|
Muthoot Finance has recorded 11% growth in the net profit on
consolidated basis to Rs 891.86 crore for the quarter ended September 2022
(Q2FY2023) over a corresponding quarter of last year. On sequential basis, the
company has improved net profit by 9%, while exhibited substantially improvement
in the asset quality.
Income from operations declined 7% to Rs 2841.86 crore in the
quarter ended September 2022. Interest expense declined 5% to Rs 1020.5 crore, while
other expenses (including staff cost of Rs 342.2 crore and other expenses of Rs
210.23 crore) moved up 10% to Rs 552.43 crore. Ensuing Gross profit fell 15% to
Rs 1268.93 crore in Q2FY2023 over Q2FY2022.
Depreciation increased to Rs 18.38 crore in Q2FY2023 from Rs 15.83
crore in Q2FY2022, while provision and write offs dipped to Rs 43.78 crore in
Q2FY2023 from Rs 118.64 crore in Q2FY2022. PBT declined 11% to Rs 1206.77 crore.
Effective tax rate eased to 25.3% in Q2FY2023 from 25.8% in
Q2FY2022. The net profit of the company declined 11% to Rs 891.86 crore in the
quarter ended September 2022.
Business performance
The consolidated loan book of the company increased 6% yoy to Rs 64356
crore at end September 2022. Non-gold loans moved up 23% to Rs 7125 crore of
AUM at end September 2022.
The net Interest margin (NIM) of the company, on calculated basis,
eased by 175 bps yoy and improved 26 bps on sequential basis to 11.21% in
Q2FY2023.
Gross stage 3 assets of the company dipped to 1.67% at end
September 2022 from 2.13% a quarter ago. ECL Provision as % of Gross Loan
Assets were steady at 1.12% at end September 2022 from 1.16% a quarter ago. Net
stage 3 assets dipped to 0.55% end September 2022 from 0.97% end June 2022.
CRAR ratio was at comfortable level of 31.96% at end September 2022.
Branch network of the company increased to 5750 branches, after
four quarters of decline, at end September 2022. Employee count increased to 27204
at end September 2022 from 26618 a quarter ago.
Book value of the company stood at Rs 479.0 per share at
end September 2022. Adjusted book value (adjusting for net stage 3 assets)
stood at Rs 471.2 per share at end September 2022.
Muthoot Finance (MFIN), India’s largest
gold loan company in terms of loan portfolio, registered a net profit of Rs 867 crore in Q2FY23 as against Rs 802 inQ1 FY23, an increase of 8% QoQ. The net profit stood at Rs 1669 crore in H1FY23 as against Rs 1965 crore in H1FY22. Loan Assets
increased to Rs 57230 crore as
compared to Rs 55147 crore last
year, registering a growth of 4% YoY.
During the quarter, loan assets increased by Rs 541 crore, an increase of 1%.
Muthoot Homefin
(India) (MHIL), the
wholly owned subsidiary of Muthoot Finance, loan portfolio stood at Rs 1420 crore for H1FY23. Total
revenue for Q2FY23 and H1FY23 stood at Rs 39 crore and Rs 75 crore
respectively. It achieved a
Profit after tax of Rs 2 crore and
Rs 4 crore in Q2FY23 and H1FY23
respectively. Stage III Asset as percentage of Net Loan Assets stood at 4.33% end September 2022 as compared
to 3.52% end June 2022.
Belstar Microfinance (BML), is an RBI
registered micro finance NBFC and a subsidiary company where Muthoot Finance
holds 56.97% stake. Loan
portfolio for H1FY23 increased to Rs 5138
crore as against Rs 3354 crore
for H1FY22, an increase of 53%
YoY. Total revenue for Q2FY23 and H1FY23 stood at Rs 245 crore and Rs 455 crore
respectively. It achieved Profit
after tax of Rs 21 crore and Rs 35 crore in Q2FY23 and H1FY23 respectively.
Stage III Asset as percentage of Net Loan Assets stood at 8.52% end September 2022 as compared to
8.57% end June 2022.
Muthoot Insurance
Brokers (MIBPL),
an IRDA registered Direct Broker in insurance products and a wholly owned
subsidiary company generated a total premium collection amounting to Rs 152 crore and Rs 283 crore in Q2FY23 and H1FY23
respectively. Total revenue for Q2FY23 and H1FY23 increased to Rs 14 crore and Rs 25 crore as against Rs 11
crore and Rs 17 crore
respectively in Q2FY22 and H1FY22. It achieved a Profit after tax of Rs 9 crore and Rs 16 crore in Q2FY23 and H1FY23 respectively.
Asia Asset Finance
PLC (AAF) is
a subsidiary based in Sri Lanka where Muthoot Finance holds 72.92% stake. Loan portfolio grew to
LKR 1930 crore as against LKR 1457 crore last year, an increase of 32% YoY. Total revenue for Q2FY23 and H1FY23
stood at LKR 148 crore and LKR 263 crore respectively. It achieved a
Profit after tax of LKR 10 crore
and LKR 15 crore in Q2FY23 and H1FY23
respectively.
Muthoot Money (MML) is a wholly owned
subsidiary of Muthoot Finance. MML is a RBI registered Non-Banking Finance
Company engaged mainly in extending loans for Commercial Vehicles and
Equipment. Loan portfolio stood at Rs 234
crore for half year ended FY23. Total revenue for Q2FY23 and H1FY23
stood at Rs 12 crore and Rs 24 crore respectively. It achieved a
Profit after tax of Rs 0.19 crore
and Rs 0.24 crore each in Q2FY23
and H1FY23. It’s Stage III Asset on Gross Loan Asset end September 2022 stood
at 5.63%.
Financial Performance H1FY2023:
For the six months ended
September 2022 (H1FY2023), Muthoot Finance reported 7% decline in income from
operations at Rs 5613.19 crore. Other income jumped 63% to Rs 32.99 crore in
H1FY2023. The total income fell 6% to Rs 5646.18 crore. Interest expenses
declined 4% to Rs 2071.40 crore, while other expenses moved up 22% to Rs 1186.75
crore. Ensuing Gross profit dipped 17% to Rs 2388.03 crore. Depreciation declined
14% to Rs 35.43 crore, while provision and write offs plunged 83% to Rs 33.87 crore.
PBT fell 13% to Rs 2318.73 crore. Effective tax rate stood at 25.5% compared to
25.5%. The minority interest increased 857% to Rs 15.50 crore. The final
bottomline of the company declined 14% to Rs 1711.09 crore in H1FY2023.
|
Muthoot Finance:
Consolidated Results
|
|
Particulars
|
2209 (3)
|
2109 (3)
|
Var %
|
2209 (6)
|
2109 (6)
|
Var %
|
2203 (12)
|
2103 (12)
|
Var %
|
|
Income from operations
|
2824.85
|
3052.16
|
-7
|
5613.19
|
6007.99
|
-7
|
12184.91
|
11534.56
|
6
|
|
Other Income
|
17.01
|
12.65
|
34
|
32.99
|
20.24
|
63
|
52.55
|
35.63
|
47
|
|
Total Income
|
2841.86
|
3064.81
|
-7
|
5646.18
|
6028.23
|
-6
|
12237.46
|
11570.19
|
6
|
|
Interest Expenses
|
1020.50
|
1077.21
|
-5
|
2071.40
|
2162.76
|
-4
|
4255.85
|
4099.93
|
4
|
|
Other expenses
|
552.43
|
501.61
|
10
|
1186.75
|
972.62
|
22
|
2117.90
|
2016.21
|
5
|
|
Gross profit
|
1268.93
|
1485.99
|
-15
|
2388.03
|
2892.85
|
-17
|
5863.71
|
5454.05
|
8
|
|
Depreciation
|
18.38
|
15.83
|
16
|
35.43
|
31.02
|
14
|
70.00
|
67.36
|
4
|
|
Profit before tax and
Provisions
|
1250.55
|
1470.16
|
-15
|
2352.60
|
2861.83
|
-18
|
5793.71
|
5386.69
|
8
|
|
Provisions and write
off
|
43.78
|
118.64
|
-63
|
33.87
|
200.45
|
-83
|
383.52
|
255.22
|
50
|
|
Profit before tax
|
1206.77
|
1351.52
|
-11
|
2318.73
|
2661.38
|
-13
|
5410.19
|
5131.47
|
5
|
|
Provision for tax
|
305.15
|
348.65
|
-12
|
592.13
|
679.92
|
-13
|
1378.87
|
1312.61
|
5
|
|
PAT
|
901.62
|
1002.87
|
-10
|
1726.60
|
1981.45
|
-13
|
4031.32
|
3818.86
|
6
|
|
Minority Interest
|
9.76
|
0.91
|
973
|
15.50
|
1.62
|
857
|
14.70
|
14.47
|
2
|
|
PAT after MI
|
891.86
|
1001.96
|
-11
|
1711.09
|
1979.84
|
-14
|
4016.62
|
3804.39
|
6
|
|
EPS*(Rs)
|
88.9
|
99.9
|
|
85.3
|
98.7
|
|
100.1
|
94.8
|
|
|
Adj BV (Rs)
|
471.2
|
400.4
|
|
471.2
|
400.4
|
|
431.8
|
383.9
|
|
|
* Annualized on
current equity of Rs 401.36 crore.
Face Value: Rs 10, Figures in Rs Crore
|
|