Manappuram Finance Ltd.'s gold loan assets under management grew in the quarter ended December on the back of a sharp rally in gold prices, according to its Managing Director and Chief Executive Officer VP Nandakumar.
“The tonnage growth was around 11 percent, whereas the volume growth was around 30 percent,” Nandakumar told BloombergQuint.
The company's microfinance subsidiary, Asirvad Microfinance Ltd., ended the quarter with AUM of Rs 5,022.14 crore, clocking a 57.18 percent year-on-year growth, Manappuram Finance said in a statement.
Manappuram Finance Q3 Results: Key Highlights (YoY)
- Gold AUM up 30 percent year-on-year
- Non-gold loans up 49 percent year-on-year
- Net profit of the standalone entity stood at Rs 332.42 crore
- Consolidated net worth stood at Rs 5,413.27 crore
- Capital adequacy ratio stood at 23.36 percent
- Gross NPAs at 0.50 percent
According to a research report by Nirmal Bang, the growth in Manappuram Finance's gold loan AUM can be attributed to an increase in gold tonnage and higher gold prices.
WATCH | Manappuram Finance's VP Nandakumar on the company's Q3 results
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
