Slides
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Investor Presentation Q4 & FY2025
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Page – 04 Vision and strategy01 Page – 18 Segmental performance03 Page – 05 Financial snapshot02 Page – 37 Creating a difference04
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Investor Presentation SAFE HARBOUR STATEMENT 3 This presentation may include statements, which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward- looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. While every effort is made to ensure that this presentation conforms with all applicable legal requirements, the company does not warrant that it is complete, comprehensive or accurate, or commit to its being updated. No part of the information provided herein is to be construed as a solicitation to make any financial investment and is provided for information only. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. In no event shall the company be liable for any damages whatsoever, whether direct, incidental, indirect, consequential or special damages of any kind or including, without limitation, those resulting from loss of profit, loss of contracts, goodwill, data, information, income, expected savings or business relationships arising out of or in connection with the use of this presentation. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations.
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Investor Presentation VISION: TO BECOME FINANCIAL PARTNER OF CHOICE FOR UNDER-BANKED CUSTOMERS ACROSS THEIR LIFECYCLE 4 #2 lender in gold loans in India (core product), with a trusted brand and nation-wide reach Pioneer in process innovation in gold loans (online gold loan product ‘OGL’ and cellular vaulting mechanism) Acquired and scaled Asirvad Microfinance Calibrated approach to growth in other loan products that are relevant to our customer base (small ticket home loans, used vehicles for self-employed customers) and MSME Branch network of 5,000+ branches with employee strength of 50,000+ on consol basis Operational rigor: Company has perfected the art of managing appraisal, custodial and valuation risks that are inherent in gold lending, with many firsts to its credit Trusted brand: Safekeeping of c.56 MT of household gold jewellery on behalf of 2.6 mn active customers Appropriate use of technology: Increasing focus on technology for sourcing and underwriting credit, as well as managing risk Conservative credit and risk management culture: Strict adherence to well defined processes, including timely auctions Well capitalized (30.91% Tier 1 ratio), with strong ALM and access to diversified sources of funds Board driven governance process MANAPPURAM TODAY COMPANY DNA Create market for gold loans as a mainstream, convenient and affordable product One stop shop for meeting customer’s borrowing and protection needs (small ticket loans to underbanked customers) GROWTH STRATEGY
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Investor Presentation KEY PERFORMANCE HIGHLIGHTS FOR Q4 & FY2025 6 • Consolidated Gold Loan AUM INR 25,586 Cr , up by 18.7% YoY wherever Standalone Gold Loan AUM INR 24,658 Cr, up by 19.3% YoY with stable yield of 22.35% for FY25 • Gold Loan LTV is at 57% as on 31st Mar,2025 (Vs. 60% as on 31st Dec,2024) • MFI book was INR 7,207 Cr, down by 34.1% YoY • Consolidated cost of borrowing @ 9.45% in Q4 FY25. Strong ALM position maintained; proportion of CPs only is 1.0% of total liabilities • Cash & Cash Equivalents on consolidated basis at the end of QE Mar’25 stood at Rs 3,808 Cr • CRAR for Manappuram Finance stands at 30.91%. • The company has declared quarterly dividend payout ₹ 0.50 paisa per share after consistent earnings AUM* INR 43,034 Cr Up by 2.3% YoY OPEX / NIM* 44.4 % Up by 2.3% YoY PBT* INR 1,666 Cr Down by 43.7% YoY PAT* INR 1,204 Cr Down by 45.2% YoY RoA* 2.5 % ROE* 10.0% * Consolidated Nos – For FY25 , ^ Standalone – For FY25 AUM^ INR 33,021 Cr Up by 15.1% YoY OPEX / NIM^ 41.9 % Down by 0.5% YoY PBT^ PAT^ RoA^ ROE^ INR 2,396 Cr Up by 7.8% YoY INR 1,783 Cr Up by 7.6% YoY 4.8 % 16.1%
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Investor Presentation CONSOLIDATED FINANCIAL OVERVIEW – Q4 & FY2025 7 AUM: Assets Under Management | ** Net Profit: PAT (Before OCI and MI) | # PPOP : (PBT+Provision) | *Annualised EPS Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Consolidated AUM (Rs. Bn) 430 442 -2.7% 421 2.3% 430 421 2.3% Net Interest Income 1,464 1,634 -10.4% 1,569 -6.7% 6,466 5,982 8.1% OPEX 785 707 11.0% 650 20.7% 2,872 2,517 14.1% PPOP # 683 931 -26.6% 933 -26.8% 3,628 3,538 2.6% PAT (Rs.Cr) ** -203 278 -173.0% 563 -136.1% 1,204 2,197 -45.2% EPS * -9.6 13.2 -173.0% 27.1 -135.4% 14.2 26.0 -45.2% ROA % -1.6 2.2 -174.3% 5.2 -131.4% 2.5 5.1 -50.6% ROE % -6.4 8.9 -172.3% 21.2 -130.4% 10.0 20.7 -51.4% BVPS (In Rs.) 146.9 150.9 -2.7% 130.7 12.4% 146.9 136.4 7.7% Net worth (Rs. Cr) 12,432 12,776 -2.7% 11,548 7.7% 12,432 11,548 7.7% Cost Of Funds % 9.4 9.4 0.2% 9.1 3.6% 9.4 9.0 4.4%
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Investor Presentation CONSOLIDATED OPERATIONAL OVERVIEW – Q4 & FY2025 8 Particulars (Rs. Mn) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y Gold AUM (Rs. Bn) 256 245 4.4% 216 18.7% Gold Tonnage 56.36 57.33 -1.7% 58.84 -4.2% Gold Branches (Nos) 4,044 4,044 0.0% 4,044 0.0% Gold Customers (In Mn) 2.58 2.60 -0.7% 2.51 2.9% Non-Gold AUM (Rs. Bn) 174 197 -11.5% 205 -14.9% Non-Gold Branches (Nos) 1,313 1,313 0.0% 1,242 5.7% MFI Customers (In Mn) 2.49 3.60 -30.9% 3.91 -36.4% VEF/SME Customers (In Mn) 0.37 0.39 -6.7% 0.35 3.9%
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Investor Presentation AUM MIX FOR Q4 & FY2025 9 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y Gold 24,658 23,686 4.1% 20,671 19.3% VEF 4,773 5,085 -6.1% 4,111 16.1% Onlending 511 653 -21.8% 989 -48.3% MSME and Others 3,079 3,001 2.6% 2,908 5.9% Standalone AUM 33,021 32,426 1.8% 28,679 15.1% ASIRVAD - MFI 7,207 9,133 -21.1% 10,939 -34.1% ASIRVAD - Gold Loan 928 818 13.5% 890 4.4% ASIRVAD - MSME 54 62 -13.1% 52 3.5% MAHOME - HFC 1,824 1,778 2.6% 1,510 20.8% Consolidated AUM 43,034 44,217 -2.7% 42,070 2.3% 51% 26% 4% 10% 2% 7% Q4 FY24 Gold MFI HFC VEF Onlending MSME 59%17% 4% 11% 1% 7% Q4 FY25 Gold MFI HFC VEF Onlending MSME 55% 21% 4% 12% 1% 7% Q3 FY25 Gold MFI HFC VEF Onlending MSME
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Investor Presentation CONSOLIDATED PROFIT & LOSS STATEMENT FOR Q4 & FY2025 10 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Closing AUM (Rs. Bn) 430 442 -2.7% 421 2.3% 430 421 2.3% Income from Operations 2,360 2,560 -7.8% 2,348 0.5% 10,041 8,848 13.5% Finance expenses 895 925 -3.2% 779 14.9% 3,575 2,866 24.7% Net interest income 1,464 1,634 -10.4% 1,569 -6.7% 6,466 5,982 8.1% Employee expenses 500 448 11.6% 416 20.2% 1,842 1,597 15.3% Other operating expenses 285 259 10.0% 234 21.6% 1,030 919 12.0% Pre provision profit 680 928 -26.7% 919 -26.0% 3,594 3,466 3.7% Provisions/Bad debts 919 555 65.7% 188 389.4% 1,963 578 239.4% Other Income 4 3 21.0% 14 -75.1% 34 72 -52.6% Profit before Tax (236) 376 -162.7% 746 -131.6% 1,666 2,960 -43.7% Tax (33) 98 -133.5% 182 -118.0% 462 762 -39.4% PAT before OCI (203) 278 -173.0% 563 -136.1% 1,204 2,197 -45.2%
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Investor Presentation CONSOLIDATED BALANCE SHEET FOR Q4 FY2025 11 Particulars (Rs. Cr) Mar-25 Dec-24 Q-o-Q Mar-24 Y-o-Y Cash & Bank Balances 3,808 4,592 -17.1% 3,181 19.7% Investments 788 832 -5.3% 726 8.5% Loans & Advances 42,252 43,530 -2.9% 40,948 3.2% Fixed Assets 518 502 3.2% 474 9.4% Other Assets 1,840 1,693 8.7% 1,419 29.6% Total Assets 49,205 51,148 -3.8% 46,748 5.3% Share Capital 169 169 0.0% 169 0.0% Reserves & Surplus 12,263 12,607 -2.7% 11,379 7.8% Borrowings 35,404 37,012 -4.3% 33,653 5.2% Other Liabilities & Provisions 1,352 1,331 1.6% 1,517 -10.9% Minority Interest 17 29 -41.8% 29 -42.2% Total Liabilities 49,205 51,148 -3.8% 46,748 5.3%
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Investor Presentation WELL CAPITALIZED, PRUDENT LIABILITIES STRATEGY WITH REDUCING COF 12 ACCESS TO DIVERSIFIED SOURCES OF FUNDING (CONSOLIDATED Rs. Cr) Borrowing Mix Q4FY25 Q3FY25 Q4FY24 Particulars Amount % Amount % Amount % WCDL / CC 7,261 21% 7,623 21% 7,639 23% Term Loan 18,672 53% 19,793 53% 19,009 56% NCD & Bond 3,764 11% 4,198 11% 4,831 14% ECB 5,229 15% 4,945 13% 930 3% Securitization 184 1% 164 0% 408 1% Commercial Paper 294 1% 289 1% 836 2% Others 0 0% 0 0% 0 0% Total 35,404 100% 37,012 100% 33,653 100% 9.3% 9.3% 9.2% 9.4% 9.4% Q4 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 COST OF BORROWING (CONSOLIDATED) Received rating upgrade from S&P to BB- from B+ in Oct 2021 Received rating upgrade from CRISIL to AA in Sep 2019 Raised $300 mn Debt under Reg S in May, 24 Rated BB- by S&P and Fitch Subsidiary credit rating of CRISIL AA- for Asirvad and HFC
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Investor Presentation STANDALONE FINANCIAL OVERVIEW – Q4 & FY2025 13 AUM: Assets Under Management | ** Net Profit: PAT (Before OCI and MI) | # PPOP : (PBT+Provision) | *Annualised EPS Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Standalone AUM (Rs. Bn) 330 324 1.8% 287 15.1% 330 287 15.1% Net Interest Income 1,129 1,170 -3.5% 1,019 10.8% 4,530 4,002 13.2% OPEX 503 483 4.2% 436 15.3% 1,899 1,697 12.0% PPOP # 627 687 -8.8% 583 7.4% 2,631 2,305 14.1% PAT (Rs.Cr) ** 414 453 -8.6% 428 -3.3% 1,783 1,658 7.6% EPS * 19.6 21.4 -8.6% 20.2 -3.2% 21.1 19.6 7.6% ROA % 4.2 4.6 -9.8% 5.2 -19.5% 4.8 5.2 -7.8% ROE % 14.2 16.0 -11.3% 16.8 -15.6% 16.1 17.2 -6.1% BVPS (In Rs.) 139.3 136.2 2.3% 122.3 13.9% 139.3 122.3 13.9% Net worth (Rs. Cr) 11,793 11,532 2.3% 10,349 13.9% 11,793 10,349 13.9% Cost Of Funds % 9.2 9.2 0.6% 8.8 4.4% 9.1 8.6 6.8%
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Investor Presentation STANDALONE PROFIT & LOSS STATEMENT FOR Q4 & FY2025 14 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Closing AUM (Rs. Bn) 330 324 1.8% 287 15.1% 330 287 15.1% Income from Operations 1,738.9 1,798.7 -3.3% 1,507.8 15.3% 6,906.3 5,829.9 18.5% Finance expenses 609.5 628.7 -3.0% 488.8 24.7% 2,376.1 1,828.0 30.0% Net interest income 1,129.4 1,170.0 -3.5% 1,019.1 10.8% 4,530.2 4,001.9 13.2% Employee expenses 307.7 297.2 3.5% 259.0 18.8% 1,170.8 1,022.2 14.5% Other operating expenses 195.0 185.5 5.2% 176.8 10.3% 728.6 674.4 8.0% Pre provision profit 626.7 687.4 -8.8% 583.3 7.4% 2,630.7 2,305.3 14.1% Provisions/Bad debts 79.3 77.3 2.6% 28.4 179.0% 263.0 108.4 142.7% Other Income 2.9 2.0 40.7% 5.4 -47.4% 8.1 24.7 -67.2% Profit before Tax before exceptional items 550.3 612.1 -10.1% 560.3 -1.8% 2,375.8 2,221.6 6.9% Exceptional Item 0.0 0.0 0.0 0.0 0.0 19.8 0.0 100% PBT 550.3 612.1 -10.1% 560.3 -1.8% 2,395.6 2,221.6 7.8% Tax 135.9 158.7 -14.4% 132.0 3.0% 612.3 563.9 8.6% PAT before OCI 414.3 453.4 -8.6% 428.3 -3.3% 1,783.3 1,657.8 7.6%
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Investor Presentation STANDALONE RESULT ANALYSIS Q4 & FY2025 15 1,698 1,305 1,266 1,658 1,783 F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 428 441 475 453 414 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 191 199 190 207 247 207 226 232 237 247 F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 NET PROFIT (Rs. Cr) RETURN RATIOS %NETWORTH (Rs. Cr) 6,902 7,943 8,980 10,349 11,793 F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 10,349 10,703 11,113 11,532 11,793 Q 4 F Y 2 4Q 1 F Y 2 5Q 2 F Y 2 5Q 3 F Y 2 5Q 4 F Y 2 5 6.9% 5.0% 4.5% 5.0% 4.8% 27.7% 17.6% 15.0% 16.3% 16.1% F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 5.1% 4.8% 4.9% 4.6% 4.2% 16.8% 16.7% 17.4% 16.0% 14.2% Q 4 F Y 2 4 Q1 F Y 2 5 Q2 F Y 2 5 Q3 F Y 2 5 Q4 F Y 2 5 ROA ROE GOLD LOAN AUM (Rs. Bn)
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Investor Presentation STANDALONE RESULT ANALYSIS Q4 & FY2025 16 29% 31% 32% 31% 31% 31% 30% 29% 30% 31% F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 CAPITAL ADEQUACY RATIO % 7.0% 6.6% 6.9% 6.4% 6.1% 6.2% 6.1% 5.9% 6.0% 6.2% F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 OPEX TO AUM % 1.9% 3.0% 1.3% 1.9% 2.8% 1.9% 2.0% 2.4% 2.5% 2.8% 1.5% 2.7% 1.1% 1.7% 2.5% 1.7% 1.7% 2.1% 2.3% 2.5% F Y2 1 # F Y2 2 # F Y2 3 F Y2 4 F Y2 5 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 NPA ANALYSIS % GNPA% NNPA% # Covid Impact 24.9% 22.2% 20.9% 21.9% 22.3% 21.7% 21.8% 22.0% 22.2% 21.7% F Y2 1 F Y2 2 F Y2 3 F Y2 4 F Y2 5 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 NET YIELD (%) Note - GNPA as per RBI Circular dated Nov 12,2021 on IRACP norms
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Investor Presentation STANDALONE BORROWING PROFILE FOR Q4 & FY2025 17 ACCESS TO DIVERSIFIED SOURCES OF FUNDING (Rs. Cr) Borrowing Mix Q4 FY25 Q3 FY25 Q4 FY24 Particulars Amount % Amount % Amount % WCDL/CC 7,237 27% 7,586 28% 7,622 34% Term Loan 11,124 41% 10,462 39% 9,533 42% NCD & Bonds 3,233 12% 3,619 13% 3,645 16% ECB 5,153 19% 4,863 18% 832 4% Commercial Paper 294 1% 289 1% 836 4% Others 5 0% 13 0% 0 0% Total 27,046 100% 26,832 100% 22,467 100% 8.8% 9.0% 9.1% 9.2% 9.2% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 COST OF BORROWING % Long Term AA (Stable) Commercial Paper A1+ Long Term AA (Stable) Commercial Paper A1+ DOMESTIC RATING Long Term BB- /Stable Short Term B Long Term BB- /Stable INTERNATIONAL RATING
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Investor Presentation GOLD AUM UPDATE FOR Q4 & FY2025 19 44.6 56.6 57.5 58.5 67.8 58.5 62.1 62.5 64.3 67.82.59 2.37 2.29 2.38 2.44 2.38 2.45 2.49 2.47 2.44 5.0 15.0 25.0 35.0 45.0 55.0 65.0 75.0 FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 AVG. LOAN TICKET SIZE (Rs ‘000) CUSTOMER BASE (Mn) AVG. LOAN TICKET SIZE (Rs ‘000) 65.3 68.0 60.1 58.8 56.4 58.8 59.6 59.7 57.3 56.4 FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GOLD HOLDINGS (TONNAGE) 71% 62% 60% 58% 57% 58% 60% 58% 60% 57% FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 LTV (%) QUARTERLY LTV (%) 5.4 5.6 5.4 5.9 7.0 5.9 6.4 6.6 6.7 7.0 FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GOLD AUM PER BRANCH (Rs. Cr) Note - AUM per branch, including non-gold loans, is Rs 9.4 Cr in Q4 FY25.
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Investor Presentation GOLD LOAN GROWTH LEVERS 20 Gold Loan Growth Levers Celebrity Endorsement Business Associates / DSA Channel Business Relocation & Revitalization of Non- performing branches Online Gold Loan Digital Marketing Local Marketing Activities Low interest rate sensitivity given small ticket size, Short tenor and convenience of product Manappuram has undertaken various cost rationalization initiatives Significant operating expense leverage as new branches mature
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Investor Presentation GOLD LOAN PAN INDIA PRESENCE Q4 FY2025 21 North 17% West 10% South 63% East 10% North 17% State Branch Jammu & Kashmir 10 Himachal Pradesh 13 Chandigarh 4 Delhi 59 Punjab 75 Uttarakhand 8 Haryana 64 Uttar Pradesh 140 Rajasthan 96 Madhya Pradesh** 121 Total 590 East 10% State Branch Assam 18 Bihar 24 Tripura 2 Jharkhand 12 West Bengal 105 Chhattisgarh 51 Odisha 150 Total 362 West 10% State Branch Maharashtra 210 Goa 8 Gujarat 123 Total 341 South 63% State Branch Karnataka 570 Kerala 480 Telangana 253 Andhra Pradesh 333 Tamil Nadu 578 Total 2,214 Union Territories State Branch Daman Diu 3 Andaman & Nicobar 5 Puducherry 9 Total 17 9% 33% 36% 22% GOLD AUM Rural Urban Mix – Q4 FY25 Rural Semi- Urban Urban Metro
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Investor Presentation ONLINE GOLD LOAN BUSINESS 22 53.0 63.3 73.2 71.7 76.9 71.7 75.0 72.3 73.0 76.9 FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 AVERAGE TICKET SIZE (Rs ‘000) 54% 44% 50% 57% 82% 57% 70% 74% 79% 82% FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 % SHARE OF OGL IN THE OVERALL GOLD AUM 1 2 4 5 6 3 First NBFC to launch Online Gold Loan (OGL) in September 2015 Facility enables customers to avail a gold loan anytime, from anywhere in the world against gold stored in Manappuram branch Instant fund transfer upto pre-approved limits Online APP is available in different regional languages for ease of customers Easy documentation, instant approval, convenient 24x7 online repayment Hassle-free, paper-less transactions online
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Investor Presentation ASIRVAD MICROFINANCE RESULTS FOR Q4 & FY2025 23 Particulars (Rs. Cr) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from Operations 511 664 -23.1% 726 -29.6% 2,705 2,681 0.9% Finance Cost 217 263 -17.3% 260 -16.4% 1,034 947 9.2% Net Interest income 294 401 -26.8% 466 -37.0% 1,671 1,734 -3.6% Employee Benefit expenses 163 124 31.6% 132 23.1% 563 488 15.2% Depreciation and amortisation expense 13 17 -21.1% 15 -12.9% 57 51 12.7% Other expenses 64 42 51.5% 32 103.1% 194 160 21.5% Pre provision profit 53 218 -75.7% 286 -81.5% 857 1,035 -17.2% Impairment of financial instruments 849 473 79.7% 158 436.4% 1,697 464 265.9% Other Income 2 1 46.3% 10 -78.8% 29 51 -42.8% Profit before Tax -794 -253 213.8% 138 -675.7% -811 622 -230.5% Tax -168 -65 157.5% 36 -565.5% -172 163 -205.5% PAT before OCI -626 -188 233.4% 102 -714.7% -639 458 -239.4%
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Investor Presentation ASIRVAD MICROFINANCE RESULT ANALYSIS FOR Q4 & FY2025 24 5,985 7,002 10,041 11,881 8,189 11,881 12,310 12,149 10,013 8,189 FY21 FY22 FY23 FY24 FY25 Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25 ASIRVAD AUM (Rs. Cr) 23.3% 20.8% 19.7% 22.8% 20.9% 22.8% 21.8% 21.5% 23.3% 20.9% FY21 FY22 FY23 FY24 FY25 Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25 CAPITAL ADEQUACY RATIO % * NPA recognized at 90 Days 2.5% 3.5% 2.8% 3.7% 8.5% 3.7% 3.0% 4.3% 5.8% 8.5% 0.0% 0.2% 1.1% 1.7% 2.5% 1.7% 1.4% 2.0% 2.5% 2.5% FY21 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 NPA ANALYSIS % * GNPA% NNPA% 0.3% 0.2% 2.6% 4.0% -6.0% 3.4% 3.1% 2.5% -6.8% -25.0% 1.6% 1.3% 16.7% 24.8% -34.9% 19.4% 18.2% 13.1% -33.6% -137.1% FY21 FY22 FY23 FY24 FY25 Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25 RETURN RATIOS % ROA ROE
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Investor Presentation ASIRVAD MICROFINANCE: ASSET QUALITY 25 Evolution of Asset Quality for Asirvad Particulars (Rs Cr) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Amount % Amount % Amount % Amount % Amount % Stage - I 10,177 94.5% 10,787 95.4% 10,535 93.3% 8,268 88.4% 6,541 85.3% Stage - II 194 1.8% 192 1.7% 276 2.4% 549 5.9% 491 6.4% Stage III 393 3.7% 330 2.9% 485 4.3% 531 5.7% 635 8.3% Total 10,764 100.0% 11,309 100.0% 11,296 100.0% 9,348 100.0% 7,667 100.0% Net NPA for FY 25 is Rs 177 cr which stands at 2.46%
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Investor Presentation Stringent Underwriting Checks 26 Lender Overlap (Clients %) As on 31st Mar,2025 Only Asirvad 33.3% Asirvad +1 24.4% Asirvad +2 19.4% Asirvad +3 12.1% Asirvad +4 & above 10.8% Total 100.0% Number of Microfinance lenders per borrower + 3 lenders is only 22.9% of the overall clients Loan Exposure As on 31st Mar,2025 Below 50k 42.2% 50k to 99k 28.2% 1 lacs to 1.49 Lacs 17.8% 1.5 Lacs to 2 Lacs 7.8% >= 2 Lacs 4.0% Total 100.0% Total Microfinance and unsecured indebtedness limit of INR 2 Lacs Loan Exposure of more than Rs. 2 lakhs is 4% Above mentioned data is MFI & Unsecured Indebtedness (Outstanding) in customer count at 31st Mar, 2025
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Investor Presentation Steps taken towards credit rationalization and risk aptitude 27 Stringent rules over and above SRO guidelines resulted in a lower sourcing to sanction rate of 34.0 % in Feb 2025 from 64.0 % Sep 2024 Micro focus - Disbursement enabled only in centres having PAR < 2.0 % Disbursement fully enabled at branch level based on portfolio quality Focused collection strategy by having separate team for hard bucket Improving case load per FDA - Branch team to handle regular bucket collection and disbursement 100% biometric verification of customers ensuring a robust onboarding process and unique enhanced Income Scorecard
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Investor Presentation 7,507 8,736 11,035 9,129 8,879 9,636 9,129 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 4.6 6.0 6.8 4.6 6.8 5.6 4.6 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 ASIRVAD MICROFINANCE BUSINESS AND PRODUCTIVITY METRICS 28 AUM (INR Cr) Number of borrowers (Mn) 7,002 10,041 11,881 8,189 12,149 10,013 8,189 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 2.6 3.3 4.1 3.6 4.2 4.0 3.6 FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 AUM / borrower (thousands) 27.2 k 30.1 k 29.4 k 22.5 k 29.1 K 25.2 K 22.5 K FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 # of branche s 1,525 1,684 1,743 1,785 1,7851,783 1,785 GROWTH Number of loan officers AUM / branch (INR Cr) OPEX / AUM 6.4% 6.1% 6.0% 10.8% 6.3% 6.6% 10.6% FY22 FY23 FY24 FY25 Q2FY25 Q3FY25 Q4FY25 PRODUCTIVITY
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Investor Presentation ASIRVAD MICROFINANCE LIABILITIES OVERVIEW FOR Q4 FY2025 29 Access to diversified sources of Funding (Rs. Cr) Borrowing Mix Q4 FY25 Q3 FY25 Q4 FY24 Particulars Amount % Amount % Amount % Term Loan from Banks and FIs 5,385 77.6% 7,159 81.0% 7,297 72.9% Refinance 700 10.1% 784 8.9% 6 0.1% Debentures 25 0.4% 78 0.9% 1,071 10.7% Tier II Sub Debt 650 9.4% 640 7.2% 620 6.2% Commercial Paper 0.0% 0 0.0% 651 6.5% Securitisation - PTC 179 2.6% 179 2.0% 362 3.6% Total 6,938 100.0% 8,840 100.0% 10,007 100.0% 10.1% 10.2% 10.2% 10.3% 10.3% 10.3% 10.2% 10.3% 10.3% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% Q4 F Y2 3 Q1 F Y2 4 Q2 F Y2 4 Q3 F Y2 4 Q4 F Y2 4 Q1 F Y2 5 Q2 F Y2 5 Q3 F Y2 5 Q4 F Y2 5 COST OF FUNDS CREDIT RATING Long Term AA- Short Term A1+
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Investor Presentation ASIRVAD MICROFINANCE LIQUIDITY UPDATE 30 438 438 599 1,222 1,881 2,060 427 2,425 9,491 1,096 462 484 1,244 2,966 2,045 21 1,173 9,491 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 1 Month 1 - 2 Month 2 - 3 Month 3 - 6 Month 6 - 1 Year 1 - 3 Year 3 - 5 Year Over 5 Year All Outflows Inflows Maturity ALM (Rs. Cr)
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Investor Presentation ASIRVAD MICROFINANCE PAN INDIA PRESENCE Q4 FY2025 31 North State Branch Chandigarh 1 Punjab 48 Haryana 57 Rajasthan 155 Uttarakhand 10 Uttar Pradesh 171 Delhi 9 Madhya Pradesh 128 Total 579 East State Branch Bihar 161 Sikkim 3 Assam 40 West Bengal 147 Jharkhand 63 Tripura 31 Chhattisgarh 31 Odisha 126 Total 602 West State Branch Gujarat 47 Maharashtra 76 Goa 3 Total 126 South State Branch Karnataka 159 Kerala 73 Telangana 40 Andhra Pradesh 37 Puducherry 1 Tamil Nadu 168 Total 478 North West South East MFI AUM - STATEWISE BREAKUP Bihar 14% Tamil Nadu 13% West Bengal 13% Karnataka 10% Uttar Pradesh 8% Odisha 5% Madhya Pradesh 5% Kerala 4% Jharkhand 4% Rajasthan 4% Maharashtra 4% Others 15%
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Investor Presentation HOUSING FINANCE BUSINESS UPDATE FOR Q4 & FY2025 32 2.4% 2.9% 3.3% 3.9% 2.4% Q4 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GNPA % 666 845 1,096 1,510 1,824 1,510 1,587 1,692 1,778 1,824 FY21 FY22 FY23 FY24 FY25 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 AUM EVOLUTION (Rs. Cr) 69% 68% 69% 68% 69% 72% 71% 71% 68% 31% 32% 31% 32% 31% 28% 29% 29% 32% FY22 FY23 FY24 FY25 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 AUM MIX (%)Home Loan LAP 5.9 19.9% 6.0 17.8 ATS (INRL) Yield • Started commercial operations in January 2015 • Focus on Affordable Housing for Mid to Low-income self-employed customers (93% self-employed) • Focus on South and West India, 89 branches • Rated AA - /Stable (Long Term) & A1+ (Short Term) by CRISIL • Rated AA - /(Stable) (Long Term) by CARE • RoA for Housing Finance was 1.37% in FY25 OPERATING OVERVIEW
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Investor Presentation HOUSING FINANCE BUSINESS STRATEGY 33 • Riding on the parent’s brand equity and pan India presence for scaling up the business • Low-cost operation model based on co- location with parent branches • Investment in training and development of human resource through online mode • A Strong Customer Relationship Management Team • Adopting digital payment platforms for managing EMI collections efficiently • A dedicated in-house local collection team • Better penetration in 3-tier and 4-tier towns • Increased emphasis on direct sourcing through ground-level marketing • Prioritizing the marketing of PMAY scheme (Government Subsidy Scheme) • Diverse product portfolio • Decentralized underwriting and disbursement for lower ticket size loans • Compliance with policy parameters via ground-level Credit Audit and Centralized credit monitoring • Focus on lower ticket size loans across all products Growth drivers for future expansion Underwriting Customer Servicing and Collection Management Origination and Sourcing
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Investor Presentation VEHICLE AND EQUIPMENT FINANCE BUSINESS UPDATE FOR Q4 & FY2025 34 • Started commercial operations in January 2015. • The operations are a part of Manappuram Finance Ltd and are carried out from existing gold loan branches (528 branches) • Focus on used commercial vehicles in Semi urban and rural locations • Moving customers into digital payment platforms for better operational efficiency OPERATING OVERVIEW 1,053 1,643 2,431 4,111 4,773 4,111 4,541 4,848 5,085 4,773 FY21 FY22 FY23 FY24 FY25 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 AUM EVOLUTION (Rs. Cr) 65% 61% 57% 54% 57% 56% 55% 54% 54% 17% 22% 17% 15% 17% 16% 16% 16% 15% 18% 18% 26% 31% 26% 28% 30% 31% 31% FY 22 FY 23 FY 24 FY 25 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 AUM MIX (%)CV TW PV 2.8% 3.6% 4.2% 5.2% 6.7% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GNPA % 4.9 18.0% 9.3 16.6% ATS (INRL) Yield 0.8 21.5%
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Investor Presentation VEHICLE AND EQUIPMENT FINANCE BUSINESS STRATEGY 35 Increase penetration into Rural and Semi Urban locations Brand Tie-ups – With Manufacturer for better reach Digital Loan Agreement Signing with E – Stamping to save the cost and making customer easy process Digital Lending Platform and automated approval process in TW loans Covering 3000+ Co-located Gold loan branches for collection and marketing distribution CRM tool integrated with loan management system to built relationship with customer from beginning PROFIT OPTIMIZERS Analytics Use of Analytics for quicker decision making process leading to lesser sourcing cost Mobility Solution On the go solution with m- CAS/ m-Collect to reduce collection cost Deep Penetration Deeper penetration in existing location and Use of MAFIL (GL) branches as sourcing / collection point helping in cost optimization SCALE & STABILITY Balance Takeover Dedicated Team managing External Balance Takeover cases Top Up Loan As a part of customer retention policy, focus on internal customers where MOB is higher than 18 months without overdue Used Business Dedicated Team for Used Business with lower ticket size and higher yield
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Investor Presentation 871 1,945 2,908 3,079 2,908 2,946 2,963 3,001 3,079 FY22 FY23 FY24 FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 AUM EVOLUTION (Rs. Cr) STANDALONE MSME AND ALLIED BUSINESS UPDATE FOR Q4 & FY2025 36 44% 37% 38% 36% 37% 38% 38% 37% 36% 33% 35% 35% 42% 34% 36% 38% 40% 42% 18% 17% 18% 20% 20% 19% 19% 19% 20% 5% 11% 12% 2% 9% 7% 5% 3% 2% FY22 FY23 FY24 FY25 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 AUM MIX (%) MSME Micro-Housing Secured PL Unsecured PL 5.6 ATS (INRL) Yield 5.7 0.7 4.3 20% 19% 26% 20% 2.8% 3.4% 4.2% 4.1% 5.1% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GNPA % 1.7% 2.7% 3.8% 3.7% 4.8% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GNPA % (Excl. Digital PL) • Portfolio is an amalgamation of multiple products started over 2019-2020 • The operations are a part of Manappuram Finance Ltd and are carried out from existing gold loan branches (currently c.150+ branches for MSME, Micro-Housing Loans, Personal Loans; potential to scale further) • Growing portfolio with stable asset quality • Unsecured loan book includes “Digital Personal Loans”, disbursed through a mobile app OPERATING OVERVIEW
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Investor Presentation MSME AND PERSONAL LOANS BUSINESS STRATEGY 37 Stronger in Rural and Semi Urban locations (tier-3 / 4); scope to increase penetration across additional branches Different products are disbursed in 150+ branches across states at present; ramp-up across branches underway Predominantly digital collections (80% overall) with 78% and 82% for secured and unsecured PL Diverse product portfolio covering secured & unsecured loans for both salaried and self- employed customers (c.66% self-employed) Huge cross-sell potential with existing gold loan customers; proprietary gold loan data used as input for underwriting CRM tool integrated with loan management system to built relationship with customer from beginning Origination and Sourcing • Better penetration in 3-tier and 4-tier towns • Direct sourcing through field-level marketing , digital marketing and cross selling (gold loan customers) Underwriting • Decentralized underwriting and disbursement for lower ticket size loans in branch level • Compliance with policy parameters via ground -level Credit Audit & Centralized credit monitoring. Customer Servicing, Collections • Strong Customer Relationship Management Team • Digital payment platforms for managing EMI collections efficiently • A dedicated in -house local collection team Growth drivers for future expansion • Geo expansion to existing gold loan branches pan-India, along with introduction of new schemes • Low-cost operation model based on co- location with parent branches • Investment in training and development of human resource through online mode
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Investor Presentation • A total of ₹1.64 crores was spent in FY 2024–25 on house construction projects across various parts of Kerala as part of our rural development initiatives • Donated 75 three-wheeler scooters to 75 deserving differently-abled individuals as part of the “Wings on Wheels” program. The total cost of the project was ₹80.8 lakhs. • Donated ₹31.5 lakhs to the Peringottukara Dialysis Centre for the purchase of three dialysis machines, installation of a 30 kW solar power system, and monthly support towards free dialysis and medicines for financially backward individuals. • Manappuram Foundation extended its support by donating 27 lakhs to the Salim Ali Foundation for building construction, monthly support for their ongoing activities, including organic farming, poultry farming, biogas implementation, and more… • Donated ₹9,70,000 to 97 children who lost one or both parents due to COVID-19, as part of the Thrissur District Collector’s “Together for Thrissur” program. • Financial assistance was provided to BPL/economically backward patients through the Manappuram Chikitsa Sahaya Padhathi. More than 300 beneficiaries from BPL and economically weaker sections received support under this initiative. CREATING A DIFFERENCE 38
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Investor Presentation DEEP MANAGEMENT BENCH 39 Mr. V. P. Nandakumar Managing Director and CEO • Postgraduate in Science • Managing committee member of ASSOCHAM and FICCI Dr. Sumitha Nandan Executive Director • MBBS from Rajiv Gandhi University of Science • MS from Sri Ramachandra University and a fellowship in Cosmetic Gynecology • She is an alumnus of Wharton Business School following the completion of courses in Advanced Finance Programme Mr. B.N. Raveendra Babu MD – Asirvad Micro Finance Ltd • Masters degree in commerce • Director since July 1992 Mrs. Bindu A L CFO • Fellow member of the Institute of Chartered Accountants of India • 25 years+ of work experience in various capacities • Completed Senior Executive Leadership Programme from Harvard Business School and member of HBS Alumni Mr. Raju Narayanan Group Business Head • Fellow member of the Institute of Chartered Accountants of India • 20 years+ of work experience in various capacities • Completed Executive Programme in Strategic Finance for Emerging CFOs and FNPA leaders from IIM - Lucknow
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Investor Presentation SENIOR MANAGEMENT TEAM 40 Mr. Kamal Parmar Head – Vehicle and Equipment Finance • Over 28 years experience with organizations such as Citicorp Finance, Indiabulls, Fulletron, Timex etc. Mr. Vijayakumar KB Business Head - MSME • 20 years+ experience and worked in various departments such as Gold Loan Operations, Marketing, Forex & Money Transfer, Finance & Accounts, Taxation etc. • He holds bachelor degree in Arts and certifications from IIM in Management Development Programmes Mr. Ratheesh PM Business Head- Micro Home Finance • 16 years+ experience and worked in various functions like Sales, Operation, Audit, Training etc. • He holds Master’s degree in Investment Management and certifications from IIM in Management Development Programmes Mr. Vipin TS Business Head – Secured Personal Loan • 13 years+ experience and worked in various functions like Operations, Sales, Money Transfer etc • He holds Master’s Degree in Financial Management and certifications from IIM in Management Development Programmes Mr. Chinta Prasad CEO – Asirvad Micro Finance • He holds a bachelor’s degree in commerce • His key functions and areas of experience in the Company include achievement of asset under management growth, budget management and operations and control Mr. Suveen P.S CEO - Housing Finance • B. Tech Graduate in Applied Electronics & Instrumentation engineering and Masters in Embedded System • 6 years+ of experience in the field of operations
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Investor Presentation INDEPENDENT BOARD BENCH 41 Dr. Shailesh J Mehta Independent & Non-Executive Director • B-tech in ME from IIT- B, MSc in Operations, PhD degree in Operation Research • Over 38 years of experience, was President of Granite Hill Capital Ventures Mr. Harshan Kollara Independent & Non-Executive Director • He holds a Masters in Economics from Bombay University. • Board member-Fast Encash Money Transfer (UK), Abans Global Ltd (UK) Mr. Abhijit Sen Independent & Non-Executive Director • B-Tech (Hons) from Indian Institute of Technology, Kharagpur , Post Graduate Diploma in Management from Indian Institute of Management, Kolkata • Senior Advisor to E&Y • Previously CFO Citibank, Indian subcontinent Mr T C. Suseel Kumar Independent & Non-Executive Director • Retired as the MD of LIC • He has held positions on the Boards of several valuable companies including LIC, Axis Bank, LIC Lanka Limited, National Mutual Fund Mauritius etc
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Investor Presentation INDEPENDENT BOARD BENCH 42 Dr. Sankaran Nair Rajagopal Independent & Non-Executive Director • A seasoned banking professional with over three decades of experience in Reserve Bank of India and three years with leading commercial banks. • He also served as a Nominee Director on the Board of the Bank of Maharashtra and also as nominee Director of RBI in Global Trust bank Mrs. Pratima Ram Independent & Non-Executive Director • MA from University of Virginia, USA • She was Country Head and CGM of the United States Operations of State Bank of India • She is having wide experience in Corporate , International , Investment and Retail Banking Mr. Edodiyil Kunhiraman Bharat Bhushan Independent & Non-Executive Director • He played an important role in turning around of Kerala Minerals and Metals, the largest PSU in the state of Kerala from a BIFR company to a profit earning one • He has had thirty-six years of experience as an officer of Indian Administrative Service with impactful roles. Adv. Veliath Pappu Seemanthini Independent & Non-Executive Director • A law graduate and a Senior Advocate designated by High Court of Kerala • She is also a Standing Counsel for various Central and State Government Inst. like High Court of Kerala, FCI etc
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Investor Presentation SHAREHOLDING AND STOCK PERFORMANCE 43 Stock Data Market Cap as on 08th May, 2025 ₹ 19,298.71 Crs Stock Price as on 08th May, 2025 228.00 52 Week (High/Low) ₹ 247 / ₹ 138 NSE/BSE Symbol MANAPPURAM / 531213 No. of Shares Outstanding 84,64,34,729 Average Daily Volume (3 months) 44,21,75,284 35% 29% 7% 1% 28% Shareholding Pattern as on 31st March, 2025 Promoters FPI Mutual Funds Financial Institution/Banks/Insurance Non-Institutions Top Shareholders holding more than 1% (other than promoters) % Small World Fund INC 6.13 Government Pension Fund Global 2.16 Stock Performance last 1 year (as on 08th May, 2025) GROUP STRUCTURE Manappuram Finance Gold loans Vehicle and equipment finance loans On-lending and other loans SUBSIDIARIES PRODUCTS UNDER STANDALONE ENTITY Manappuram Home Finance Limited Manappuram Insurance Broker Limited Asirvad Microfinance Limited Manappuram Comptech and Consultants Limited 100% 100% 97.60% 99.81% Rebase to 100
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Mrs. Bindu A.L. CFO Contact No : +914873050000 Email – bindhu@manappuram.com Mr. Susil Kumar Mishra Head – Investor Relations & Treasury Contact No : +919967405163 Email – susilmishra@manappuram.com Nikunj Seth Het Choksey Advisors +91 9773397958 ir-advisors@hetchoksey.com DISCLAIMER : This presentation and the contents therein are for information purposes only and does not and should not construed to be any investment or legal advice. Any action taken or transaction pursued based on the basis of the information contained herein is at your sole risk and responsibility and Manappuram Finance or its employees or directors, associates will not be liable in any manner for the consequences of any such reliance placed on the contents of this presentation. We have exercised reasonable care in checking the correctness and authenticity of the information contained herein, but do not represent that it is true, accurate or complete. Manappuram Finance or associates or employees shall not be in anyway responsible for any loss or damage that may arise to any person from any inadvertent error or omission in the information contained in this presentation. The recipients of this presentation should make their own verifications and investigations to check the authenticity of the said information if they wish. Manappuram Finance and/or directors, employees or associates may be deemed to have interests, financial or otherwise in the equity shares of Manappuram Finance. Manappuram Finance Limited, IV / 470 (old) W638A (New), Manappuram House, Valapad, Thrissur Kerala, India, Pin code : 680567 Thank You