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