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Analyst Meet / AGM
15-Nov-24
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Conference Call
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Muthoot Finance
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Raises gold loan AUM growth guidance to 25%+
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Muthoot Finance conducted a conference call on 14 November 2024 to discuss the financial results for the quarter ended September 2024. George Alexander Muthoot, MD of the company addressed the call:
Highlights:
The company has crossed the standalone asset under management (AUM) of Rs 90000 crore and consolidated AUM of Rs 1,00,000 crore end September 2024.
The standalone loan book has increased by a strong 31% to Rs 90171 crore end September 2024, while the gold loan AUM has jumped 28% to Rs 86164 crore.
The company has recorded 18% growth in the standalone net profit to Rs 2330 crore for H1FY2025.
The gold loan disbursements were highest at Rs 10687 crore in H1FY25 to 966405 lakh new customers.
The company has the highest AUM per branch among peers at Rs 17.75 crore.
With the strong growth in the gold loan AUM, the company has raised its AUM growth guidance to 25%+ from the earlier estimate of 15%.
The non-gold segments are also showing healthy growth such as personal loans, home finance etc positioning the company as a diversified financial services conglomerate.
The branch network stood at 4855 end September 2024.
The credit losses were at Rs 28.84 crore or 0.03%.
The customer base increased to 97 lakh customers.
The average ticket size increased from Rs 79000 Rs 88000 end September 2024.
The employee base was steady at 28500 end September 2024.
The RoA has increased from 5.39% in the previous quarter to 5.74% in Q2FY2025 and RoE also moved up from 17.72% to 19.9%.
The gold tonnage holding with the company was at 199 tonnes end September 2024.
The microfinance lender Belstar Microfinance has recorded 22% growth in AUM to Rs 9625 crore end September 2025. Its revenues surged 47% to Rs 1165 crore and net profit increased to Rs 142 crore.
The home finance AUM jumped 51% to Rs 2441 crore with disbursement rising 90% to Rs 529 crore in H1FY25. Its net profit increased to Rs 17 crore in H1FY2025.
Muthoot Money has raised its AUM to Rs 2265 crore and revenues to Rs 146 crore.
The company is observing a conducive environment for the gold loan growth.
The auctions were at Rs 250 crore in Q2 and Rs 320 crore in H1FY25 compared with Rs 347 crore in H1 last year.
Interest accrued on the balance sheet stands at Rs 1740 crore.
The company is compliant with the LTV requirement of 75% at origination and it auctions gold loans after 12 months.
The cost of borrowings was steady at 9% and the company expects reduction in cost of borrowings when the benchmark rates decline.
After the gold loan segment, the focus segment is home loans.
The GNPAs in the gold loan book have increased to Rs 3686 crore end September 2024 from Rs 3262 crore end June 2024 with GNPA ratio rising to 4.3%, as the company is trying to accommodate customer providing some time for the customer to repay dues as long as it is in the money.
NPAs in the non gold book have increased from Rs 90 crore to Rs 195 crore which is fully provided.
The company expects the home loan book to double in the next 2-3 years.
The gold loan mix of above Rs 3 lakh ticket size stands at 32%, Rs 1-3 lakh at 36% and below Rs 1 lakh at Rs 32%.
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