Initiating Coverage | 6 October 2015
Sector: Financials
Muthoot Finance
Getting back on track
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com) + 91 22 3982 5521
Harshvardhan Agrawal
(Harshvardhan.Agrawal@MotilalOswal.com) + 91 22 3010 2351

Muthoot Finance
Muthoot Finance: Getting back on track
Getting back on track .........................................................................................3
Stable regulatory regime ....................................................................................4
Growth showing signs of revival .........................................................................6
Operating leverage to kick in ............................................................................ 10
Asset quality: Worst phase behind, credit cost to stay low ................................ 14
Valuations ripe for re-rating ............................................................................. 17
Annexure ......................................................................................................... 20
Financials and valuations ................................................................................. 26
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.
6 October 2015
2

Initiating Coverage
Muthoot
Financials
| Sector:
Finance
Muthoot Finance
BSE Sensex
26,933
S&P CNX
8,153
CMP: INR163
TP: INR234 (+44%)
Buy
Getting back on track
Good franchise available at attractive valuations
Stock Info
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Average Value (INR m)
Free float (%)
MUTH IN
398.0
64.9/1.0
254/152
-7/-13/-20
66
25.2
Financial Snapshot (INR billion)
Y/E March
2016E 2017E 2018E
NII
24.5 28.3 33.5
PPP
PAT
EPS (INR)
BV/Sh.(INR)
RoA on AUM (%)
RoE (%)
Div. Yld. (%)
Valuations
P/E (x)
P/BV (x)
12.5 14.9 18.7
7.9
9.4 11.8
19.8 23.7 29.7
140.6 155.9 175.2
3.1
3.6
8.2
1.2
3.2
4.4
6.9
1.0
3.4
5.5
5.5
0.9
14.7 16.0 18.0
Gold loan penetration levels remain low and addressable market very large; niche
expertise and single product focus will be the growth enablers.
Regulatory environment has stabilized, competitive intensity has reduced and gold
prices are stable; the largest incumbent Muthoot Finance with over 4200 branches
and INR244b AUM to gain the most from growth revival.
Loan growth showings signs of revival; massive operating leverage could kick in as
80% of the costs are fixed in nature and existing infrastructure is underutilized.
Better margins, operating leverage to drive profitability; RoEs bottomed out at
14.3% in FY15 from peak of 51% in FY11; expect improvement from here on in.
Current valuations of 6.9x FY17E P/E and 1x FY17E BV are attractive. Initiate
coverage on Muthoot Finance (MUTH) with a Buy rating and target price of INR234
(a 44% upside).
Stable regulatory environment:
Post a stellar run during FY08-12, India’s gold
finance NBFCs have undergone significant turmoil in the past three years—led by
changing regulatory landscape and steep decline in gold prices. However, the
industry has started to stabilize and is poised to return to growth from here on in,
with gold financing NBFCs following stricter regulatory norms than most other
asset financing NBFCs. The competitive intensity has also rationalized with many
new/smaller players exiting the segment. We are positive on the industry and
believe the gold monetization theme will gather pace; with its market leadership
position and clean track record, MUTH is well placed to tap this opportunity.
Growth reviving; operating leverage to kick in:
After a prolonged lull, the
business is reviving (AUM grew 14/4% YoY/QoQ in 1QFY16) on the back of stable
gold prices, management’s concentrated marketing efforts, launch of new gold
loan products, and branch activation by imbibing customer acquisition culture. In
our view, pick-up in growth could lead to massive operating leverage as 80% of
the costs are fixed in nature and the existing infrastructure (4250 branches &
22000+ employees) has been underutilized due to decline in business.
Gold loan penetration low; niche expertise will be the growth enabler:
Low
gold
loan penetration and large addressable market provide enough growth
headroom. Moreover, niche expertise and single product focus (enabling strong
understanding of customer needs like quick turnaround time and minimal
documentation) will continue to be the growth enablers.
Strong franchise, healthy return ratios; valuation ripe for re-rating:
Regulatory
environment has turned favorable and business momentum is picking up. We
expect +17% loan CAGR for the next 3 years. Also, given that 80% of MUTH’s
operating costs are fixed in nature, rebound in business will lead to optimum
utilization of existing infrastructure. RoEs bottomed out at 14.3% in FY15 from the
peak of +51% in FY11; expect gradual improvement from here on in. Revival in
business and improving return ratios make current valuation of 6.9x FY17E and 1x
FY17E BV attractive. We initiate coverage with a
Buy
rating and a target price of
INR234, whereby the stock would trade at 1.5x FY17E BV (a 44% upside).
3
Shareholding pattern (%)
As on
Jun-15 Mar-15 Jun-14
Promoter
74.8
74.8
75.0
DII
5.2
5.1
3.2
FII
11.1
11.1
14.2
Others
8.9
9.0
7.6
FII Includes depository receipts
Stock Performance (1-year)
Muthoot Finance
Sensex - Rebased
250
220
190
160
130
6 October 2015

Muthoot Finance
Stable regulatory regime
NBFCs’ gold lending norms at par with banks
RBI’s acceptance of KUB Rao committee’s recommendation to increase the LTV to 75%
makes the business viable for gold NBFCs.
Regulations favoring level playing field (capping LTV for banks at 75%) indicate that
regulatory tightening is over and the business can operate with a fair degree of
regulatory certainty.
Stricter regulatory framework has de-risked the business model of NBFCs.
Gold loan NBFCs returning to stability post the storm
Post a stellar run during FY08-12, India’s gold finance NBFCs have undergone
significant turmoil in the past three years—led by the changing regulatory landscape
and steep decline in international and domestic gold prices. While stricter norms led
to a slowdown in growth, steep decline in gold prices brought asset quality
pressures; this forced most gold-financing players to shrink their loan books over the
period.
In our view, the industry has started to stabilize now and is poised to return to
growth from here on in as:
The regulatory environment has stabilized with gold financing NBFCs following
stricter regulatory norms than most other asset financing NBFCs
Competitive intensity has rationalized with many smaller players exiting this
segment and market shares starting to consolidate with fewer and larger banks
and non-banking finance companies
International gold prices have already declined substantially
Domestic economic revival is likely to boost demand for loans again, especially
in the small and mid-sized towns and rural centers
Asset quality concerns have stabilized as most of the pain is over and should
abate over the medium term.
Regulatory framework de-risked the business; level playing field a key
positive
RBI capped LTV for banks at
75%, thus bringing lending
against gold parity for gold
NBFCs vis-à-vis the banks
Multiple rounds of regulatory tightening for the last two years led to a fair degree of
de-risking in the gold loan business. Moreover, new norms have ensured level
playing field for NBFCs—a key long-term positive for the sector.
The central bank has a) allowed banks to offer bullet products for gold loan (bullet
payment product is the most popular form of gold loans, which was not allowed
earlier); b) capped LTV for banks at 75% for lending against gold (earlier banks had
no LTV cap), citing the need for a level playing field. These developments are vital
from gold NBFCs’ point of view as the regulatory measures were not conducive to
their growth in the past.
RBI’s move indicates acceptance of gold NBFCs’ business model
Incumbents in a much
better position now
New regulatory framework by RBI marks a noticeable change in its stance on gold
loan NBFCs. It acknowledged that growth rates of gold loan NBFCs have moderated
and they represent an organized channel of monetizing idle gold. RBI seems to be
4
6 October 2015

Muthoot Finance
comfortable with the idea of gold loan NBFCs restarting their loan book growth.
RBI’s decision has given a new lease of life to gold NBFCs and we believe it will auger
well for their future growth and earnings.
Fear of de-growth fades
While the fear of another round of loan book de-growth completely fades away, the
higher LTV regime will allow gold NBFCs to recoup some of the lost business. This,
coupled with reduced competitive intensity, will ensure a revival in loan book
growth for incumbents like MUTH from FY16 onwards.
Exhibit 1: Summary of regulatory guidelines - KUB Rao committee and final RBI recommendations
Key parameters
Loan to value ratio
KUB Rao recommendation
Suggested increasing LTVs from
60% to 75% of the scrap value
Final RBI guidelines
After refraining for some time, RBI
accepted and increased the LTV to
75%; LTV capped at 60% of scrap
value
Comments
Positive for gold loan NBFCs as
their LTVs have increased and
banks’ LTVs are now at par
with NBFCs
Level playing field
Suggested level playing field for
banks and NBFCs
Valuation techniques
30-day average price of 22 carat
gold prevailing in Bombay Bullion
Association
Prior approval from RBI for more
than 1,000 branches
RBI takes key steps to ensure level Positive for gold NBFCs—RBI’s
playing field: 1) LTVs @75% for
measures to ensure level
both banks and NBFCs, 2) allowed playing field
banks to offer bullet products
30-day average price of 22 carat
gold prevailing in Bombay Bullion
Association
Prior approval from RBI for more
than 1,000 branches
No impact: MUTH already has
over 4,200 branches and does
not intend to open more than
300 branches every year
Negative impact: Although
incremental ticket size for
MUTH is INR40,000, this will
shore up operating costs
Minor impact: Average ticket
size is almost half of the
proposed limit
Source: Company, MOSL
Branch opening licenses
Verification of gold ownership
Not recommended
Verification of gold ownership if
pledged amount >20gms
Cash disbursement
Disbursements > INR200,000
should be done in cheque
Disbursements > INR100,000
should be done in cheque
6 October 2015
5

Muthoot Finance
Growth showing signs of revival
Benign competition and marketing efforts to help recoup lost business
Increase in LTVs and reduction in competitive intensity would help grow the loan book
and recoup lost business.
Growth showing signs of revival, with MUTH registering the second consecutive
quarter of positive YoY growth after five quarters of decline.
Assertive marketing efforts and new product launches aiding growth revival.
Sales push strategy to be the driver of incremental growth.
LTV cap hurt the business, eroded competitive edge
The two most critical elements of gold financing business are a) quantum of LTV
offered and b) turnaround time. LTV cap at 60% had put the gold loan NBFCs at a
significant disadvantage, as banks did not have any LTV cap on gold loans and
money lenders are not regulated. MUTH’s loan book declined since the cap was
introduced and it lost business to cooperative banks and unorganized players as
customers migrated seeking higher LTVs.
An average household has a limited quantity of gold to pledge, with the average
being 40-45 grams. Given that the average duration of loans is 3-4 months, the
entire loan portfolio was getting re-priced at lower LTVs. This is reflected in the
below chart, which shows flat AUM growth for MUTH for the last three years.
As lending yields are less on lower LTV loans and 80% of the company’s operating
expenses are fixed in nature, the impact on profitability was severe—MUTH’s RoE
fell from 42% in FY12 to 14.3% in FY15). Hence, an increase in LTV to 75% is a huge
positive and relief for the company, ensuring the viability of its business model.
Exhibit 2: AUM growth stagnant for the last three years
264
AUM (INRb)
258
244
226
219
215
218
221
234
244
233
237
257
Flat AUM growth since last 3 years
Source: Company, MOSL
Competitive intensity reduced; incumbent to gain as business turns around
The competitive intensity, which was on the rise during the heady growth period of
2008-12 owing to the entry of new players in the segment (especially the larger
banks), declined substantially after the regulatory clampdown.
6 October 2015
6

Muthoot Finance
With growth slowing down, several players reduced focus or exited this segment. In
our view, this would benefit the largest incumbent Muthoot as the growth returns.
Exhibit 3: Gold loan YoY growth in FY15
FY15
17.5
8.0
(2.5)
(5.2)
20.7
0.4
(16.2) (26.8)
5%
7%
6%
7%
MUTH MGFGL SCUF
IIFL
Federal HDFC
Bank
CUB
SIB
6%
18%
Source: MOSL
Exhibit 4: MUTH remains the largest player (FY15)
MUTH
Federal Bank
MGFGL
HDFC
8%
43%
SCUF
CUB
IIFL
SIB
Source: MOSL
Muthoot remains the largest private sector player in the lending against gold
segment (excluding agri loans collateralized against gold by PSBs), followed by
Manappuram and then some of the private banks.
Gold prices have largely remained steady for the last one year
Global gold prices are down 40% from their peak of USD1,900/oz over the past 36
months, while domestic gold prices are 20% lower from the peak of 2013 to
INR2,600 per gram. Deterioration in MUTH’s asset quality in 4QFY13 was on the
back of sharp decline in global gold prices, which declined from INR3,110/gm to
INR2,400/gm (~23%) within a five-month period. However, Indian gold prices have
remained broadly stable over the past year—hovering around INR2,500/gm, leading
to stabilization in asset quality.
Exhibit 5: Indian gold prices have broadly remained stable since 2014
3,100.0
2,900.0
2,700.0
2,500.0
2,300.0
2,100.0
Gold price (INR /gram)
Gold prices have broadly remained stable
Source: MOSL
Business momentum building up
AUM accretion has been a key monitorable for Muthoot. In 1QFY16, AUM grew 14%
YoY/4% QoQ to INR244bn—the fourth consecutive quarter of positive sequential
growth after five quarters of decline. Growth was largely driven by improving
volumes (gold tonnage grew 5% QoQ) on the back of various sales initiatives
undertaken over past few quarters.
6 October 2015
7

Muthoot Finance
Gold loan per branch growth has gone up to INR57.4mn (versus INR50mn earlier) on
the back of focused efforts at branch level. Moreover, the number of gold loan
accounts has increased to 6.5mn (versus 5.6mn in the same quarter last year and
6.2mn in FY15). The gradual increase in business loan book, loan per branch and
increasing customer count is indicating of buildup of positive business momentum.
Exhibit 6: AUM growth has bottomed out
AUM (INRb)
YoY Growth (%)
13.7
2.8
226
219
-12.1
244
-17.1
215
-17.0
-2.2
-10.7
218
221
234
244
61
57
7.1
0.1
(6.5)
(19.4) (20.5) (18.4)
52
51
50
51
52
55
57
(1.0)
(10.6)
8.7
Exhibit 7: Average loan/branch growing on YoY basis
Avg Gold Loans/Branch (INR Mn)
YoY Growth (%)
15.1
Source: Company, MOSL
Source: Company, MOSL
Marketing efforts and new product launches aiding growth revival
The slowdown in gold loans over the past three years (on the back of 75% loan book
CAGR during FY2007-12) has likely prompted the company to get more assertive on
marketing, a deviation from the transaction-oriented approach followed earlier.
Owing to the regulatory tightening on various fronts, many customers migrated to
the unorganized sector and banks seeking higher LTVs. A majority of the business
was lost due to lower LTVs. However, the management is making concerted efforts
to market gold loans. The company has recently launched gold loan products (such
as home loan margin funding facility and gold overdraft facility) for the middle class.
Exhibit 8: AUM to grow gradually; we expect AUM CAGR of 17% over the next three years
AUM (INRb)
113.3
247
159
74
55.5
264
6.9
219
(17.1)
234
7.1
268
14.6
AUM Growth (%)
309
15.0
18.0
120.8
364
Source: Company, MOSL
Further growth to come from sales ‘push’ strategy
MUTH’s business was earlier driven by ‘pull’ strategy where customers needing loan
would come to the branch, pledge their gold and avail the loan. Thus, having a
widespread presence was the key for AUM growth and this resulted in rapid branch
expansion. As a result, AUM posted a 53% CAGR during FY10-13—led by a 37%
growth in branches during the period.
6 October 2015
8

Muthoot Finance
However slowdown in the gold loan market has prompted company into more
assertive marking and exit from transaction oriented approach earlier. With LTVs
increased to 75%, MUTH is focusing on ‘push’ strategy where the company is getting
in touch with old customers (who migrated to banks and unorganized players
seeking higher returns) and luring them back with increased LTV of 75%. To expand
its client base, MUTH is also looking for references from its existing customers. Also
the company has launched gold loan products catering to middle-class like home
loan margin funding and gold loan overdraft facility. This strategy has started
yielding results, with MUTH registering 13.7% YoY growth in AUM in 1QFY16, after
five consecutive quarters of decline.
Exhibit 9: Growth in branch network led to increase in AUM
Growth in Branches (%)
120.8
113.3
53.4
28.3
51.3
62.9
39.3
70.3
34.6
11.0
(17.1)
FY08
FY09
FY10
FY11
FY12
FY13
FY14
(0.6)
FY15
55.5
6.9
4.6
7.1
Growth in AUM (%)
Source: Company, MOSL
These efforts are gradually yielding results and will drive superior loan growth over
time despite volatility in gold prices. Muthoot’s gold loan book declined QoQ from
1QY14 to 1QFY15, but since 2QFY15 has been inching up gradually, it grew 1.6%
QOQ in 2QFY15, 6% in 4QFY15 was up +4% QoQ in 1QFY16. We expect this
momentum to drive 17% CAGR over next 3 years.
6 October 2015
9

Muthoot Finance
Operating leverage to kick in
On the back of growth revival
Increased usage of existing infrastructure to bring in operating leverage.
Branch rationalization underway— incremental branch additions stood at 200 every
quarter till two years back; in FY15, MUTH closed 26 branches.
Cost-to-income ratio to decline to 45% by FY15 from the existing +52%.
Margins to benefit from falling wholesale rates.
Most of the branch
expansion is already done.
Hence, increased use of
existing infrastructure
would ensure lower
opex/asset ratio, which will
boost profitability
Increased usage of existing infrastructure to bring operating leverage
As the growth returns, MUTH will benefit through greater branch utilization and
larger ticket sizes through better operating cost efficiencies. Improved business
would also ensure lower opex/asset ratios. Given that lending yields are more on
higher LTV loans and 80% of the company’s operating expenses are fixed in nature,
it will positively impact profitability. While AUM will grow at 17% CAGR by FY18, the
profit growth will be over 21% due to significant benefits of operating leverage.
Exhibit 10: Network of over 4,220 branches is the largest among NBFCs
Branch Network
4,082
3,780
3,853
3,914
4,163
4,229 4,260 4,270 4,271 4,265 4,256 4,245 4,242
Source: Company, MOSL
MUTH’s branch network grew almost 4x (in the last five years)—from 985 at end-
FY09 to over 4,220 branches in FY15. However, in the absence of growth, most
branches remained underutilized. The company is present in over 26 states and with
most of the expansion over, it has slowed down the incremental branch additions.
Till two years ago, incremental branch additions stood at over 200 a quarter.
However since last six quarters MUTH has now started to rationalize the branch
network by merging few of the branches; in FY15, MUTH has closed 26 branches.
Exhibit 11: Branch rationalization underway—additions have declined significantly
Branches are likely to
witness positive traction
as growth resumes
264 277
206 198
102
73
61
Qtrly branch addition
168
81
66
31
10
1
-6
-9
-11
-3
Source: Company, MOSL
6 October 2015
10

Muthoot Finance
The sharp surge in cost
ratios was due to
underutilization of
infrastructure. With growth
likely to resume, cost ratios
will improve in the
ensuing quarters
Exhibit 12: Cost–to-income to decline to 45% by FY18
Cost income ratio (%)
52.0
46.7
43.4
37.7
37.0
37.6
50.6
48.6
45.5
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
Margins to benefit from falling wholesale rates
MUTH’s margins declined sharply following the decline in gold prices as increase in
stressed assets led to interest reversal. Nonetheless, the margins have bottomed
out at 9% owing to stabilizing gold prices and regulatory measures that reduced
stressed assets. Further, MUTH benefits from a fall in wholesale funding rate as
~50% of its borrowings are from NCDs. Additionally, banks have started to reduce
their base rates following the 125bps reduction in interest rate by RBI. In our view,
MUTH’s margins will gradually improve from here on in and increase to 9.8% in
FY16.
While AUM will grow at 17
CAGR by FY18, PAT is likely
to grow over 21% due to
operating leverage
Exhibit 13: NIMs bottomed out; to gradually improve from here on in
NIMs (%)
10.6
9.9
9.4
9.5
9.8
9.7
9.6
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
Earnings growth to be higher than loan growth due to operating leverage
Despite the multiple challenges faced by MUTH, the profitability has remained
strong with RoA of 2.6% in FY15. The company’s ROE was as high as 51.5% in FY11
(during the peak of heady growth), as leverage was also high at ~9.0x. However,
decline in profit owing to stringent regulations and correction in gold prices led to a
decline in leverage—from 9x in FY11 to 3.9x in FY15; thus, ROE too declined (from
51.5% in FY11 to 14.3% in FY15). ROA also declined during this period (from 4.9% to
2.6%).
6 October 2015
11

Muthoot Finance
Exhibit 14: Decline in leverage...
Leverage (x)
8.6
8.6
9.0
8.9
6.6
6.4
4.6
3.8
47.9
51.5
41.9
30.2
19.5
4.5
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY10
4.9
FY11
4.8
FY12
3.8
FY13
2.8
FY14
14.3
2.6
FY15
Exhibit 15: …led to a sharp fall in ROE
ROAA (%)
ROAE (%)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 16: Operating leverage will result in PAT CAGR of 21% for the next three years
133
PAT (INRb)
117
7.8
81
13
(22)
2.3
FY10
4.9
FY11
8.9
FY12
10.0
FY13
FY14
FY15
(14)
7.9
FY16E
9.4
FY17E
11.8
FY18E
6.7
17
20
26
PAT Growth (%)
Source: Company, MOSL
In our view the decline in loan growth has bottomed out, as MUTH has registered
second YoY growth in AUM in the quarter gone by after five quarters of decline. We
expect operating leverage to kick-in as the growth revives, and believe the
company’s RoE and RoA would increase to 18% and 3%, respectively, by FY18.
Exhibit 17: AUM growth has bottomed out
AUM (INRb)
YoY Growth (%)
7.1
226
-12.1
244
-17.1
-17.0
219
215
-10.7
218
221
234
244
2.8
FY14
Source: Company, MOSL
2.6
FY15
2.7
FY16E
2.8
FY17E
3.0
FY18E
-2.2
13.7
19.5
14.3
14.7
16.0
Exhibit 18: Return ratios to improve as growth resumes
ROAA (%)
ROAE (%)
2.8
18.0
Source: Company, MOSL
While AUM growth will rebound to 17%, the boost to earnings will be higher at+
21% due to operating leverage.
6 October 2015
12

Muthoot Finance
Exhibit 19: PAT run-rate maintained at ~INR2b/quarter in challenging times
PAT (INRb)
1.9
2.2
2.5
2.4
2.5
2.7
2.7
2.2
1.9
2.1
1.9
1.8
1.8
1.7
1.5
1.7
1.8
Source: Company, MOSL
Cost ratios to improve as the growth revives
Decline in AUM growth led to a sharp increase in cost ratios for MUTH, with cost-to-
income ratio rising to decadal high of 52%. This is primary because the infrastructure
to handle and store physical gold is being underutilized as average AUM per branch
declined from its peak of INR67.1m in FY12 to INR55.1m in FY15.
Exhibit 20: Cost-to-income ratio is at decadal high
Cost income ratio (%)
43.4
46.7
37.7
37.0
37.6
52.0
58.1
46.3
Exhibit 21: As business per branch has been on decline
AUM Per branch (INR m)
67.1
64.6
51.2
55.1
FY10
FY11
FY12
FY13
FY14
FY15
FY10
FY11
FY12
FY13
FY14
FY15
Source: MOSL, Company
Source: MOSL, Company
However, with a rebound in business, we expect the company to quickly ramp up its
operations and lead to optimum utilization of existing infrastructure. This would
result in operating leverage kicking in, with cost-to-income ratio improving to 45%
by FY18.
6 October 2015
13

Muthoot Finance
Asset quality: Worst phase behind, credit cost to stay low
NPL issues well managed in turbulent times
Even as gold prices fell by over 25%, MUTH was able to contain its NPLs at ~2% .
Credit cost to remain low at ~30bp.
Healthy capital position and low leverage of 3.9x to ensure growth without dilution.
Asset quality issues well managed despite unfavorable environment
Post the sharp decline in gold prices during March-June 2013, certain gold loan
NBFCs faced asset quality issues. However, MUTH managed the situation well—
reflected in 2% GNPAs despite unfavorable regulatory environment coupled with
sharp volatility in gold prices. The company is also maintaining a standard asset
provisioning of 0.4% compared with the mandated regulatory requirement of
0.25%.
MUTH’s NPAs shot up by 50bp in 4QFY13 to 2% owing to a sharp fall in gold prices.
However, the NPAs since then have broadly remained at the same levels and
touched 2.1% in 1QFY16. In our view, the regulatory changes, which capped the
LTVs at 75%, have played a crucial role in stabilizing the asset quality. Further, we
expect stabilizing gold prices and lower LTVs to aid in reducing stress over the
medium term.
Exhibit 22: Gold prices declined ~23% in five months…
Gold price (INR /gram)
3,200.0
3,000.0
2,800.0
2,600.0
2,400.0
2,200.0
Jul-13
Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
Source: MOSL
0.6
0.5
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
Source: MOSL
1.3
1.1
1.4
1.2
1.5
1.7
1.3
Exhibit 23: …leading to 50bp increase in NPAs
GNPA (%)
NNPA (%)
2.0
MUTH’s credit costs have remained low at ~30bp, as principal loss on gold loans has
been minimal owing to the highly liquid nature of the collateral. However, most of
the asset stress is reflected in haircuts on realized interest—which has taken a hit in
the last few quarters and is down to 19% (v/s 23-24% on a normalized portfolio).
6 October 2015
14

Muthoot Finance
Exhibit 24: Asset quality has stabilized at ~2%
GNPA (%)
NNPA (%)
1.73
1.58
1.88
0.41
0.46
FY10
0.49
0.25
0.29
FY11
0.56
FY12
1.99
FY13
1.90
FY14
2.19
FY15
Source: Company, MOSL
Given the highly liquid nature of the collateral, we expect the loan loss coverage
ratio to remain low (FY15: 14.2%) as likely losses on bad loans under a recovering
economy are expected to be minimal. However, a steep decline in the global gold
prices in a short period of time remains a key asset quality risk for the company.
Exhibit 25: Credit to remain below 30bp
Credit Cost (%)
0.37
0.25
0.18
0.16
13.0
13.3
Exhibit 26: PCR to remain low at 22%
Provision Coverage Ratio (%)
17.4
14.2
19.5
16.8
21.6
0.21
0.20
0.21
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 27: Despite adversities, NPLs remained under control
GNPA (%)
NNPA (%)
NPLs increased, but were
contained below 2%
Source: Company, MOSL
Healthy capital position, low leverage to ensure growth without dilution
MUTH has a capital adequacy of +24%, with Tier 1 ratio of ~20%. The current capital
levels are comfortably above the regulatory requirement of 15% and 12% for total
CAR and Tier 1, respectively. The company last raised equity of ~INR4b via QIP in
Q1FY15. It is operating at a low leverage of 3.9x—a decadal low—against the norm
6 October 2015
15

Muthoot Finance
of 6-7x in the industry. Thus, the current capitalization levels would ensure healthy
growth without dilution.
Exhibit 28: Low leverage to ensure healthy growth without dilution
CAR
Tier 1 (%)
24.7
15.8
18.3
19.6
18.0
10.6
12.8
13.4
20.0
24.8
FY11
FY12
FY13
FY14
FY15
Source: Company, MOSL
6 October 2015
16

Muthoot Finance
Valuations ripe for re-rating
Rebound in business will lead to valuation re-rating
Regulatory environment turning positive; bodes well for growth and return ratios.
Around 80% of MUTH’s operating costs are fixed in nature and a rebound in business
will lead to optimum utilization of the existing infrastructure. The benefits of scale and
operating leverage will enable MUTH to post 3% RoA and +18% RoE by FY18.
Pick-up in business and gradual improvement in return rations make the current
valuation of 6.9x FY17E and 1x FY17E BV attractive.
We initiate coverage on MUTH with a Buy rating and a target price of INR234, valuing
at 1.5x FY17E BV.
RoEs troughed out at 14.3%
in FY15, from the peak of
+51% in FY11. Gradual
improvement in return
ratios make current
valuation of 6.9x FY17E and
1x FY17E BV attractive
Over last three years the gold loan industry has been dragged down by various
regulatory pressures. However, with most negatives now waning several regulatory
hurdles are behind leading to strengthened practices, the RBI is acknowledging the
systemic importance of gold loan companies, and macros are improving. We expect
this space to gather momentum going ahead. Muthoot, being a lead player in the
sector underpinned by sound brand, extensive franchise and superior operations,
will be a key beneficiary of improving environ and bolster its market share.
MUTH is the largest organized player in the gold loan financing sector. With the
regulatory environment turning favorable, we expect growth to resume and AUM to
grow at CAGR of +17% for the next 2-3 years. Given that 80% of the company’s
operating costs are fixed in nature, a rebound in business will lead to optimum
utilization of the existing infrastructure.
The benefits of scale and operating leverage will enable MUTH to improve return
ratios here on in. Higher return ratios (RoA of 3% and RoE of over 18%) make
current valuation of 6.9x FY17E and 1x FY17E BV really attractive. The stock trades at
a discount to its historical P/B average of 1.5x and also at a steep discount to asset
finance companies like SHTF & MMFS (with similar Roe Profile) which trade at ~2x 1
year forward P/B. We initiate coverage with a
Buy
and a target price of INR234,
whereby the stock would trade at 1.5x FY17E BV (a 44% upside).
Exhibit 29: RoEs bottomed out at 14.3% in FY15, expect improvement from here on
47.9
51.5
41.9
30.2
19.5
14.3
2.6
FY15
14.7
2.7
FY16E
16.0
2.8
FY17E
18.0
ROAA (%)
ROAE (%)
4.5
FY10
4.9
FY11
4.8
FY12
3.8
FY13
2.8
FY14
3.0
FY18E
Source: Company, MOSL
6 October 2015
17

Muthoot Finance
Exhibit 30: Comparative valuation
CMP
(INR)
Muthoot
MMFS
STF
BAF
CIFC*
SKSM*
163
238
945
5,488
642
425
MCap
(INRb)
EPS Growth (%)
-19.7
-2.1
24.2
21.7
136.0
-0.9
-3.7
17.4
11.7
23.8
12.1
30.9
-8.7
15.7
19.7
9.7
P/E (x)
8.2
19.8
15.2
23.4
18.5
21.4
30.9
17.5
6.9
15.7
13.0
19.9
14.5
14.8
26.7
14.5
1.3
2.4
2.3
5.4
3.5
5.1
4.3
2.8
P/BV (x)
1.2
2.2
2.1
3.8
2.8
4.1
4.9
2.5
1.0
2.0
1.8
3.3
2.4
3.3
4.3
2.2
2.6
2.6
2.0
3.1
2.0
5.2
2.3
3.2
RoA (%)
2.7
1.9
2.1
3.1
2.1
4.7
2.8
3.5
RoE (%)
2.8 14.3 14.7 16.0
2.2 15.5 11.5 13.2
2.3 14.1 14.1 14.9
2.8 20.4 19.8 17.9
2.3 17.9 16.3 17.4
4.9 24.9 21.4 24.7
2.9 16.9 16.9 17.2
3.6 15.8 15.3 15.9
Source: MOSL
FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16EFY17E
-6.3 -18.4
25.9 16.1
18.5 20.8
17.4 28.9
27.6 20.8
44.5 28.0
15.8 28.2
20.7 20.2
64.9
134.1
214.4
276.6
100.3
53.9
162.3
117.8
Sundaram Fin*
1,461
Shriram City
1,787
Union*
* Consensus estimates
Exhibit 31: PE ratio
14
12
10
8
6
4
2
3.9
7.9
7.4
P/E (x)
Avg(x)
Peak(x)
Min(x)
12.2
Exhibit 32: P/B ratio
2.6
1.8
1.0
0.2
0.6
P/B (x)
Avg(x)
Peak(x)
2.2
Min(x)
1.4
1.1
Source: Bloomberg, MOSL
Source: Bloomberg, MOSL
6 October 2015
18

Muthoot Finance
Risks
Regulatory risks:
While RBI has softened its stance on gold loan NBFCs, any adverse
change in regulations can impact the business growth and profitability
Volatility in gold prices and sharp variance between Indian and international
prices:
The price differential between domestic and international market increased
to 17% from 2% at the beginning of 2013. With the current account deficit coming
under control, there have been media reports that the government is considering to
roll back the duty hike on gold. If the hike is rolled back and currency appreciation
leads to 5-10% reduction in gold prices, it could again create fears of asset quality
issues.
Competition:
Increased competition from both banks and non-banks could lead to
lower lending yields and growth, thus impacting profitability.
Liquidity risk:
A tight liquidity situation could impact the company’s funding costs
and ability to grow, as it is primarily funded through bank loans.
6 October 2015
19

Muthoot Finance
Annexure
Gold loan penetration remains low; niche expertise will
be a growth enabler
Low penetration, large addressable market provide growth headroom
Current outstanding stock of gold in India stands at INR60t, while the gold loan market
stands at INR1.6t.
Even if 20% of the gold can be monetized, the organized gold loan market can grow to
INR8.8t.
Penetration levels in the organized gold loan market stand below 20%, while the
addressable market remains large.
Gold loan NBFCs are better placed to tap the opportunity due to product-/customer-
centric business model.
Indian households possess
~20,000tn of gold
worth INR60t
Gold has religious and cultural significance in India, and has acquired the most
popular form of savings for households (especially with rural population). Besides
the religious and cultural significance, the high demand for gold has historically
stemmed from low penetration of banking facilities, laws of inheritance and the
Yellow Metal being the best bet against inflation.
India is the biggest importer of gold and as per estimates of the World Gold Council,
Indian households possess ~20,000tn of gold worth INR60t. However, monetization
of gold remains very low in the country. Despite a surge in the gold loan market
(during 2008-12), the combined penetration levels for all organized players (banks
and NBFCs) remain low at ~18% of the potential gold loan market in India (our
estimates based on the assumption that ~20% of the country’s gold holding can be
monetized). Given the low penetration levels, headroom for growth remains high.
Also, with 65% of India’s gold being held by the rural population (according to Rao
committee) with limited banking facilities, the opportunity could be sizeable.
Exhibit 34: Gold loan share of banks and NBFCs
Bank
13.2
12.2
20.3
NBFCs
27.5
27.7
Despite a sharp surge in
gold loan market, the
combined penetration
levels for all organized
players (banks and NBFCs)
remain low at 18% of the
potential gold loan market
in India
Exhibit 33: Organized gold loan market in India stands at
INR1.6t
Total gold loan(INRb)
1550
850
540
200
FY08
320
86.8
87.8
79.7
72.5
72.3
FY09
FY10
FY11
FY12
FY08
FY09
FY10
FY11
FY12
Source: KUB Rao committee report
Source: KUB Rao committee report
Exhibit 35: Loan against gold: Opportunity size
Penetration of gold loans
remains low at ~18% and
provides headroom for
growth in ensuing years
Accumulated gold stock (tonnes as per Rao committee report)
20,000
Gold rate (INR per 10 gm)
29,600
Value of gold holding in India (INR b)
59,000
Amount of gold that could be potentially pledged (tonnes, assuming 20%)
11,800
Target market size for gold financiers (INR t, assuming 75% LTVs)
8,850
Current outstanding loans (INR b, Rao report)
1,600
Penetration of gold loans (% of total potential)
18
Source: MOSL, Rao committee report
6 October 2015
20

Muthoot Finance
USP of specialized NBFCs
Specialized NBFCs, with their vast experience and singular focus on gold loans
segment, have developed a deep understanding of key customer segments and
business dynamics and acquired niche capabilities to cater to target customer
segment’s requirements.
Single-product focus enables customer-centric business model
Single product focus allows
companies to structure
products better than banks
Gold NBFCs have a clear focus on gold loans, which enables them to have a
customer-centric business model and results in better and quicker customer service.
The single product focus also allows them to better structure products vis-a-vis
banks. Features such as no deduction of ‘advance interest’, top-up loans in case of
material gold price rise, partial repayment and de-pledging of jewelry, and easy
renewal bear testimony to their business model. On the contrary, bank employees
have multiple responsibilities in besides their primary role—cross-selling, reporting
and compliance being the major ones.
Expertise in cash-handling capabilities
Specialized NBFCs have developed high cash-handling capabilities as most
transactions are in cash, while banks are restricted by regulations in cash dealings.
Minimal documentation
Specialized NBFCs operate with minimal KYC norms and check for only basic
documents such as identity proof, while banks insist on full compliance to KYC
norms (including proof of identity, address proof, signature proof and photographs).
Close-to-customer model with vast branch network
MUTH’s branch network has grown almost 4x—from 985 branches at end-FY09 to
over 4,220 branches as in 3QFY14. However, before the newly-opened branches
could grow their AUMs to breakeven levels, fund availability became a huge
constraint as RBI clamped down on gold NBFCs’ business practices in March 2012.
The companies responded by cutting down advertising expenses to control costs.
However, sharp AUM slowdown brought the negative impact of operating leverage
and resulted in rising cost-to-AUM ratio for gold NBFCs post March 2012. With the
regulatory environment easing, business will be back on track and we expect higher
utilization of the existing branch network and manpower.
Fast turnaround time, strong appraisal and valuation expertise
While the turnaround time
for NBFCs is ~15 minutes for
existing customers and less
than an hour for new
customers; the same can
take t2-4 days for a bank
Due to single product focus, all gold NBFCs’ branch employees are well versed with
the appraisal methodologies. Hence, the turnaround time for a new customer is less
than an hour and ~15 minutes for a repeat customer. For banks, the turnaround
time varies as per the facilities in the branch. While most South-based state-owned
banks have a quick turnaround time as they have a valuation expert in the branch
premises, some private banks do not have the requisite infrastructure in all the
branches (few designated branches with valuation experts). Hence, the turnaround
time varies from a few hours to 2-4 days.
6 October 2015
21

Muthoot Finance
Low-cost structures and flexible operations
Gold NBFCs operate with a very lean cost structure compared with banks, which
have to develop large infrastructure for retail liabilities/assets. Bank branches that
offer gold loans have to either hire a full-time valuation expert or tie up with a local
valuation expert, thus creating a trade-off between employee cost and turnaround
time. Also, most employees in the specialized gold lending have adequate training to
value gold. Space constraints would also restrict many urban bank branches from
creating a strong room, which is an essential requirement for gold loans.
Lack of focus area for banks—gold loans form a small portion of loan book
Given the small-ticket size of gold loans and multiple retail asset products that banks
focus on, it is unlikely that gold loans can form a sizeable chunk of a bank’s total loan
book in the near future. Barring South-based private banks, for whom gold loans
account for 10-20% of the total loan book, gold loans constitute a small proportion
of the retail loan book for most large banks; this is despite posting high double-digit
growth over the past two years.
Other Businesses
Housing Finance: Muthoot HomeFin
MUTH has entered the housing finance business with Muthoot Homefin and will
invest INR500m in the company. The housing finance will operate as a subsidiary of
MUTH.
Muthoot Homefin will operate from separate branches where it will have a hub and
spoke model; however, MUTH will leverage its existing branches to generate leads
for the new company.
Muthoot Homefin offers home loans and loans against property and has a loan book
of INR100m.
Exhibit 36: Loan products from Muthoot Homefin
Home Loan
LTV
Tkt Size
Tenure
Interest
up to 80%
INR0.1m to INR50m
up to 30 years
>9.9%
LAP
-
INR1m to INR50m
up to 15 years
-
Source: Company, MOSL
Business correspondent for Yes Bank
Since 3QFY15, MUTH has been acting as a business correspondent (BC) for Yes Bank.
Under this arrangement, the company would offer services of Yes Bank through its
branches. MUTH would initially start with domestic remittances and later distribute
other products from Yes Bank.
The company would earn fee income from offering these services and, thus, would
improve its operating leverage as it does not need to make any additional
investments.
6 October 2015
22

Muthoot Finance
White Label ATMs
Muthoot Finance operates ~200 White Label ATMs (WLA) under the brand of
Muthoot ATM. WLAs are non-bank ATMs operated by private companies.
Customers of any bank can use these machines to access their accounts for a fee.
Most of the ATM machines installed are on lease and are primarily installed in
existing branches; thus MUTH has made no large capital investments in the
business. MUTH would earn an interchange fee when an ATM card holder uses the
company’s ATM machine to transact. The company plans to leverage its existing
branch network to expand its ATM network; the business, however, is yet to make
any significant contribution to company’s books.
Lending against gold in Sri Lanka
MUTH has acquired a controlling stake (51%) in a Sri Lanka-listed company Asia
Asset Finance, which would operate as a subsidiary of MUTH. MUTH would leverage
its expertise to expand and grow the gold loan portfolio Asia Asset Finance.
6 October 2015
23

Muthoot Finance
Company description: Flagship Co. of a diversified group
Kerala-headquartered Muthoot Finance is a non-deposit taking NBFC and the
flagship company of “The Muthoot Group”. Muthoot Finance has a long and
established track record and has been in the lending against gold business for the
last 70 years, whenh Mr M George Muthoot founded a gold loan business in 1939.
Muthoot Finance is the largest gold financing NBFC in India, with AUM of INR234b as
of FY15. MUTH’s gold loan portfolio comprises ~5.5m loan accounts in India, which
are serviced through 4,245 branches across 26 states and union territories. Apart
from the gold loan business, it provides money transfer services, white label ATMs,
collection agency services and has recently ventured into affordable housing
finance. It also operates three windmills in Tamil Nadu. However, its is concentrated
in the South—~65% of the branches and 57% of the total loans concentrated in
Kerala, Andhra Pradesh, Tamil Nadu and Karnataka.
Exhibit 37:
Management
Flow chart
Source: Company, MOSL
Management details
Promoters have ~75% stake in the company. Mr M. G. George Muthoot, Mr George
Thomas Muthoot, Mr George Jacob Muthoot and Mr George Alexander Muthoot
collectively manage the company under the brand. The senior management of
MUTH comprises professionals who have significant experience in the financial
services industry.
6 October 2015
24

Muthoot Finance
Exhibit 38: Management profile
Name
Mr M G George Muthoot
Mr George Thomas Muthoot
Mr George Jacob Muthoot
Designation
Chairman
Whole-Time Director
Whole-Time Director
Profile
Mechanical engineering from Manipal University. He
became the Chairman of Muthoot Group in February 1993
Over 30 years of experience in managing businesses
operating in the field of financial services
Civil engineering from Manipal University. He is a member
of the Trivandrum Management Association and the
Confederation of Real Estate Developers Association of
India (Trivandrum).
Chartered Accountant and has served as the Chairman of
the Kerala Non banking Finance Companies Welfare
Association from 2004 to 2007
Bachelors of Science degree in Agriculture from Kerala
University and has been a banker with over 36 years of
experience in commercial banking. He joined Muthoot in
2005
Chartered Accountant and has over 15 years of experience
in the industry; joined the company in August 2001
Source: Company, MOSL
Ms George Alexander Muthoot
Managing Director
Mr K P Padmakumar
Executive Director
Mr Oommen K Mammen
Chief Financial Officer
Exhibit 39: Statewise branch network
Source: Company, MOSL
6 October 2015
25

Muthoot Finance
Financials and valuations
INCOME STATEMENT
Y/E MARCH
Interest Income
Interest Expense
Net Interest Income (Incl Sec.)
Change (%)
Other income
Net Income
Change (%)
Operating Expenses
Pre Provision Profits
Change (%)
Provisions (excl tax)
PBT
Tax
Tax Rate (%)
Profits for Equity SH
Change (%)
Proposed Dividend
BALANCE SHEET
Y/E MARCH
Equity Share Capital
Reserves & Surplus
Net worth
Borrowings
Change (%)
Other liabilities
Change (%)
Total Liabilities
Loans
Change (%)
Investments
Net Fixed Assets
Other assets
Total Assets
E: MOSL Estimates
2011
22,841
10,383
12,458
109.5
318
12,776
107.8
4,822
7,954
128.4
342
7,612
2,670
35.1
4,942
117.1
0
2012
45,158
23,699
21,459
72.3
333
21,792
70.6
8,059
13,732
72.7
420
13,312
4,392
33.0
8,920
80.5
1,487
2013
53,360
28,194
25,166
17.3
511
25,677
17.8
9,667
16,010
16.6
895
15,114
5,072
33.6
10,042
12.6
1,673
2014
48,920
26,260
22,661
-10.0
554
23,214
-9.6
10,841
12,374
-22.7
438
11,936
4,135
34.6
7,801
-22.3
2,230
2015
42,623
21,064
21,559
-4.9
624
22,183
-4.4
11,533
10,650
-13.9
371
10,279
3,573
34.8
6,705
-14.0
2,410
2016E
46,477
21,945
24,532
13.8
664
25,196
13.6
12,743
12,453
16.9
523
11,930
4,056
34.0
7,874
17.4
2,362
2017E
53,386
25,093
28,293
15.3
704
28,997
15.1
14,088
14,909
19.7
634
14,275
4,853
34.0
9,421
19.7
2,826
(INR Million)
2018E
63,050
29,521
33,530
18.5
744
34,273
18.2
15,583
18,691
25.4
765
17,926
6,095
34.0
11,831
25.6
3,549
(INR Million)
2018E
3,980
65,758
69,738
322,044
20.0
34,214
15.0
425,996
380,012
20.0
754
3,516
41,714
425,996
2011
3,202
10,142
13,344
119,340
126.1
4,526
-4.1
137,210
117,961
115.2
75
1,886
17,288
137,210
2012
3,717
25,540
29,257
193,764
62.4
10,701
136.4
233,722
214,699
82.0
975
2,682
15,366
233,722
2013
3,717
33,639
37,356
240,807
24.3
16,000
49.5
294,163
265,176
23.5
825
3,030
25,131
294,163
2014
3,717
38,929
42,646
194,776
-19.1
18,517
15.7
255,939
219,964
-17.0
354
3,270
32,351
255,939
2015
3,980
46,855
50,835
194,361
-0.2
22,496
21.5
267,693
235,412
7.0
454
2,642
29,185
267,693
2016E
3,980
51,965
55,945
223,642
15.1
25,871
15.0
305,458
268,370
14.0
554
2,906
33,628
305,458
2017E
3,980
58,080
62,060
268,370
20.0
29,752
15.0
360,181
316,677
18.0
654
3,196
39,654
360,181
6 October 2015
26

Muthoot Finance
Financials and valuations
RATIOS
Y/E MARCH
Spreads Analysis (%)
Avg Yield on loans
Avg Cost of funds
Spreads on loans
NIMs on AUM
Profitability Ratios (%)
RoE
RoA
RoA on AUM
Cost to Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Net NPAs to Adv.
Debt/Equity (x)
Average leverage
CAR
Valuations
Book Value (INR)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
Dividend
Dividend Yield (%)
E: MOSL Estimates
2011
26.7
12.1
14.6
10.7
2012
27.4
15.1
12.2
10.6
2013
22.4
13.0
9.4
9.9
2014
20.3
12.1
8.2
9.4
2015
18.8
10.8
8.0
9.5
2016E
18.5
10.5
8.0
9.8
2017E
18.3
10.2
8.1
9.7
2018E
18.1
10.0
8.1
9.6
51.5
4.9
4.2
37.7
45.8
4.8
0.3
8.9
9.0
15.8
41.9
4.8
4.4
37.0
51.4
4.3
0.5
6.6
7.3
18.3
30.2
3.8
3.9
37.6
56.4
3.7
1.7
6.4
6.5
19.6
19.5
2.8
3.2
46.7
54.6
3.9
1.6
4.6
5.4
24.7
14.3
2.6
3.0
52.0
54.7
4.4
1.9
3.8
4.2
24.8
14.7
2.7
3.1
50.6
55.4
4.4
1.8
4.0
3.9
0.0
16.0
2.8
3.2
48.6
56.1
4.2
1.6
4.3
4.2
0.0
18.0
3.0
3.4
45.5
56.8
4.0
1.5
4.6
4.5
0.0
41.7
3.9
41.2
4.0
15.4
103.3
10.6
0
0.0
78.7
2.1
77.6
2.1
24.0
55.5
6.8
4
2.5
100.5
1.6
96.2
1.7
27.0
12.6
6.0
4.5
2.8
114.7
1.4
111.5
1.5
21.0
-22.3
7.8
6
3.7
127.7
1.3
123.9
1.3
16.8
-19.7
9.7
6
3.7
140.6
1.2
136.3
1.2
19.8
17.4
8.2
5.9
3.6
155.9
1.0
151.4
1.1
23.7
19.7
6.9
7.1
4.4
175.2
0.9
170.1
1.0
29.7
25.6
5.5
8.9
5.5
6 October 2015
27

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS

Muthoot Finance
NOTES
6 October 2015
29

Muthoot Finance
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