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.
ICICI Securities Report
Manappuram Finance Ltd. reported 13% QoQ gold assets under management growth led by aggressive marketing and pricing strategy in Q2 FY22. Two key takeaways include:
all round growth in gold as well as other segments and
more organic efforts to achieve this growth compared to only broad based macro recovery.
In this context, we have seen tactical dip in net interest margins and increase in opex under various strategic heads.
As such, Manappuram Finance has chosen a strategic objective of growth over profitability.
This could be in anticipation of a cyclical expected recovery in the economy (also hinted by Muthoot Finance Ltd.) and/or a counter to higher competition.
Asset quality has improved across asset classes for Manappuram.
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