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Jackpot tip, as the name suggests has the potential to get you more money Profit as it is not the number of tips one trades; but it is the accuracy of a single tip which has the potential to help you realise your financial dreams. This tip is a value for money for all i.e whether one can see the trading terminal or not or is dealing through a broker on phone at BSE, NSE or in F&O. Thus you are on a correct path of making money every day with single daily accurate tip. Click on Image or Post Title to Read More.

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Muthoot Finance Latest Financial results & Implications

Muthoot Finance – Q1 FY21 (Cons - UnAudited)
CMP – 1,256

Total Income from ops at 2,605 Crs
2,068 Crs YoY (25.92%) 2,630 Crs (-0.93%) QoQ

Year ending Income: 9,640 Cr vs. 7,594 Cr (26.95%)

Net Profit of 857.6 Cr
563.3 Cr YoY (52.22%) 835.7 Crs (2.67%) QoQ

Year ending NP: 3,169 Cr Vs. 2,078 Crs (52.58%)

EPS (in Rs.) 21.85
13.85 YoY | 20.58 QoQ

Year ending EPS: 78.20 Vs. 51.86

View:  Result is overall good and fair. YoY total income increased and profit also increased however QoQ income marginally down and profit marginally up. 

Business Highlights & Updates

Interest Income for the Q1FY21 was around INR 2,528 Cr Vs. 2,026 Cr in Q1FY20 Vs. 2,563 Cr in Q4FY20. Therefore up by 24.7% in YoY and declined by 1.3% in QoQ.

Finance cost for the Q1FY21 was around INR 972 Cr Vs. 732 Cr in Q1FY20 Vs. 864 Cr in Q4FY20. Therefore up by 32.7% in YoY and 12.5% in QoQ.

Loan book as of June 2020 was around INR 46,501 Cr Vs. 40,228 Cr as of June 2019 Vs.46,871 Cr in March 2020 therefore up by 16% in YoY and declined by 1% in QoQ.

ECL Provision was 553 Cr on in June 2020 Vs. 689.6 Cr in June 2019  Vs. 542.7 Cr in March 2020. ECL Provision 1.34% Vs. 1.93% Vs. 1.3% in March 2010.

Capital Adequacy ratio as of June 2020 was 26.3% Vs. 24.72% in June 2019 Vs. 25.4% in March 2020.

Subsidiaries (material) business performance

Standalone Muthoot Finance: The largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 59%, at Rs. 841 crs for Q1FY21 as against Rs. 530 crs for Q1 FY20. Loan Assets stood at Rs.41,296 crs compared to Rs.35,816 crs previous year, YoY growth of 15%. During Q1 FY21, Loan Assets decreased by Rs.315 crs on account of closure of branches during the month of April 2020 due to pan India lockdown announced by Govt. Of India in the wake of Covid-19 pandemic.

Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, loan portfolio decreased to Rs.1,979 crs as against previous year of Rs.1,988 crs, a YoY decrease of 0.40%.
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.2,575 crs as against last year of Rs. 1,939crs, a YoY increase of 33%. During Q1 FY21, loan portfolio decreased by Rs.56crs. It achieved a profit after tax of Rs. 15crs in Q1 FY21 as against Rs. 23 crs previous year.

The Sri Lankan subsidiary- Asia Asset Finance PLC(AAF) where Muthoot Finance holds 72.92% stake, increased its loan portfolio to LKR 1,348 crs as against LKR 1,290 crs last year, a YoY increase of 4%. During Q1 FY21, loan portfolio decreased by LKR 36 crs.Total revenue for Q1 FY21 stood at LKR 70 crs as against previous year total revenue of LKR 80 crs.It incurred a loss of LKR 2crs in Q1FY21 as against previous year profit after tax of LKR 3crs.

Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd. MML is a RBI registered Non- Banking Finance Company engaged mainly in extending loans for vehicles. Recently, Company has started extending loans for Commercial Vehicles and Equipments. Its loan portfolio stood at Rs. 497 crs as on June 30 ,2020. During Q1 FY21, loan portfolio decreased by Rs.12 crs. Total revenue for Q1 FY21 stood at Rs.20 crs. Company also made a Covid ECL provision of Rs.12.19 crs additionally.

Financial

ROE and ROCE is around 28% and 16% respectively, Capital Adequacy ratio 27.09%. Book value per share is around INR 307 and share is currently trading at 4.1x of its book value. Company is currently trading at annualized PE of around 16 which is fair as per Industry benchmark. Promoter holding in the company is around 73.4% which is very strong and stable. FIIs and mutual fund hold around 14.6% and 6.1% respectively. Cash & Cash equivalent as of June 2020 was around INR 6,671 Cr Vs. 5,835 Cr in March 2020.

Share price high 1,405 (52 week) and now 1,255. Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan NBFC in the country. In addition to financing gold transactions, the company offers foreign exchange services, money transfers, wealth management services, travel and tourism services, and sells gold coins, insurance broking, home loans, personal loans, collection services, microfinance etc.

Share support price is INR 1,255. Long term investor should continue with the company and any correction will give good opportunity to add for long term perspective.

Opportunities: Strong quarterly performance despite Covid-19 pandemic. India’s largest gold financing company (by loan portfolio) with 5,330 Group branch network as of June, 2020. Company has strong Gold jewellery around 165 tonnes in their security. Safety exposure is very high against distributed loans. Increased focus on collection of interest on a regular basis along with revision in its interest rates on different schemes, has resulted in sustenance of margins. Increasing the leverage from 3.44x currently will help to improve the ROE. Higher credit rating will help in raising funds at competitive rates. Strong liquidity in Group’s balance sheet, along with its free cash flows to fund the capital requirements. Company has already offered Online Gold Loan (OGL) facility available to withdraw loan amount and renewal, apart from payments, Rs.2,084 crs payments from 78 lakhs successful transactions so far. Strong ROE track record which was average 24% in past 5 years. Income growth in last 5 year was 18% and profit growth was 37%.

Risk: Company has diversified its portfolio and home loan to Vehicle finance which is not increasing trend and declined. Given the low track record and seasoning in the non-gold loan segments, the growth, asset quality and profitability in those segments are yet to stabilise. Within the housing finance segment, Muthoot Homefin operates in the affordable housing finance segment, catering to self-employed customers engaged in small business activities and thus, have a relatively weak credit risk profile because of the volatile nature of their income and employment in un-organised segments. With respect to impact of covid-19, most of the smaller segments wherein the company operates - micro, small and medium enterprise (MSME) finance, home loans and micro finance, could still witness challenges, especially in the cash salaried and self-employed segment,. Despite gradual increase in diversification over time, Muthoot Finance's operations have a high degree of geographical concentration in operations. South India accounted for 49% of the company's AUM and 60% of its branches as on March 31, 2020.

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An award is something which is awarded based on Merit. Awards & Recognition are a must in Life as it provides the necessary vigour to keep progressing ahead in Life. Awards do not only acknowledge success; they recognise many other qualities: ability, struggle, effort and, above all, excellence. This is the reason that for past 22 Years we have been christined as Best Stock Market Tips Provider & we are at the 'Top' in this field. Check out our Awards by clicking on Image or Post Title Now!!

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