Latest news with #Manappuram
Business Recorder
4 days ago
- Business
- Business Recorder
India's Manappuram Finance posts drop in profit on microfinance weakness
Indian gold-loan financier Manappuram Finance reported a drop in first-quarter profit on Friday, as bad-loan provisions in the microfinance segment jumped. The company's consolidated net profit fell 75% year-on-year to 1.38 billion rupees for the quarter ended June 30. Indian lenders have been reporting rising default rates in microfinance loans - collateral-free small loans to borrowers - following a period of aggressive lending in the segment. Bad loans and provisions in Manappuram's microfinance unit nearly tripled to 4.83 billion rupees, accounting for a large chunk of the total company-wide provisions of 5.59 billion rupees. Its net interest income - the difference between interest earned and paid out - declined 14.2% to 14.07 billion rupees. Revenue from the microfinance business fell 53.5% to 3.61 billion rupees, while revenue from the gold loan segment rose 10% to 19.04 billion rupees as bullion prices climbed in the quarter. The segment contributes 84% of total revenue. The company's total assets under management fell 1.4% to 443.04 billion rupees. Manappuram approved the appointment of V. P. Nandakumar as the chairman of the company on Friday.
Time of India
01-08-2025
- Business
- Time of India
Deepak Reddy takes charge as new CEO of Manappuram Finance Ltd.
As announced on May 9 2025, Manappuram Finance has appointed Deepak Reddy as Chief Executive Officer of the company with effect from Friday, i.e. August 1, 2025. V P Nandakumar , former Managing Director and CEO of Manappuram, now holds the position of MD in the company w.e.f. July 31, 2025. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Public Policy MBA healthcare Artificial Intelligence Data Science Leadership CXO Data Analytics Product Management Digital Marketing Project Management Degree Design Thinking PGDM Management Others Cybersecurity Healthcare Finance others Data Science Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details Reddy is said to report to former CEO Nandakumar, the company said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Reddy has more than 30 years of experience across the finance sector. "His leadership philosophy centres on empowering teams to envision, enable and execute, ensuring the organization remains future ready with next generation leaders," the company stated. He has previously worked in Bajaj FinServ Ltd for 17 years, American Express Bank Ltd for 9 years, Standard Chartered Bank for 1.5 years and JVC Onida (at MIRC Electronics Ltd) for 4.5 years. Live Events On BSE, shares of Manappuram Finance Limited were trading at Rs 250.70 per unit as on 10:24 AM on Friday.
Business Upturn
06-06-2025
- Business
- Business Upturn
Manappuram Finance shares rise 3% as RBI revises LTV to 85% for small gold loans
By Aditya Bhagchandani Published on June 6, 2025, 12:40 IST Shares of Manappuram Finance Ltd climbed 3% to ₹240.56 on Friday after the Reserve Bank of India (RBI) announced a key revision in gold loan regulations. RBI Governor Sanjay Malhotra stated that the loan-to-value (LTV) ratio will be increased from 75% to 85% for gold loans up to ₹2.5 lakh per borrower, inclusive of the interest component. The stock opened at ₹234.58 and touched an intraday high of ₹242.58 before settling around ₹240.56, gaining ₹5.98 from the previous close. Manappuram's market capitalization stood at ₹204.33 billion, with a strong average volume of 4.68 million shares. Additional measures announced by the RBI include eliminating the need for credit appraisals for small gold loans and requiring end-use monitoring only under Priority Sector Lending (PSL). Final guidelines on the new gold loan regulations are expected today or by Monday. The announcements came as part of the RBI's broader policy update, which included a 50 bps repo rate cut to 5.5%, a CPI inflation revision for FY26 to 3.7%, and a maintained GDP growth forecast of 6.5%. These changes are expected to improve lending conditions and benefit key gold loan financiers like Manappuram. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
09-05-2025
- Business
- Time of India
Manappuram posts Rs 203 crore loss on Asirvad stress, names new CEO
The Manappuram Finance group, in which Bain Capital is set to buy a 42% stake, has suffered a Rs 203 crore consolidated loss for the fourth quarter on account of its subsidiary Asirvad Micro Finance, which is reeling under severe asset quality stress . The Manappuram group earned a Rs 564 crore net profit in the year-ago period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Lanao Del Norte - Watch What Happens Happy in Shape Undo On a standalone basis, Manappuram however reported a net profit of Rs 414 crore for the quarter under review which was 3.2% down as compared with Rs 428 crore earlier. Separately, Asirvad suffered Rs 794 crore loss as compared with Rs 138 crore profit in the year ago-quarter. In the third quarter too, the microfinance lender reported a loss of Rs 253 crore. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. With this, Manappuram, which owns 98% in Asirvad, failed to comply with all the financial covenants as mentioned in the debenture trust deed, independent auditor Chokshi & Chokshi LLP said in a note. The The consolidated financial results of the group include the audited financial results of the holding company and subsidiaries namely, Asirvad Live Events Micro Finance, Manappuram Home Finance, Manappuram lnsurance Brokers and Manappuram Comptech & Consultants. Manappuram Finance however declared an interim dividend of Rs 0.50 per equity share of the face value of Rs 2 each. The record date for dividend will be May 15. The parent company has decided to infuse Rs 500 crore in equity of Asirvad. Meanwhile, Manappuram has announced the appointment of Deepak Reddy as chief executive officer, effective from August 1, 2025. Consequently, the designation of Nandakumar VP , will change to managing director from MD & CEO from July 31. Reddy currently is a Bajaj Finserv executive.
Yahoo
21-03-2025
- Business
- Yahoo
Bain Capital to buy stake worth $508 million in India's Manappuram Finance
(Reuters) -India's Manappuram Finance said on Thursday Bain Capital would invest 43.85 billion rupees ($508 million) to acquire an 18% stake in the gold loan provider at a time record prices of the precious metal has made its mortgaging appealing. The asset manager will subscribe to Manappuram's shares and warrants at 236 rupees apiece, implying a 30% premium over its six-month average trading price. Bain Capital will be classified as a promoter of the company post-investment and will jointly control it with existing promoters. Households in India, the world's second-biggest gold consumer, typically buy bullion during festivals and weddings. Record prices make gold loans more attractive. Indian gold loan market is expected to reach around 14.19 trillion rupees by fiscal 2029 at a five-year compound annual growth rate of 14.85%, according to PwC. The deal, expected to close by the second or third quarter of the next financial year, will trigger a mandatory open offer for the purchase of an additional 26% stake from existing shareholders at the same price, India's second-largest gold loan provider said. Based on open-offer subscription, Bain Capital's stake post-investment will vary between 18% and 41.7%. Manappuram's promoters, which include its managing director and chief executive V P Nandakumar, will hold a 28.9% stake in the company. After the deal, Bain Capital will also have the right to influence strategic decisions at the company, including the right to nominate for appointment of key posts such as the CEO. Separately, Manappuram's microfinance arm Asirvad Micro Finance said it would withdraw its initial public offering draft papers due to uncertain market conditions. ($1 = 86.3290 Indian rupees)
