Manappuram Finance Q3 Review - Gold Loan Growth Slows; MFI Book Growth Rebounds: Motilal Oswal
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Motilal Oswal Report
Manappuram Finance Ltd.’s Q3 FY21 profit after tax grew 20% YoY to Rs 4.8 billion (13% beat). Beats were reported on both operating profit (9% beat) and provisions (20% beat).
In nine months FY21, the company delivered 17%/28%/17% net interest income /pre-provision operating profit/PAT growth.
Consolidated asset under management grew 3% QoQ / 14% YoY to Rs 276 billion. Overall gold loan growth slowed, yet remained healthy.
The micro finance institution book, on the other hand, saw a meaningful sequential uptick in the loan book. On the other hand, the vehicle finance book continues to run down.
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