Manappuram Finance Ltd has reported a consolidated net profit of ₹281.92 crore in its first quarter results for FY23, an increase of 8 per cent over the preceding quarter. In comparison with the corresponding figure of ₹436.85 crore for Q1 FY 22, the profit is lower by 35.46 per cent.

The NBFC’s consolidated assets under management (AUM) for Q1 stood at ₹30,759.52 crore, registering an increase of 24.25 per cent over the corresponding quarter of FY22.

Net profit in the quarter for the standalone entity (which excludes subsidiaries) was reported at ₹290.12 crore. Total consolidated operating income during the quarter stood at ₹1,501.98, a dip of 3.92 per cent from the year-ago quarter.

The company’s standalone gold loan portfolio posted an increase of 21.22 per cent to ₹20,050 crore compared with the first quarter of FY22. The aggregate gold loans disbursed during the quarter amounted to 27,751.46 crore, while the number of live gold loan customers stood at 2.4 million as on June 30.

‘Improved performance’

VP Nandakumar, MD & CEO, said, “In the face of intense competition, it is creditable that we have not only improved upon our performance in the preceding quarter but also managed our cost position in a competent manner. Year-on-year, our gold loan AUM has picked up significantly despite the fact that our LTV is well below the peer group. Asirvad, our microfinance business, is poised for significant growth in the days to come.”

Asirvad Microfinance Ltd closed the quarter with an AUM of ₹7,012.53 crore, up from 6,052.60 crore recorded in the year-ago quarter. The home loan subsidiary, Manappuram Home Finance Ltd., has posted an AUM of Rs874.75 crore, which is up by 22.63 per cent year-on-year and 3.49 per cent more than the previous quarter. The Vehicles & Equipment Finance division ended the quarter with an AUM of ₹1,755.05 crore.

The company’s non-gold loan businesses now account for 34 per cent share of its consolidated AUM. Gross NPA stood at 1.43 per cent and net NPA was reported at 1.25 per cent.