CRISIL Ratings has assigned its ‘CRISIL AA/Stable’ rating to Rs 2500 crore non-convertible debentures of Manappuram Finance Limited
Upward factors
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Continued strong market position in the gold finance business with increasing diversity in AUM into non- gold business without impairing asset quality
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Sustenance of profitability with RoMA above 5% on a steady state basis, while improving asset quality
Downward factors
- Increase in consolidated gearing to over 5 times
- Steep decline in interest collection in the gold loan business or deterioration in asset quality or profitability in the non-gold loan segments
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