Manappuram Finance

₹174.5 8.8 | 5.3%

WEBSITE BSE:531213 NSE : MANAP FIN 10 May, 16:01

Market Cap ₹14770 Cr.

Stock P/E 7.2

P/B 1.3

Current Price ₹174.5

Book Value ₹ 131.7

Face Value 2

52W High ₹207.3

Dividend Yield 1.72%

52W Low ₹ 108.1

Edit Ratio

Manappuram Finance Research see more...

Manappuram Finance Fundamental Analysis : Resilience, Expansion, and Promising Prospects

Overview Inc. Year: 1992Industry: Finance - NBFC

Manappuram Finance Ltd is an primarily India based NBFC. The Company provides various retail credit products and economic services. It operates through two segments: Gold mortgage & others and Microfinance. Its product services consist of gold loans, microfinance, housing finance commercial enterprise, car and equipment finance commercial enterprise and others. It gives 3 styles of loan under microfinance, consisting of Income producing program (IGP) mortgage, product loan and small and medium-sized organizations small and medium establishments (SME) loan. It gives business vehicle loans and device finance. Its other products and services encompass forex and money transfer and insurance dealer. The Company’s subsidiaries encompass Asirvad Microfinance Ltd (AML), Manappuram Home Finance Ltd (MHF) and Manappuram Insurance Brokers Ltd (MAIBRO).

Manappuram Finance Share Price

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Peer Comparison

Manappuram Finance Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Operating Revenue	1532	1484	1481	1502	1696	1715	1772	2026	2157	2305
Other Income	23	22	10	1	18	19	27	31	17	21
Total Income	1554	1507	1491	1503	1714	1735	1799	2057	2174	2327
Total Expenditure	526	572	584	568	587	575	587	671	675	729
Operating Profit	1029	935	907	934	1127	1159	1212	1386	1499	1598
Interest Expense	492	531	495	505	528	566	589	648	689	749
Depreciation	41	56	58	49	46	53	56	56	63	62
Profit Before Tax	495	348	354	381	553	541	567	681	747	786
Provision for Tax	125	87	93	99	143	147	151	183	186	211
Profit After Tax	370	261	261	282	409	393	415	498	561	575
Adjustments	-0	-0	0	0	-1	-1	-2	-2	-2	-2
Profit After Adjustments	370	261	261	282	408	392	413	496	558	573
Adjusted Earnings Per Share	4.4	3.1	3.1	3.3	4.8	4.6	4.9	5.9	6.6	6.8

Manappuram Finance Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Operating Revenue	2100	1986	2360	3385	3421	4180	5465	6331	6061	6684	8260
Other Income	11	7	11	24	58	63	86	44	65	66	96
Total Income	2112	1993	2371	3409	3479	4242	5552	6375	6126	6750	8357
Total Expenditure	678	648	820	1011	1344	1365	1548	1669	2134	2317	2662
Operating Profit	1434	1345	1552	2398	2136	2877	4004	4706	3993	4433	5695
Interest Expense	1027	877	947	1169	1030	1345	1832	2219	2011	2188	2675
Depreciation	64	54	56	63	68	75	164	171	198	204	237
Profit Before Tax	343	414	548	1166	1037	1457	2007	2316	1784	2041	2781
Provision for Tax	117	142	193	407	361	508	527	591	455	541	731
Profit After Tax	226	271	355	758	676	949	1480	1725	1329	1500	2049
Adjustments	0	-0	-2	-3	0	0	-13	-1	-0	-4	-8
Profit After Adjustments	226	271	353	756	676	949	1468	1724	1328	1496	2040
Adjusted Earnings Per Share	2.7	3.2	4.2	9	8	11.3	17.4	20.4	15.7	17.7	24.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	10%	7%	14%	0%
Operating Profit CAGR	11%	3%	16%	0%
PAT CAGR	13%	0%	17%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	53%	4%	8%	23%
ROE Average	17%	20%	22%	20%
ROCE Average	12%	13%	14%	15%

Manappuram Finance Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	2492	2638	2758	3362	3813	4547	5746	7307	8368	9645
Minority's Interest	0	15	21	24	29	46	58	47	16	20
Borrowings	1455	1642	1600	3122	4780	5605	13687	17344	15925	21961
Current Liability	6620	7211	8333	8520	8374	10204	9990	6476	9441	7809
Other Liabilities & Provisions	244	79	84	46	-77	-32	-47	-22	-117	-83
Total Liabilities	10810	11585	12796	15075	16920	20369	29434	31152	33634	39353
Loans	2	106	484	759	3398	4840	6671	6485	7934	12738
Investments	5	5	5	5	5	0	0	307	414	534
Fixed Assets	202	206	230	222	310	367	803	926	1052	1094
Other Loans	161	156	135	116	168	226	205	130	210	157
Other Non Current Assets	33	44	48	63	32	43	5	34	43	60
Current Assets	10407	11068	11893	13910	13007	14893	21751	23270	23981	24770
Total Assets	10810	11585	12796	15075	16920	20369	29434	31152	33634	39353

Manappuram Finance Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	647	651	677	427	373	484	840	3296	2548	2371
Cash Flow from Operating Activities	2924	-888	-1042	-1271	-33	-1661	-3620	-619	-423	-3103
Cash Flow from Investing Activities	-5	598	72	-25	-148	-371	26	-186	-193	-616
Cash Flow from Financing Activities	-2923	265	772	1211	293	2388	6049	59	438	3849
Net Cash Inflow / Outflow	-4	-25	-198	-84	112	356	2455	-747	-177	130
Closing Cash & Cash Equivalent	651	677	479	343	484	840	3296	2548	2371	2500

Manappuram Finance Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.69	3.23	4.19	8.98	8.02	11.25	17.37	20.37	15.7	17.67
CEPS(Rs)	3.45	3.87	4.89	9.76	8.83	12.15	19.46	22.4	18.04	20.13
DPS(Rs)	1.8	1.35	2.25	2	2	2.15	2.75	1.25	3	3
Book NAV/Share(Rs)	29.62	31.3	32.79	39.93	44.98	53.58	67.3	86.18	98.71	113.79
Net Profit Margin	10.76	13.67	15.05	22.4	19.76	22.7	27.09	27.25	21.92	22.44
Operating Margin	65.21	64.99	63.37	68.96	60.44	67.03	70.25	71.64	62.61	63.27
PBT Margin	16.33	20.83	23.23	34.43	30.31	34.85	36.73	36.59	29.43	30.54
ROA(%)	3.94	2.42	2.91	5.44	4.23	5.09	5.94	5.69	4.1	4.11
ROE(%)	17.04	10.6	13.18	24.79	18.91	22.84	29.02	26.58	16.98	16.68
ROCE(%)	25.12	11.98	12.64	17.46	13.44	15.45	15.94	15.55	12.14	11.98
Price/Earnings(x)	8.02	10.03	8.33	10.92	13.62	11.07	5.45	7.32	7.24	7
Price/Book(x)	0.73	1.03	1.07	2.45	2.43	2.33	1.41	1.73	1.15	1.09
Dividend Yield(%)	8.35	4.17	6.44	2.04	1.83	1.73	2.9	0.84	2.64	2.42
EV/Net Sales(x)	4.17	5.32	5.07	5.52	6.16	5.89	4.92	5.12	5.12	5.37
EV/Core EBITDA(x)	6.11	7.86	7.72	7.79	9.87	8.56	6.72	6.89	7.77	8.1
Interest Earned Growth(%)	1204.59	-5.43	18.82	43.44	1.04	22.18	30.76	15.83	-4.26	10.28
Net Profit Growth	662.79	20.13	30.82	113.56	-10.88	40.32	56.06	16.53	-22.97	12.9
EPS Growth(%)	216.15	20.06	30.04	114.06	-10.64	40.28	54.34	17.29	-22.96	12.61
Interest Coverage(x) %	1.33	1.47	1.58	2	2.01	2.08	2.1	2.04	1.89	1.93

Manappuram Finance Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	35.06	35.06	35.15	35.18	35.2	35.2	35.2	35.2	35.2	35.2
FII	34.81	29.83	28.91	28.36	30.07	30.17	30.74	27.08	28.95	31.99
DII	14.33	15.8	13.51	12.18	11.57	13.53	10.64	12.24	12.15	9.5
Public	15.8	19.31	22.44	24.27	23.15	21.1	23.42	25.48	23.7	23.31
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	29.68	29.68	29.75	29.78	29.8	29.8	29.8	29.8	29.8	29.8
FII	29.46	25.25	24.47	24.01	25.45	25.53	26.02	22.92	24.5	27.08
DII	12.13	13.38	11.43	10.31	9.8	11.45	9.01	10.36	10.28	8.04
Public	13.37	16.34	18.99	20.54	19.6	17.86	19.82	21.56	20.06	19.73
Others	0	0	0	0	0	0	0	0	0	0
Total	84.64	84.64	84.64	84.64	84.64	84.64	84.64	84.64	84.64	84.64

Pros

Cons

Promoter holding is low: 35.2%.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.