Manappuram Finance (531213) Q4 02/03 earnings summary

Executive summary

• FY03 revenue increased 29% YoY, but PAT declined; profitability was broadly flat amid eight new branch openings and higher overheads.

• Gold loans became the largest revenue segment, while expansion continued into money changing, money transfer and other fee-based services.

Financial highlights

• Revenue was Rs 897.07 lakh vs Rs 693.85 lakh in FY02; PBT was Rs 178.56 lakh vs Rs 177.36 lakh.

• PAT was Rs 112.73 lakh vs Rs 114.87 lakh; administrative expenses rose to Rs 167.60 lakh from Rs 106.67 lakh.

• Finance charges increased to Rs 422.38 lakh from Rs 291.09 lakh; depreciation was Rs 35.05 lakh vs Rs 64.08 lakh.

Outlook and guidance

• Directors anticipated better prospects as the economic outlook showed signs of improvement.

• Full-fledged money-changing, money transfer and other fee-based activities were launched; hire purchase was gradually picking up.

• A Rs 150 lakh rights issue was finalized to support RBI capital-adequacy requirements, with allotment targeted by end-September 2003.