Tuesday, 3 November 2020

Consolidated Loan Assets Under Management increased by

 Consolidated Loan Assets Under Management increased by 29% YoY at Rs.52,286crs for H1 FY21

Consolidated Profit after Tax increased by 21% YoY at Rs.1,788crs for H1 FY21

Standalone Loan Assets Under Management increased by 32% YoY at Rs.47,016 crs for H1 FY21

Standalone Profit after tax increased by 25% YoY at Rs.1,735crs for H1 FY21

Consolidated Results of Muthoot Finance Ltd

Muthoot Finance Ltd Consolidated Loan Assets under management achieved a YoY increase of 29% at Rs.52,286crs as against last year of Rs.40,390crs for H1 FY21. During the quarter, Consolidated Loan Assets under management increased by Rs.5,785crs. Consolidated Profit after tax achieved a YOY increase of 21% of Rs.1,788 crs as against last year of Rs.1,472crs

 


H1 FY21

H1 FY20

YOY %

Q2 FY21

Q1 FY21

QoQ %

FY20

YTD %

Group Branch Network

5,381

5,190

4%

5,381

5,330

1%

5,330

1%

Consolidated Gross Loan Assets of the Group (Rs. In crores)

52,286

40,390

29%

52,286

46,501

12%

46,871

12%

Consolidated Profit of the Group (Rs. In crores)

1,788

1,472

21%

930

858

8%

3,169

 

Contribution in the Consolidated Gross Loan Assets of the Group

Muthoot Finance

46,678

35,250

32%

46,678

40,906

14%

41,216

13%

Subsidiaries

5,608

5,140

9%

5,608

5,595

-

5,655

-1%

Contribution in the Consolidated Profit of the Group

Muthoot Finance

1722

1,375

25%

887

835

6%

2,993


Subsidiaries

66

97

-32%

43

23

87%

176


 

Standalone Results of Muthoot Finance Ltd and its subsidiaries

Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 25%, at Rs. 1,735crs for H1 FY21 as against Rs. 1,388crs for H1FY20.  Loan Assets stood at Rs.47,016crs as at September 30, 2020 as against Rs. 35,731crs as at September 30, 2019, Y-o-Y growth of 32%.

 

Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, loan portfolio decreased to Rs.1,938crs as against previous year of Rs.2,098crs. During Q2 FY21, loan portfolio stood at Rs.1,938crs. Total revenue for Q2 FY21 & H1 FY21 stood at Rs.57crs & Rs.116crs as against previous year total revenue of Rs.91crs & Rs.152crs. It achieved a profit after tax of Rs.5crs & Rs.6crs in Q2 FY21 & H1 FY21 as against previous year profit of Rs.14crs & Rs.20crs.  Its Stage III Asset on Gross Loan Asset % as on September 30, 2020 stood at 1.71%. Company also made a Covid ECL provision of Rs.17crs additionally.

M/s. Belstar Microfinance Limited (BML), an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 70.01% stake, grew its loan portfolio to Rs.2,687crs as against last year of Rs. 2,107crs, a YoY increase of 27%. During Q2 FY21, loan portfolio increased by Rs.111crs. It achieved a profit after tax of Rs. 15crs & Rs.30Crs in Q2 FY21 & H1 FY21 as against Rs.28crs & Rs.51crs previous year. Its Stage III Asset on Gross Loan Asset % as on September 30, 2020 stood at 0.62%. Company also made a Covid ECL provision of Rs.11.14crs additionally.

Muthoot Insurance Brokers Pvt Limited (MIBPL), an IRDA registered Direct Broker in insurance products and a wholly owned subsidiary company generated a total premium collection amounting to Rs.106crs & Rs.150crs in Q2 FY21 & H1 FY21 as against Rs.71crs & Rs.131crs in the previous year. It generated a Profit after Tax of Rs. 9crs & Rs.13crs in Q2 FY21 & H1 FY21 as against Rs.4crs & Rs.7crs in the previous year.

 

The Sri Lankan subsidiary - Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 72.92% stake, loan portfolio stood at LKR 1,298crs as against LKR 1,314crs last year. During Q2 FY21, loan portfolio decreased by LKR 50crs. Total revenue for Q2 FY21 & H1 FY21 stood at LKR 76crs and LKR 146crs as against previous year total revenue of LKR 86crs and LKR 166crs. It generated a profit after tax of LKR 2cr & LKR 0.13cr in Q2 FY21 & H1 FY21 as against previous year profit after tax of LKR 3crs & LKR 5crs.

Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MML is a RBI registered Non- Banking Finance Company engaged mainly in extending loans for vehicles. Recently, Company has started extending loans for Commercial Vehicles and Equipments. Its loan portfolio stood at Rs.463crs as on September 30 ,2020. During Q2 FY21, loan portfolio decreased by Rs.33crs. Total revenue for Q2 FY21 & H1 FY 21 stood at Rs.19crs and Rs 38crs. Company also made a Covid ECL provision of Rs.10.53crs additionally.

 

Management Quote

 

Commenting on the results M G George Muthoot, Chairman stated, “We are glad to inform that we could achieve highest ever quarterly growth in gold loan portfolio of Rs.5,739crs during this quarter i.e., QoQ growth of 14%. With this growth, we achieved a YoY growth in loan assets of 32% reaching Rs.47,016crs. We are proud that we are able to support our customers with extra funds during times of their difficulty. We also achieved a YoY increase of 25% in profit after tax of Rs.1,735crs for the half year ended September 30, 2020.”

 

Speaking on the occasion George Alexander Muthoot, Managing Director said, “Our disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. This was supported by adequate BTL and ATL activities as well as digital innovations. We disbursed fresh loans to 4.40lakh new customers amounting to Rs.3,653crs and to 4.67lakh inactive customers amounting to Rs.3,460crs. Our average gold loan outstanding per branch crossed Rs.10crs per branch for the first time. Company has been able to raise funds through bank loans, NCDs and commercial paper issuances regularly. We also maintained a liquidity buffer of Rs.7,946crs as cash, bank and investments in liquid funds as on September 30,2020. Subsidiaries followed a cautious approach towards lending. Non-gold loan portfolio in subsidiaries constituted about 11% of consolidated loan portfolio. Collections in non-gold loan portfolio have significantly improved month on month.”

 

Financial Highlights (MFIN):

 

H1 FY21

H1 FY20

YOY %

Q2 FY21

Q2 FY20

YoY %

Q1 FY21

QoQ %

 

(Rs.in Crs)

(Rs.in Crs)

 

(Rs.in Crs)

(Rs.in Crs)

 

(Rs.in Crs)

 

Total Income

4,970

3,999

24%

2,584

2,141

21%

2,385

8%

Profit Before Tax

2,325

1,864

25%

1,200

1,047

15%

1,125

7%

Profit After Tax

1,735

1,388

25%

894

858

4%

841

6%

Earnings Per Share(Basic) Rs.

43.26

34.64

25%

22.30

21.41

4%

20.96

6%

Loan Assets

47,016

35,731

32%

47,016

35,731

32%

41,296

14%

Branches

4,607

4,540

1%

4,607

4,540

1%

4,573

1%

 

 

Particular

H1 FY21

H1 FY20

Q2 FY21

Q2 FY20

Q1 FY21

Return on Average  Loan assets

8.01%

7.87%

8.10%

9.59%

8.11%

Return on Average Equity

28.02%

27.23%

28.05%

33.74%

28.16%

Book Value Per Share (Rs.)

328.82

264.48

328.82

264.48

306.99

 

 

Particular

Q2 FY21

Q2 FY20

Q1 FY21

Capital Adequacy Ratio

25.73

27.11

26.30

Share Capital & Reserves (Rs. in Crs)

13,197

10,599

12,316

 

 

Business Highlights (MFIN):

Particular

H1 FY21

H1 FY20

Growth (YoY)

Branch Network

4,607

4,540

1%

Gold Loan Outstanding (Rs. in Cr)

46,234

34,942

32%

Credit Losses (Rs. in Cr)

4

17

-76%

% of Credit Losses on Gross Loan Asset Under Management

0.008%

0.046%

-82%

Average Gold Loan per Branch (Rs. In Cr)

10.04

7.70

30%

No. of Loan Accounts (in lakh)

76

81

-6%

Total Weight of Gold Jewellery pledged (in tonnes)

163

171

-5%

Average Loan Ticket Size

60,642

43,041

41%

No. of employees

25,987

25,091

4%

 

Other Highlights:

 

  • Highest ever Q-o-Q growth in Gold Loan Outstanding of RRs.5,739 crores
  • Average Gold Loan Outstanding per branch crosses Rs.10 Cr
  • 92% Q-o-Q growth in branch footfalls
  • 50% Q-o-Q growth in Mobile App transactions
  • 112% Q-o-Q growth in Online Gold Loan (OGL) disbursements
  • Loan @ Home service crosses Rs.100 Cr disbursements (including October)
  • 229% Q-o-Q growth in HNI Loans (Above 10 Lakh)

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