Manappuram Finance Q1 Review - Gold AUM, Holdings Moderate Further; Auctions Remain Elevated: Motilal Oswal
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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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