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Manappuram Finance Ltd.’s Q3 FY22 earnings performance was below our and street expectations.
Manappuram Finance reported earnings of Rs 261 crore, down 46%/29% YoY/QOQ, on account of yields trade-off impacting margins and continued opex increase sequentially.
A decline in net yields to ~20.3% (~500 basis points QoQ) was much lower than the management guidance of ~200 bps.
Almost 20% of the loan book is at teaser interest rates (7-8%). Opex continued to be high sequentially (up 14% QoQ) on account of ad spends, though opex to assets under management was maintained at ~7%. Cost-income jumped to 54% from 33%/43% YoY/QoQ.
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