Capitaline

Analyst Meet / AGM 23-Oct-18

Conference Call

Muthoot Capital Services

Expects to loan book to increase to Rs 3100 crore by March 2019

Muthoot Capital Services conducted a conference call on 22 October 2018 to discuss the financial results for the quarter September 2018. Madhu Alexiouse - COO and Vinod Panicker - CFO of the compnay addressed the call:
Highlights:

The company has yet again demonstrated the resilient business model with its remarkable performance and has reported 94% surge in net profit to Rs 20.13 crore for Q2FY2019, while defied the impact of devastating floods and is well-poised to ride the ripple effects as well. The overall Net Interest Income (NII) went up from Rs 115.74 crore to Rs 180.59 crore.
The total AUM reached Rs 2515 crore end September 2018, including securitized portfolio of Rs 423 crore, up 44% over September 2017.
The company disbursed two-wheeler loans of Rs 469.70 crore in Q1FY2019 compared with Rs 449.91 crore for the corresponding quarter previous year. The overall disbursement stood at Rs 541.75 crore in Q2FY2019 against Rs 477.23 crore for the corresponding quarter in the previous year.
The disbursements of the company were impacted due to Kerala floods to the extent of Rs 60 crore in Q2FY2019.
Net AUM stood at Rs 2093 crore end September 2018 up 47% over Rs 1360 crore end September 2017.
The company has maintained the loan growth target to touch Rs 3100 crore by March 2019, while guided for loan book growth of 40-45% for FY2019.
The GNPA ratio increased on sequential basis to 5.6% and NNPA ratio to 3.5% end September 2018 from 5.3% and 3.4% end June 2018. The company has improved provision coverage ratio to 39.7% end September 2018 from 38.2% a quarter ago and 25.6% a year ago. The company has maintained the guidance to improve provision coverage ratio to 55% by March 2020.
The yields of the company were impacted due to interest income reversal on account of NPAs from Kerala floods in Q2FY2019. The company expects to maintain margins in the range of 13-14%.
The company expects to maintain sufficient liquidity position with undrawn bank sanctions and securitization. The company has Rs 300 crore of undrawn bank sanctions of loan as on 02 October 2018. The outstanding exposure to CPs stands at Rs 50 crore, which is expected to mature by December 2018.
The company has exhibited increase in expenses in Q2FY2019 due to increase in collection expenses and increase in the discount schemes due to Onam festival. The company expects to maintain cost-to-income ratio below 55%.
The company has added 84293 new customers in Q2FY2019, while the customer base has jumped to 6.50 lakh end September 2018 from 6.14 lakhs end June 2018.
The company expects the share of south region share in loan book to decline to 55% in next two-three years.

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