Fundamental Result Update

Manappuram Finance Ltd Q1FY20 Result Update



Manappuram Finance (MFL) reported good set of numbers during Q1FY20 with the consolidated AUM growth of 22%YoY/4% QoQ to Rs 20,186 cr. Strong growth in advances, led to healthy NII growth of 24% YoY to Rs 794 cr vs. our estimate of Rs 790 cr. Decent operating income growth and moderating OPEX resulted into PPoP growth of 39% YoY. Cost/Income ratio fell to 44% vs. 48.5% QoQ. PAT for the quarter stood at Rs 272 cr (our est: Rs 270 cr). NIM (Calculated) for the quarter stood at 16% vs. flat QoQ. Non-gold business of the company, mainly MFI continued to show strength. Share of non-gold business in total AUM rose by 83bps QoQ to 34.2%. We maintain our Buy rating on the stock and have a target price of Rs 151 (unchanged).


Tags: FundamentalResult Update


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