Nirmal Bang: Manappuram Finance - Gold Strong, Non-Gold A Drag
Gold jewelry sits on a digital scale during the processing of a customer’s gold loan application at their home in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Nirmal Bang: Manappuram Finance - Gold Strong, Non-Gold A Drag

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

We recently interacted with the management of Manappuram Finance Ltd.

During Q2 FY21, the company reported strong growth in gold asset under management, at 30.1% YoY, driven by higher gold prices and strong demand.

We remain optimistic about the gold loan growth in FY21E while the non-gold segment could pose some challenge to overall/consolidated growth.

With a slow pick-up in non-gold disbursements due to the management’s cautious stance, the share of non-gold business is expected to decline in the near term.

Click on the attachment to read the full report:

Nirmal Bang Manappuram Finance-Company Update-2 December 2020.pdf


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