Post on 09-Mar-2018
FINANCIAL RESULTS Q2 FY 2015
KEY FINANCIALS
( ` in Millions)
2
NETWORTH
Sep-14 Jun-14 Mar-14 Sep-13 Growth%
Growth%
` ` ` ` YoY QoQ
Share Capital 3971 3971 3717 3717 7% 0%
Reserves & Surplus 44531 44648 38929 36383 22% 0%
48502 48619 42646 40100 21% 0%
75%
24%1%
Promoters & Relatives
FII,FC,MF & Others
Public
3
SHAREHOLDING PATTERN
(%) Shareholding as on Sept 30,2014
( ` in Millions)
4
ASSETS
Sep-14 Jun-14 Mar-14 Sep-13 Growth
YoY Growth
QoQ
` ` ` ` % %
Gross Retail Loan Assets Under Management 218020 214636 218615 244009 -11% 2%
Break up of Gross Retail Loan Assets Under Management:
Gold Loans under management 216971 213054 216179 240510 -10% 2%
Other Loans 1049 1582 2436 3499 -70% -34%
( ` in Millions)
5
LIABILITIES
Sep-14 Jun-14 Mar-14 Sep-13 Growth% Growth%
` ` ` ` YoY QoQ
Secured Non-Convertible Debentures (Muthoot Gold Bonds) 69392 76162 81580 91850 -24% -9%
Secured Non-Convertible Debentures - Listed 30832 25068 24735 19480 58% 23%
Borrowings from Banks/FIs 63036 54596 58033 87038 -28% 15%
Subordinated Debt 25240 25388 25367 24929 1% -1%
Subordinated Debt -Listed 1842 1174 980 309 496% 57%
Commercial Paper 90 90 90 0 0% 0%
Other Loans 3920 3793 4054 3136 25% 3%
Total 194352 186271 194839 226742 -14% 4%
( ` in Millions)
6
REVENUE & PROFIT
H1 FY 2015
H1 FY 2014 YoY
Q2 FY 2015
Q2 FY 2014 YoY
Q1 FY 2015 QoQ FY 2014
` ` %
Growth ` ` %
Growth ` %
Growth ` INCOME Interest Income 21290 25715 -17% 10488 12933 -19% 10802 -3% 49077 Other Income 245 161 52% 127 85 49% 118 8% 397
Total 21535 25876 -17% 10615 13018 -18% 10920 -3% 49474 EXPENDITURE
Interest Expense 10439 14317 -27% 5085 7021 -28% 5354 -5% 26260
Personnel Expenses 3099 2850 9% 1576 1441 9% 1523 3% 5917 Administrative & Other expenses 2044 2055 -1% 1059 1074 -1% 985 8% 4259
Provisions & Write Offs 120 165 -27% 40 81 -51% 80 -50% 438
Directors Remuneration 96 96 0% 48 48 0% 48 0% 192
Depreciation 408 223 83% 208 116 79% 200 4% 472
Total 16206 19706 -18% 8016 9781 -18% 8190 -2% 37538 PROFIT
Profit Before Tax 5330 6170 -14% 2600 3236 -20% 2730 -5% 11936
Profit After Tax 3509 4049 -13% 1707 2110 -19% 1802 -5% 7801
GEOGRAPHICAL SPREAD OF BRANCHES
7
No. of branches
551 707 985 1605 2733 3678 4082 4229 4270 4271 4265
0%
20%
40%
60%
80%
100%
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
East 1% 1% 2% 3% 4% 5% 5% 5% 5% 5% 5%
West 5% 6% 7% 10% 12% 13% 13% 14% 14% 14% 14%
North 8% 8% 10% 17% 18% 18% 17% 16% 16% 16% 16%
South 86% 85% 81% 70% 66% 64% 65% 65% 65% 65% 65%
6431 7569 1420121790 33001 73417
157281
244173
260004
240510216179
213054
216971
0
50000
100000
150000
200000
250000
300000
Mar-05 Mar-06 Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
GOLD LOAN PORTFOLIO
8
( ` in Millions)
Gold Loan Assets Under Management
9
15 16 2330
39 66
112
137 134 132118 116 120
0
20
40
60
80
100
120
140
160
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
GOLD HOLDING (In tonnes)
Gold Jewellery kept as Security
0%
20%
40%
60%
80%
100%
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
East 0% 1% 1% 2% 3% 4% 5% 5% 6% 6% 6%
West 3% 4% 5% 8% 8% 10% 11% 12% 13% 14% 15%
North 13% 13% 14% 15% 15% 17% 19% 20% 22% 22% 22%
South 84% 82% 80% 75% 74% 69% 65% 63% 59% 58% 57%
GEOGRAPHICAL SPREAD OF GOLD LOAN PORTFOLIO
10
(` in Millions)
Gold Loans Assets
Under
Management
14201 21790 33001 73417 157281 244173 260004 240510 216179 213054 216971
17.24
17.4
25.7730.82
33.5045.74
57.55 66.39
63.69
56.8750.63
49.88
50.87
15
25
35
45
55
65
75
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
AVERAGE GOLD LOAN OUTSTANDING PER BRANCH
11
( ` in Millions)
3.94
3.46 3.49
4.21
4.24
4.40
4.05
3.22
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
RETURN ON AVERAGE RETAIL LOAN ASSET
12
3.16 3.36 3.33 3.23 3.17
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014
(In %)
(` in Millions)
13
NON-PERFORMING ASSETS & BAD DEBTS WRITTEN OFF
Sep 14 Jun 14 Sep 13 Mar 14
` ` ` `
Gross Non-Performing Assets 4549 3968 4675 4160
Provision For Non-Performing Assets 725 725 725 725
Net Non-Performing Assets 3824 3243 3950 3435
% of Gross NPA on Gross Retail Loans 2.09% 1.85% 1.92% 1.90%
% of Net NPA on Gross Retail Loans 1.75% 1.51% 1.62% 1.57%
Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014 FY 2014
` ` ` ` ` `
Bad Debts Written Off 23 19 80 103 79 224
(` in Millions)
36%
16%
32%
13%1% 2%
Secured Non-Convertible Debentures(Muthoot Gold Bonds)- 69392 (36%)
Secured Non-Convertible Debentures -Listed -30832 (16%)
Borrowings from Banks/FIs -63036 (32%)
Subordinated Debt - 25240 (13%)
Subordinated Debt - Listed -1842 (1%)
Commercial Paper - 90 (0%)
Other Loans-3920(2%)
14
(` in Millions)
LIABILITY MIX
SHORT TERM RATING
AMT OF RATING RATING INDICATES
COMMERCIAL PAPER
CRISIL Rs.4000crs CRISIL A1+
Degree of safety with regard to timely payment of interest & principal on the instrument is very strong
ICRA Rs.200crs ICRA A1+ Lowest credit risk & Stronger credit quality
BANK LOANS
ICRA Rs.5712crs ICRA A1+ Lowest credit risk & Stronger credit quality
LONG TERM RATING
SUBORDINATED DEBT
CRISIL Rs.100crs
CRISIL AA-(Stable)
High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.
ICRA Rs.100crs
ICRA AA-(Stable)
High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.
NON CONVERTIBLE DEBENTURE
CRISIL Rs.500crs
CRISIL AA-(Stable)
High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.
ICRA Rs.200crs
ICRA AA-(Stable)
High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.
BANK LOANS
ICRA Rs.6736crs
ICRA AA-(Stable)
High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.
DEBT RATING
15
22
36
35
79
60
62
10
77
5
22
98
3
45
28
0
53
64
1
49
07
7
104 107 142119
175
210
230397
05000
10000150002000025000300003500040000450005000055000
Interest Income Other Income
BREAK-UP OF GROSS INCOME
10
48
8
12
93
3
10
80
2
21
29
0
25
71
5
127 85 118
245
161
0
5000
10000
15000
20000
25000
30000
Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014
16
5.38
4.59
5.45
4.72
4.28
4.02
4.08
4.46
3.50
4.00
4.50
5.00
5.50
6.00
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
OPERATING EXPENSES TO AVERAGE RETAIL LOANS
17
5.03
4.21
4.87 4.94
4.05
3.50
4.00
4.50
5.00
5.50
6.00
Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014
(%)
BREAK-UP OF OPERATING EXPENSES ( ` in Millions)
18
OPERATING EXPENSES Mar-14 Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Q2 FY 2015
Q2 FY 2014
Q1 FY 2015
H1 FY 2015
H1 FY 2014
Personnel Expenses 5917 5453 4145 2209 1169 677 405 266 1577 1442 1523 3100 2850
Rent 1542 1309 1042 603 290 131 82 47 412 383 402 814 739
Advertisement 702 579 866 647 331 208 67 36 144 195 153 297 365 Postage, Telegram and Telephone 364 243 184 115 72 27 18 28 101 92 91 192 163
Traveling and Conveyance 190 175 168 114 67 42 27 18 57 50 50 107 96
Printing and Stationery 185 168 155 111 69 44 32 19 40 37 33 73 83
Repairs and Maintenance 272 256 341 211 96 62 42 34 63 79 60 123 156 Legal and Professional Charges 216 86 60 114 34 16 11 10 74 36 65 139 73
Business Promotion Expense 279 332 267 119 45 25 18 15 16 61 15 31 122
Directors Remuneration 192 192 192 192 192 121 49 49 48 48 48 96 96 Depreciation and Ammortisation Expenses 475 454 329 180 149 99 74 71 212 117 203 415 223
Others 731 550 380 229 165 165 88 76 170 160 193 363 336 Provision For Standard & NPA Assets 214 765 351 323 21 7 7 1 17 62 0 17 87
Total 11279 10562 8480 5165 2701 1625 919 671 2931 2762 2836 5767 5389
670 970 1482
3456
7612
13312
15114
11936
440 636977
2276
4942
8920
10042
7801
0
2000
4000
6000
8000
10000
12000
14000
16000
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
PROFIT GROWTH
P B T
P A T 19
26
00
32
36
27
30
53
30 6
17
0
17
07
21
10
18
02
35
09
40
49
0
1000
2000
3000
4000
5000
6000
7000
Q2 FY2015
Q2 FY2014
Q1 FY2015
H1 FY2015
H1 FY2014
1598 2234 3712
5845
13344
29257
37356
40100
4264648619 48502
0
10000
20000
30000
40000
50000
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
NETWORTH ( ` In Millions)
20
35.1034.00
33.90
48.10
51.52
41.90
30.15
19.50
0
10
20
30
40
50
60
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
RETURN ON AVERAGE EQUITY (In % )
21
14.06
21.26
15.79 15.40
20.91
0
10
20
30
Q2 FY2015
Q2 FY2014
Q1 FY2015
H1 FY2015
H1 FY2014
22
CAPITAL ADEQUACY RATIO
Sep -14
Jun -14
Sep-13
Mar -14
Capital Adequacy Ratio 26.30% 26.79% 21.80% 24.69%
Tier I 20.32% 20.45% 15.30% 18.01%
Tier II 5.98% 6.34% 6.50% 6.68%
23
MARKET VALUE RATIO
Earnings per share (`) Q2 FY 2015 Q1 FY 2015 Q2 FY 2014 H1 FY 2015 H1 FY 2014 FY 2014
- Basic 4.30 4.63 5.67 8.93 10.89 20.99
- Diluted 4.25 4.60 5.67 8.85 10.89 20.99
Sep-14 Jun-14 Sep-13 Mar-14
Book Value per share (`) 122.00 122.29 107.72 114.73
Market price per share (`)* 204.40 188.30 90.20 172.00
Price to Earnings ratio ** 10.76 9.24 3.75 8.19
Price to Book Value ratio 1.68 1.54 0.84 1.50
*Source: www.nseindia.com **Based on trailing 12 months EPS
24
CAPITALISATION RATIO Sep-14 Jun-14 Sep-13 Mar-14
Outside Liabilities 215741 206005 244293 213293
Cash & Bank Balances 28849 18289 20363 20489
Tangible Networth 48442 48556 40041 42579
Capital Gearing 3.86 3.87 5.59 4.53
( ` in Millions)
3102 3999 5979
9745
16688
2535124881
25684
25012
24140
23390
3000
8000
13000
18000
23000
28000
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14
HUMAN RESOURCES (No. of Employees)
25
26