Momentum in gold loans; asset quality deteriorates in MFI

27 May 2024
5 Min read 
  • Manappuram Finance's 4QFY24 results update includes financials, valuations, and highlights from management commentary.
  •  The company's gold AUM rose 4% QoQ with a minor increase in gold tonnage.
  •  The 4QFY24 consolidated PAT grew 36% YoY but dipped 2% QoQ to INR5.6b.
  •  Asset quality deteriorated in non-gold segments, except housing finance.
  •  MGFL has been diversifying into non-gold segments, with the share of non-gold products in AUM rising to 49%.
  •  The company's FY25/FY26 PAT estimates were cut by ~4% each to factor in lower non-interest income and higher credit costs.
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