 2.22% BLUE WHEEL DEBT Y-o-YEQUITY 46% RATIO (PCR 60%) Disbursement FINANCIAL RESULTS Q3 FY 25 846 Cr Y-o-Y 77% DEBT EQUITY PBT RATIO 17.29 Cr 3.94 x CRAR 23.17% 6
Slide 8: Operational Highlights
Operational Highlights AUM 9M FY 25: ₹ 2833 Cr Shareholders PBT Yield Fund Q3 : 17.29 Cr 20.62% 652.12 Cr Balance sheet Size 9M FY 25: ₹ 3,282 Cr No of Live Borrowing Cost Customers New Customers 9.94% 5,06,441 Q3 : 1,00,198 Total Borrowings as on 9M FY 25: ₹ 2566 Cr Disbursement A+ EPS CRISIL Ratin
Slide 9: Strong Geographical Presence
Strong Geographical Presence Geographically spread across 22 338 States Districts Portfolio Outstanding 8% 8% 7% 8% 8% WEST 13% 13% 14% 15% 15% 15% 16% 18% EAST 21% 26% NORTH 65% 63% 60% 58% 51% SOUTH Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Disbursement 8% 6% 7% 6% 9% WEST 13% 15% 17% 16% 15% EAST 24% 19% 25%
Slide 10: AUM Growth – Retail and Other Loans
AUM Growth – Retail and Other Loans ₹. In Crores 2,832.71 2381.10 2178.85 19% 1940.30 2015.15 9% 8% 2,761.37 4% 2275.8 2044.8 1776.37 1833.48 AUM Growth 46 % 163.93 181.67 134.05 105.3 71.34 Y-o-Y Q3 FY 24 Q4 FY 24 Q1 FY 25 Q2 FY 25 Q3 FY 25 Retail Loans Corp Loan & Others In Q2 Company has done ARC
Slide 11: Product wise Portfolio
Product wise Portfolio ₹. In Crores Q3 Q2 Q3 1940.30 2381.10 2832.71 24 25 25 TW 1753.63 2,173.86 2,609.18 Corp Loan & Others 163.93 105.30 71.34 4W 17.99 51.29 74.35 3W - 30.27 25.74 11.68 19.73 LL& PL 4.74 8.70 32.37 CV - Product Q-o-Q Y-o-Y TW 20%▲ 49%▲ AUM Growth AUM Growth Corp Loan & Others 32
Slide 12: Product wise Disbursements
Product wise Disbursements ₹. In Crores Q2 Q3 Q3 478.90 643.50 25 25 845.70 24 TW 443.95 576.36 783.80 Corp Loan & Others 25.00 11.00 - 4W 7.55 20.49 27.39 3W - 20.88 - LL& PL 2.40 6.97 9.87 CV - 7.80 24.64 Q1 Q3 Growth Growth 497.9 Cr 845.70 Cr 77% 31 % FY 1,987.11 Cr Y-o-Y Q-o-Q 25 Q2 643.5 Cr
Slide 13: GNPA & NNPA
GNPA & NNPA 10.69% 10.17% 9.84% 3.55% 3.40% 3.41% 2.22% 4.80% 4.73% 1.62% GNPA Y-o-Y 56% Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Q-o-Q 1.5% GNPA NNPA 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 Non-Convertible Debentures 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 Q2 FY 25 Q-o-Q Disbursement 845.70 643.50 31% Asset Under Management - AUM 2,832.71 2,381.10 19% Interest Income 125.68 108.65 16% Net Interest Income - NII 64.17 57.93 11% Operating Expense - OPEX 45.74 41.10 11% Loan Losses and Prov
Slide 16: Statement of Sources and Application of Funds
Statement of Sources and Application of Funds ₹. In Crores Mar-24 Particulars Dec-23 Dec-24 Sources of Funds 16.45 Share Capital 16.45 16.45 595.30 Reserves & Surplus 584.24 635.67 1,681.73 Borrowings 1,754.86 2,566.17 20.68 Other Liabilities and Provision 44.17 63.84 2,314.16 Total 2,399.72 3,282.1
Slide 17: Profit & Loss Statement
Profit & Loss Statement ₹. In Crores Quarter Ended Period Ended FY 24 Particulars Sep 24 Dec 24 Dec 23 Dec 24 Revenue From Operations 368.82 Interest Income 102.33 119.83 278.98 316.40 0.03 Dividend Income - - 0.03 0.04 27.25 Fees and Charges Income 6.08 5.68 19.98 17.26 1.59 Other Operating Income
Slide 18: Disbursements, Average LTV, AUM, Net Worth
Disbursements (in ₹ Cr) Average LTV 84.6% 845.7 84.3% 643.5 478.9 497.9 430.4 81.8% 81.8% 81.9% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 AUM (in ₹ Cr) Net Worth (in ₹ Cr) 2833 652.1 2381 639.4 2179 1940 2015 623.2 600.7 611.7 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q
Slide 19: Capital Adequacy, Loan Loss Provision, PAT, Debt Equity
Capital Adequacy Ratio (%) Loan Loss Provision & Write-Offs (in ₹ Cr) 33.2% 31.2% 5.4 28.8% 4.9 26.9% 23.2% 1.1 1.6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -3.6 Profit after Tax (in ₹ Cr) Debt Equity Ratio 16.3 3.9 2.9 3.4 11.1 12.7 2.7 2.8 10.2 11.4 Q3 24 Q4 24 Q1 25 Q2 25 Q2 25
Slide 20: ROA, ROE, EPS, Book Value Per Share
ROA (%) ROE (%) 2.9 2.3 2.2 2.2 10.3 2.0 7.3 7.3 7.9 6.9 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Earnings per Share (in ₹ ) Book Value Per Share (in ₹ ) 9.7 396.5 7.1 7.6 388.8 6.7 378.7 6.1 371.9 365.2 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 21: Analysis of Cost & Yield
Analysis of Cost & Yield 25.00% 20.75% 20.80% 20.88% 20.24% 20.18% 20.11% 20.33% 20.00% 14.44% 15.00% 13.70% 13.85% 13.50% 13.61% 13.25% 13.26% 9.70% 9.80% 9.82% 9.89% 9.84% 9.91% 9.94% 10.00% 7.30% 6.45% 6.54% 6.83% 6.84% 6.23% 6.24% 5.00% 0.00% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Cost Retail
Slide 22: Disbursement Retail Loans Q3 FY24 & Q3 FY25
Disbursement Retail Loans Q3 FY 24 & Q3 FY 25 113.7 86.42 Q3 62.92 64.09 86% 24 50.38 Y-o-Y 36.98 453.89 11.34 13.45 8.78 1.85 2.02 1.96 Oct Nov Dec Dealer Y-o-Y 227% 204.92 170.05 MFL Q3 Y-o-Y 203% 25 120.92 94.72 81.72 845.70 65.11 Co Lending 37.07 40.05 Y-o-Y -8% 24.6 1.03 2.12 3.38 Oct Nov Dec D
Slide 23: Disbursement Retail Loans Q2 FY25 & Q3 FY25
Disbursement Retail Loans Q2 FY 25 & Q3 FY 25 114.11 111.63 104.17 Q2 76.08 80.97 25 61.64 31% Q-o-Q 643.50 22.23 24.60 24.80 2.88 3.88 5.51 July Aug Sep Dealer Q-o-Q 50% 204.92 170.05 MFL Q3 Q-o-Q 42% 25 120.92 94.72 81.72 845.70 65.11 Co Lending 37.07 40.05 Q-o-Q 10 % 24.6 1.03 2.12 3.38 Oct Nov D
Slide 24: Collections – Q3 FY25
Collections – Q3 FY25 ₹. In Crores Sources of Collections 92.31 76.83 74.71 44.88 40.48 39.07 20.33 19.91 19.50 10.98 10.79 10.50 3.47 3.25 3.24 OCT-24 NOV - 2 4 DEC - 2 4 NACH MFL Bank/Electronic Mode Employee Collection Agency Collection
Slide 25: Portfolio Analysis
Portfolio Analysis ₹. In Crores Portfolio Analysis 134.00 Segment – wise Analysis 4.73% 2,609.18 74.35 25.74 32.37 19.72 71.34 5.09% 0.89% 0.00% 0.00% 1.52% 0.20% 94.90% 99.10% 100.00% 100.00% 98.48% 99.80% 2,698.70 95.27% Two Wheeler Four Wheeler Three Commercial Loyality & Corp Loan & Wheeler Vehi
Slide 26: Securitization Details as on 31st Dec 24
Securitization Details as on 31st Dec 24 2.77 ₹. In Crores 236.92 3.09 2761.36 2,524.12 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) 7 236.92 Off Book 2.77 Direct Assign
Slide 27: Partnerships
Partnerships Co Lending Business Correspondents 356.97 Cr (39%) . 281.70 Cr 124.01 Cr (31%) (13%) 143.12Cr (16%) . 16 Cr (2%)
Slide 28: Corporate Loans
Corporate Loans CORPORATE LOAN MOVEMENT Monthly Collection Performance Monitoring – Corp Loan Particulars Nos Balance 30 100% 25 80% Balance as on 30.09.2024 34 105.26 20 17.43 16.64 16.04 15.12 60% 14.16 13.77 Add: Addition during Q3 0 0.00 15 12.45 11.63 11.79 40% 10 34 105.26 5 20% Less: Loans cl
Slide 29: Stage Wise AUM and ECL Summary
Stage Wise AUM and ECL Summary ₹. In Crores Interest Closing Stage AUM Provision Net Asset Accrual Asset Stage 1A A 2,582.71 33.78 2,616.50 17.52 2,598.96 Stage 1B B 0.69 0.01 0.71 0.42 0.29 Total Stage 1 C 2,583.40 33.79 2,617.20 17.94 2,599.26 Stage 2A D 81.26 0.96 82.21 6.56 75.65 Stage 2B E 13.9
Slide 30: Stage 3 Assets - Product wise
Stage 3 Assets - Product wise ₹. In Crores Stage 3 Gross Closing Stage 3 Stage 3 ECL Provision Net Stage Accrued Stage 3 Asset POS Asset % Provision Coverage 3 Interest Asset Dec-24 2,832.71 120.80 13.20 134.00 4.73% 72.66 60% 61.34 Two Wheeler 2,609.18 119.75 13.15 132.90 5.09% 71.98 60% 60.92 Used
Slide 31: Asset Quality Updates
Asset Quality Updates Stage 1 Stage 2 91.93% 92.37% 3.89% 3.25% 3.20% 3.27% 2.90% 86.58% 86.96% 85.42% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Stage 1 Stage 2 Stage 3 10.69% 10.17% 9.84% 4.80% 4.73% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Stage 3
Slide 32: Asset Quality and NPA Movement - Retail
Asset Quality and NPA Movement - Retail ₹. In Crores Parameters Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Gross NPAs - Opening POS 190.97 191.39 188.47 193.16 102.58 Add : Additions 25.69 20.38 21.84 19.47 28.75 Less: Reductions Normalized and Closed during the Quarter 11.70 10.33 6.43 6.23 3.67 Repossesse
Slide 33: Expected Credit Loss (ECL) Vs IRACP
Expected Credit Loss (ECL) Vs IRACP ECL IRACP Excess Particulars AUM ECL% IRACP % Provision Provision /(Deficit) Performing Assets S1 and S2 Hypothecation Loans 2,627.78 23.75 10.51 13.24 0.90% 0.40% S1 and S2 other loans 70.93 0.34 0.28 0.06 0.48% 0.40% Non-Performing Assets S3 loans 120.79 72.66 4
Slide 34: 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 41.09 Cr 41.73 Cr 36.75 Cr NAV SRs NAV SRs 63.07 53.46 41.73 46.10 40.88 41.09 38.66 36.75 Mar-24 Jun-24 Sep-24 Dec-24 Sep-24 Oct-24 Nov-24 Dec-24 14.15 Quarterly Collections Month
Slide 35: Shareholding Pattern (As on Q3 FY25)
Shareholding Pattern (As on Q3 FY25) 1.10% 1.27% 1.46% 1.28% 5.35% Promoter 26.92% Public Bodies Corporate FPI Category I NRI Institutions (AIFs & Banks) Others 62.62%
Slide 36: Banking Partners
irl Banking Partners rmuthoot CAPITAL Su Indusind > oN enaiice <2 AX fy GY unoesy GY | il) ——$— UnloniBank AXIS BANK SBM bank ©. Le] enb foam ea OSBI = — BANK ra & HH mr FEDERAL BANK Reed P Indian Bank Hi} HDFC BANK | YOUR PERFECT BANKING PARTNER Blue is Belief
Slide 37: NBFCs & Marquee Partners
NBFCs & Marquee Partners Morgan Stanley India Sundaram Finance Noel Tata & Neville Tata Ambit Capital AK Capital Indian Energy Exchange Vivriti Capital Northern Arc Oxyzo Financial Services Equirus Capital Tipsons Finova Capital IKF Finance Limited Poonawalla Fincorp Ltd GUARANTCO Guarantco Arman Fi
Slide 38: Sources of Borrowing
Sources of Borrowing Additional Facilities Q 3 FY 25 Total Borrowings Cost of New Total Borrowings Facilities 9.73% 31st Dec 2024 Short Term 247 Crores 2576.59 Crores Cost of Borrowings Funding Concentration Total 9.94% TL/WCDL - 43% 837.74 Crores NCD/MLD – 37% CP/Securitisation – 19% Others – 1% Lo
Slide 39: Borrowing Profile
Borrowing Profile Bank Type Amount Utkarsh Small Finance Bank WCTL 40.00 State Bank of Mauritius WCTL 25.00 Financing Partners Banks – 19 Financial Institutions - 9 Others - 2
Slide 40: Borrowing Profile
Borrowing Profile ₹. In Crores Mar-24 Sep-24 Dec -24 Borrowings O/S Rate O/S Rate O/S Rate NCD & MLD 504.00 10.15% 604.00 9.95% 955.00 9.94% PUBLIC DEPOSIT 41.97 8.43% 42.37 8.21% 41.91 8.21% LFD 6.90 10.85% 6.78 10.85% 6.78 10.85% CC/WCDL/WCTL 799.98 10.05% 1,098.03 10.18% 1,098.71 10.20% CP 198.50
Slide 41: Impact of MCLR Changes in WCDL Interest Rates
Impact of MCLR Changes in WCDL Interest Rates MCLR VS BANK INTEREST RATES 11.00% 10.50% 10.00% 0.35% Increase 9.50% Average MCLR 9.00% Rate 0.14% Increase in 8.50% 8.00% Average ROI 7.50% 7.00% 6.50% 6.00% Average Mar-24 Dec- 24 Average Interest Rate 9. 80% 9.94% MCLR Bank Average MCLR Rate 8.65% 9.
Slide 42: Public Deposits
PUBLIC DEPOSITS PUBLIC DEPOSITS BALANCE OUTSTANDING Tenure Balance as on 31.12.2024 Up to 1 Year 72,67,000.00 Q3 New Deposits 1 Year 1day up to 2 Yrs 16,96,77,000.00 3.44 Crs 2 Year 1day up to 3 Yrs 8,07,87,000.00 4 Year 2,07,78,000.00 5 Year 12,04,04,000.00 Total 39,89,13,000.00 PUBLIC DEPOSIT PORT
Slide 43: Structural Liquidity as on 31/12/2024
Structural Liquidity as on 31/12/2024 ₹. In Crores 900.00 800.00 700.00 600.00 500.00 400.00 300.00 200.00 100.00 - 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months Inflow Outflow 1-7 days 8-14 days 15 days-1 month 1-2 months 2-3 months 3-6 months 6-12 months Cumulativ
Slide 44: Liquidity Position For Q4 25
Liquidity Position For Q4 25 Particulars Jan-25 Feb-25 Mar-25 Q4 FY 2025 Opening Balance 204.77 190.45 232.54 204.77 Inflows New Borrowings 180.29 250.00 350.00 780.29 WCDL/CC Rollover 60.00 100.00 65.00 225.00 EMI Repayments incl. sold portfolio 182.11 180.57 180.77 543.45 Other receipts 12.34 5.00
Slide 45: Great Place to Work certification
Great Place to work We have received Great Place to Work certification in October 2024.
Slide 46: Don't Just Soch Karo Blue Soch
DON’T JUST SOCH KARO BLUE SOCH 45
Muthoot Capital Services — Q3 FY25 Earnings Presentation on 6ix