Manappuram Q4 profit jumps 36% to Rs564 crore

AUM grew by 18.7% to Rs42,070 crore from Rs35,428 crore in previous fiscal year

Kochi: Kerala-based Manappuram Finance, a major player in gold loan business, has clocked a consolidated net profit of Rs564 crore for the fourth quarter ended March 31, 2024

This is a growth of 35.7 per cent compared to Rs415 crore reported in the same quarter of the previous year.

However, the company reported a net profit of Rs575 crore in the third quarter of 2023-24 fiscal.

The full-year net profit stands at Rs2,198 crore, a 47 per cent increase.

The company’s consolidated Assets under Management (AUM) grew by 18.7 per cent to Rs42,070 crore from Rs35,428 crore in the previous fiscal year.

Operating income for the year reached ₹8,848 crore, up by 32 per cent from ₹6,697 crore in the previous fiscal.

The Board of Directors approved an interim dividend of Re1 per share of face value Rs2.

V.P. Nandakumar, MD & CEO, Manappuram Finance Ltd, said, “Our performance in non-gold segments such as microfinance, commercial vehicles and home loans is exceptionally encouraging. In our core business of gold loans too, we’ve achieved commendable increase over the previous fiscal, and I have no doubt that we will not only maintain the rate of growth but also improve upon it in the coming year.”

Gold loans AUM grew by 8.9 per cent to Rs21,500 crore over the previous year and increased by 3.6 per cent compared to the previous quarter. As of March 31, the number of live gold loan customers stood at 2.5 million.

Asirvad Microfinance Ltd, the company’s microfinance subsidiary, reported an AUM of Rs11,881 crore, up by 18 per cent from the previous fiscal year. The Vehicle and Equipment Finance division closed the year with an AUM of Rs4,111 crore, showing a 69 per cent growth.

Manappuram Home Finance Ltd achieved an AUM of Rs1,510 crore, a growth of 38 per cent over the previous fiscal year. Overall, non-gold businesses contributed 49 per cent to the company’s loan book.