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Sunday, February 16, 2020

Muthoot Finance Ltd Net Profit Rs. 2321 crs


Muthoot Finance Ltd

Consolidated Loan Assets Under Management increased by 21% YoY at Rs.43436crs for 9M FY20
Consolidated Profit after Tax increasedby 49% YoY at Rs.2321crsfor 9M FY20
Standalone Loan Assets Under Management increased by 19% YoY at Rs.38498crs for 9MFY20
Standalone Profit after tax increased by 50% YoY at Rs.2191crs for 9M FY20

Consolidated Results of Muthoot Finance Ltd

Muthoot Finance Ltd’s Consolidated Loan Assets under management achieved a YoY increase of 21% at Rs.43436crs as against last year of Rs.35939crs for 9M FY20. Consolidated Profit after tax achieved a YOY increase of 49% of Rs. 2321 crs as against last year of Rs.1554crs for 9M FY20


9M FY20

Group Branch Network
5268

Consolidated Gross Loan Assets of the Group (Rs. In crores)
43436

Consolidated Profit of the Group (Rs. In crores)
2321

Contribution in the Consolidated
Gross Loan Assets of the Group
Muthoot Finance
38123

Subsidiaries
5313

Contribution in the
Consolidated Profit of the Group
Muthoot Finance
2172

Subsidiaries
149





























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 50%, at Rs.2191crs for 9MFY20 as against Rs.1461crs in the previous year. Loan Assets stood at Rs.38498crs as at December 31, 2019 as against Rs.32470crs as at December 31,2018, Y-o-Y growth of 19%.During the quarter, gold loan assets increased by Rs. 2783crs.








Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, increased its loan portfolio to Rs.2025 crs as against previous year of Rs.1835 crs, a YoY increase of 10%. Total revenue for Q3 FY20 & 9M FY20 stood at Rs.88 crs& Rs.240 crs as against previous year total revenue of Rs.57 crs& Rs.161 crs. It achieved a profit after tax of Rs.11crs& Rs.31 crs in Q3FY20 & 9M FY20 as against previous year profit of Rs.9crs& Rs.30 crs. Its Stage III Asset on Gross Loan Asset % as on December 31, 2019 stood at 1.87%.
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.2285crs as against last year of Rs.1563crs, a YoY increase of 46%. During Q3 FY20, loan portfolio increased by Rs.178crs. It achieved a profit after tax of Rs.26crs& Rs.77crs in Q3FY20& 9M FY20 as against previous year profit after tax of Rs.24crs& Rs.53crs. Its Stage III Asset on Gross Loan Asset % as on December 31, 2019 stood at 1.13%.
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.85crs& Rs.217crs in Q3FY20& 9M FY20 as against Rs.62crs& Rs.179crs in the previous year. It generated a Profit after Tax of Rs.5crs& Rs.12crs in Q3FY20& 9M FY20 as against Rs.4crs& Rs.10crs in the previous year.

The Sri Lankan subsidiary - Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 72.92% stake, increased its loan portfolio to LKR 1301crsas against last year of LKR 1163crs, a YoY increase of 12%. Total revenue for Q3FY20 &  9M FY20 stood at LKR 86 crs& LKR 252 crs as against previous year total revenue of LKR 71 crs& LKR 209 crs. It generated a profit after tax of LKR 4crs& LKR 9 crs in Q3FY20 & 9M FY20 as against previous year profit after tax of LKR 3 crs& LKR 7 crs.
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. The operations are now centered in Hyderabad. Recently, Company has started extending loans for Commercial Vehicles and Equipments. During Q3FY20, it has increased its loan portfolio to Rs.492crs. During Q3 FY20, loan portfolio increased by Rs.65 crs. Total revenue for Q3 FY20 & 9M FY20 stood at Rs.18 crs& Rs.49 crs.

 Management Quote
Commenting on the results M G George Muthoot, Chairman stated, “We are glad to announce that consolidated loan assets of the Group grew by 21% at Rs.43436 crs during 9MFY20as against last year of Rs.35939 crs. Consolidated Profit increased by 49% at Rs.2321 crs during 9M FY20as against last year of Rs.1554 crs.During the quarter, gold loan portfolio of Muthoot Finance increased by Rs.2783 crs to Rs.37724 crs. Standalone profit of Muthoot Finance for the   9 months ended December 31, 2019 increased by 50% at Rs.2191crs.”
Financial Highlights(MFIN) :

9M FY20

(Rs.in Crs)
Total Income
6312
Profit Before Tax
2944
Profit After Tax
2191
Earnings Per Share(Basic) Rs.
54.68
Loan Assets
38498
Branches
4536

Particular
9M FY20
Return on Average  Loan assets
8.10%
Return on Average Equity
27.57%
Book Value Per Share (Rs.)
284.15

Particular
Q3 FY20
Capital Adequacy Ratio
26.51
Share Capital & Reserves (Rs. in Crs)
11399

Business Highlights (MFIN):
Particular
9MFY20
Branch Network
4536
Gold Loan Outstanding (Rs. in Cr)
37724
Credit Losses (Rs. in Cr)
50
% of Credit Losses on Gross Loan Asset Under Management
0.13%
Average Gold Loan per Branch(Rs. In Cr)
8.32
No. of Loan Accounts (in lakh)
80
Total Weight of Gold Jewellery pledged (in tonnes)
173
Average Loan Ticket Size
47008
No. of employees
25149
  
Other Highlights(MFIN):

1.  Public Issue of Non-Convertible Debentures

During December 2019, Company successfully completed 22nd Public Issue of Non-Convertible Debentures raising Rs.790crs.

2. CRISIL Rating outlookon long term rating

During January 2020, CRISIL revised our long term rating outlook from ‘CRISIL AA/(Stable)’ to ‘CRISIL AA/(Positive)’.

About Muthoot Insurance Brokers Pvt Limited:

MIBPL is a wholly owned subsidiary of Muthoot Finance Ltd. It is an unlisted private limited company holding a license to act as Direct Broker from IRDA since 2013.It is actively distributing both life and non-life insurance products of various insurance companies. During Q3 FY20, it has insured more than 835,000 lives with a first year premium collection of Rs.580million. During Q3 FY19 it has insured more than 556,000 lives with a First year premium collection of Rs.399million under Traditional, Term and Health products. The same was 2,200,000 lives with a first year premium collection of Rs.1738 Million in FY19 respectively.

Key Business Parameters

Particulars
9M FY20
Total Premium Collection (Rs. In millions)
2168
No. of Policies
2,011,505

About Muthoot Homefin (India) Limited:

MHIL is a Housing Finance Company registered with The National Housing Bank (NHB). It is a wholly owned subsidiary of Muthoot Finance Limited. 
MHIL’s prime goal is to contribute towards financial inclusion of LMI families by opening doors of formal housing finance to them. Its focus is on extending Affordable Housing Finance. MHIL would be concentrating primarily on retail housing loans in the initial stages. It operates on a ‘Hub and Spoke’ model, with the centralized processing based out of Corporate Office at Mumbai. MHIL has operations in 14 states and 2 Union territories - Maharashtra (including Mumbai), Gujarat, Rajasthan, Madhya Pradesh,Kerala, Karnataka, Telangana, Andhra Pradesh, Haryana, Chandigarh, Uttar Pradesh,Chattisgarh, Punjab, Tamil Nadu, Delhi and Pondicherry.

MHIL has short term debt rating of ‘A1+’ for its Commercial Paper programme which indicates “Very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk” from ICRA Ltd.

CRISIL Ltd revised long term debt rating outlookfor its Bank Limits and Non Convertible Debentures from ‘CRISIL AA/(Stable)’ to ‘CRISIL AA/(Positive)’.which indicates “High degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.”

Key Financial Parameters             (Rs. In Millions)
Particulars
9M FY20
No. of branches
107
No. of Sales Offices
107
No. of Employees
438


Loan Portfolio
20248


Capital Adequacy Ratio
50%


Total Revenue
2401
Total Expense
1983
Profit Before Tax
418
Profit After Tax
306
Shareholder’s Funds
4248
Total Outside Liabilities
15286
Total Assets
19534


Stage III Loan Assets
335
% Stage III asset on Gross Loan Asset
1.87
Stage III ECL Provision
270
ECL Provision
341
ECL Provision as a % of Gross Loan Asset
1.91


About BelstarMicrofinance Limited (BML):

BML was incorporated on January 1988 at   Bangalore and the Company was registered with the RBI in March 2001 as a Non- Banking Finance Company. The Company was reclassified as “NBFC-MFI” by RBI effective from 11th December 2013. Muthoot Finance holds 70.01%of equity share capital of BML. BML was acquired by the ‘Hand in Hand’ group in September 2008 to provide scalable microfinance services to entrepreneurs nurtured by ‘Hand in Hand’s’ Self Help Group (SHG) program. The Company commenced its first lending operations at Haveri District of Karnataka in March 2009 to 3 SHGs, 22 members for INR 0.2million.

In the last ten years of its operations, BML primarily relied on taking over the existing groups formed by Hand in Hand India. BML predominantly follows the SHG model of lending. Effective January 2015, BML started working in JLG model of lending in Pune district, Maharashtra.

As of December 31, 2019, BML operations are spread over 16 states and 1 UT (Tamil Nadu, Karnataka, Madhya Pradesh, Maharashtra, Kerala, Odisha, Chhattisgarh, Gujarat, Rajasthan, Bihar, Uttar Pradesh, Haryana, Punjab, West Bengal, Uttarakhand, Jharkhand and Pondicherry). It has 573 branches, with 101 controlling regional offices and employing 4269 staff. Its gross loan portfolio has grown from INR 0.20million in March 2009 to INR 22,849 million in December 2019. For9M FY 20, its Net Profit after Tax was Rs.769million and had a net worth of Rs.4748million.

Key Financial Parameters



(Rs. In Millions)
Particulars
9M FY20

No. of branches
573

No. of Employees
4269




Gross Loan Portfolio
22849




Capital Adequacy Ratio
27%




Total Revenue
3681

Total Expense
2654

Profit Before Tax
1027

Profit After Tax
769




Shareholders’ Funds
4748

Total Outside Liabilities
20022

Total Assets
24770




Stage III Loan Assets
258

% Stage III asset on Gross Loan Asset
1.13

Stage III ECL Provision
230

ECL Provision
347

ECL Provision as a % of Gross Loan Asset
1.52


About Asia Asset Finance PLC, Sri Lanka:

Asia Asset Finance PLC, (AAF) Colombo, Sri Lanka became a foreign subsidiary of Muthoot Finance Ltd on December 31, 2014.  The company formerly known as Finance and Land Sales has been in operation for over 48 years, evolving to serve the growing needs of people of Sri Lanka.

As on December 31, 2019, total holding in AAF by Muthoot Finance stood at 90 million equity shares representing 72.92% of their total capital. AAF is a Registered Financial Company based in Sri Lanka a fully licensed, deposit-taking institution registered with the Central Bank of Sri Lanka and listed in the Colombo Stock Exchange.

AAF is in lending business since 1970.  At present the company is involved in Retail Finance, Hire Purchase & Business Loans and has 28 branches across Sri Lanka. It has total staff strength of 531 currently. In 2015, it entered the space of Gold Loans with assistance of Muthoot Finance.
Key Financial Parameters
LKR in
millions
Particulars
9M FY20

LKR/INR
0.39286




No. of Branches
28

No. of Employees
531




Loan Portfolio
13014




Capital Adequacy Ratio
15%




Total Revenue
2515

Total Expenses
2410

Profit Before Tax
105

Profit After Tax
90




Shareholders’ Funds
2194

Total Outside Liabilities
12532

Total Assets
14726



About Muthoot Money Limited:

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. The operations are now centered in Hyderabad. Recently, Company has started extending loans for Commercial Vehicles and Equipments.
CRISIL Ltd has assigned long term debt rating of AA-/Positive for its bank limits.

As on December 31, 2019 it has a total loan portfolio of Rs.4915Million.

Key Financial Parameters:(Rs in millions)
Pariculars
9M FY 20
No. of branches
24
No. of employees
297


Gross Loan Portfolio
4915


Capital Adequacy Ratio(%)
22


Total Revenue
492
Total Expense
453
Profit Before Tax
39
Profit After Tax
43


Stage III Loan Assets
122
% Stage III asset on Gross Loan Asset
2.45
Stage III ECL Provision
30
ECL Provision
94
ECL Provision as a % of Gross Loan Asset
1.88


Shareholders’ Funds
1078
Total Outside Liabilities
4086
Total Assets
5164



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