'Loan mix between gold and non-gold would be 50-50 in next couple of years
Manappuram Finance conducted a conference call on 3 February 2023 to discuss its financial results for the quarter ended December 2022. V. P. Nandakumar, MD&CEO of the company addressed the call:
Highlights:
The company stressed the need for a balanced and prudent growth strategy.
Despite increased competition, the company has recorded a net profit of Rs 393 crore in Q3FY23 up 50.8% over the year ago quarter driven by profitability in gold loans and the turnaround in microfinance business.
Gold loan AUM stands at Rs 18614 crore showing yoy decline, but remained steady sequentially.
The consolidated AUM has reached Rs 31883 crore end December 2022 rising 4.9% over the year ago.
The microfinance subsidiary Asirvad posted 22% growth in AUM to Rs 8653 crore and a profit of Rs 70.5 crore in Q3FY23.
The company expects the share of microfinance in the overall profit to go up ahead....
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