Manappuram Finance Q4 net rises 18% to Rs 468 crore

For the whole of FY21, the company reported a consolidated net profit of Rs 1,724.95 crore, against Rs 1,480.30 crore in the year-ago period.T

NBFC Manappuram Finance on Wednesday reported a 17.62% year-on-year (y-o-y) increase in its consolidated net profit to Rs 468.35 crore for the fourth quarter of FY21.

The Kerala-based gold loan lender, which also operates a home loan, microfinance and commercial vehicle leasing subsidiary, has reported a standalone net profit of Rs 457.95 crore for the fourth quarter of last fiscal, an increase of 34.79% from Rs 339.76 crore reported in the year-ago quarter.

However, sequentially, the lender reported a 1.58% fall in the net profit, from Rs 465.29 crore in Q3 of FY21. The gold loan portfolio also declined quarter-on-quarter (q-o-q) by 5.61% to Rs 19,077.05 crore in Q4, from Rs 20,211.58 crore reported in Q3FY21.

For the whole of FY21, the company reported a consolidated net profit of Rs 1,724.95 crore, against Rs 1,480.30 crore in the year-ago period.The NBFC’s operating income for the year stood at Rs 6,330.55 crore, up 15.83% from Rs 5,465.32 crore recorded in the previous year.

VP Nandakumar, MD & CEO, said, “Our performance is particularly satisfactory given the multiple challenges faced throughout this pandemic-affected year. Despite all disruptions due to lockdowns, the consequent slowdown in economic activity and consumption and volatility in gold prices, we have succeeded in posting our best-ever full-year results, with significant growth in business and profitability.”

The company’s consolidated assets under management (AUM) stood at Rs 27,224.22 crore, up 7.89% in comparison to Rs 25,234.03 crore in the previous year. Growth was led by gold loans which grew by 12.44% to reach Rs 19,077.05 crore.

The capital adequacy ratio (standalone) is reported at 28.88%. The net NPA position stood at 1.53%, and gross NPA at 1.92% as of March 31, 2021.

The board of directors approved payment of an interim dividend of Rs 0.75 per share of the face value of Rs 2.

Madhu Mohan, general manager, has been re-appointed the chief risk officer for a period of one year with effect from July 17, 2021, the company said in a regulatory filing.