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Manappuram Finance (04-10-2024)
Thanks @Bhajan_Watwani for your input, and yes you are right. Muthoot has been increasing Gold Loan AUM consistently as a better growth rate vs Manappuram in FY2022, FY2023, FY2024 i.e. almost double is the growth rate.
| (in Rs. Cr) | Q1FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Manappuram Cons. AUM | 44932 | 42069 | 35428 | 30261 | 27224 |
| (% Growth – FY21 as base) | 6.81% | 18.75% | 17.07% | 11.16% | |
| Manappuram Gold AUM | 23647 | 21561 | 19746 | 20168 | 19082 |
| (% Growth – FY21 as base) | 9.67% | 9.19% | -2.09% | 5.69% | |
| Vs | |||||
| (in Rs. Cr) | Q1FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
| Muthoot Cons. AUM | 98048 | 89079 | 71497 | 64494 | 58280 |
| (% Growth – FY21 as base) | 10.07% | 24.59% | 10.86% | 10.66% | |
| Muthoot Gold AUM | 80922 | 72878 | 61875 | 57531 | 51926 |
| (% Growth – FY21 as base) | 11.04% | 17.78% | 7.55% | 10.79% |
Out of curiosity, checked the reason behind this growth in gold loan is that double the branches (i.e. more the branches, more the visibility & accessibility to borrowers – hence more loan growth). But it seems – here in last 3 financial years (in absolute numbers) Manappuram have added more Gold loan branches vs Muthoot (i.e. 497 vs 223).
| Absolute No. | Q1FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Manappuram – Gold Branches | 4044 | 4044 | 3985 | 3829 | 3547 |
| (% Growth – FY21 as base) | 0.00% | 1.48% | 4.07% | 7.95% | |
| Manappuram – Non Gold Branches | 1279 | 1242 | 1247 | 1228 | 1044 |
| Manappuram – Total Branches | 5323 | 5286 | 5232 | 5057 | 4591 |
| (% Growth – FY21 as base) | 0.70% | 1.03% | 3.46% | 10.15% | |
| Vs | |||||
| Muthoot – Gold Branches | 4855 | 4854 | 4739 | 4617 | 4632 |
| (% Growth – FY21 as base) | 0.02% | 2.43% | 2.64% | -0.32% | |
| Muthoot – Non Gold Branches | 1904 | 1687 | 1099 | 962 | 819 |
| Muthoot – Total Branches | 6759 | 6541 | 5838 | 5579 | 5451 |
| (% Growth – FY21 as base) | 3.33% | 12.04% | 4.64% | 2.35% |
Wondering what could be the reasons for such different pattern:
- Is it employees of Muthoot are more efficient vs Manappuram’s employee
- Muthoot Goodwill in customer is better vs Manappuram (may be because Manappuram auction more proactively vs Muthoot – my understanding basis management concall comments)
- Lending rate of Muthoot is more affordable vs Manappuram
- Muthoot branches are more strategically situated (to source better business) vs Manappuram
- or something else
Look forward to inputs from fellow forum members.