Axis Securities: Non Gold Segment Weighs On Overall Performance Of Manappuram Finance

Manappuram Finance Ltd.’s Q1 FY21 performance was impacted by asset quality impairment in the non-gold business.Consolidated asset under management growth came in at 25.6% YoY and 0.5% QoQ led by 33% and 5% growth respectively in the gold loan business.Growth in vehichle finance, micro finance institution and housing finance declined sequentially by 6%, 8% and 0.4% respectively.Growth in the gold loan business was mainly driven by a ...