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.
Motilal Oswal Report
Manappuram Finance Ltd. reported consolidated profit after tax at Rs 4.4 billion (up ~19% YoY / down 7% QoQ; 8% miss) in Q1 FY22.
Manappuram Finance missed our expectations due to a 5% miss on net interest income (down 2% QoQ) at Rs 10.3 billion and elevated provisions at Rs 1.2 billion (11% above estimate).
Pre provision operating profit at Rs 7.1 billion (5% miss) was down 3% QoQ and up 11% YoY.
The gold loan book declined 13% QoQ to Rs 165 billion and gold holdings 11% QoQ to 58.1 tonne.
Over the last two quarters, gold holdings have cumulatively declined 15% and gold assets under management 18% over this period.
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