BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Manappuram Finance Ltd. is looking at better growth prospects going ahead. Gold tonnage for the company has declined by 6% YoY while the number of customers is down 3.5% YoY.
Post a massive 7.7% QoQ decline in customer base in Q1 FY22, Manappuram Finance added 0.1 million net new customers in Q2 FY22 (up 4.5% QoQ) while tonnage increased by 11.4% QoQ.
Overall gold loan book grew by 13.2% QoQ in Q2 FY22, aided by 12.6% QoQ jump in ATS, besides customer growth.
Customer acquisition in Q2 FY22 was driven by strong marketing efforts as well as retention efforts, which primarily included rate reduction.
While we think that the Q2 FY22 gain in net customers lacked strength, as only half of the customers lost in Q1 FY22 could be regained, the management’s confidence on growth indicates that the momentum could improve going forward.
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