Nuvama

Muthoot Finance (Muthoot) beat Q1FY21 earnings estimates due to a strong top line and opex savings. Gold loan AUM saw a marginal, but nevertheless less-than-expected, dip QoQ (6% QoQ fall in gold holdings nearly

Result Update

Shriram City Union Finance Ltd

Shriram City Union Finance - Result Update Q1FY21 - Bracing for near-term challenges

Shriram City Union Finance (SCUF) reported below estimated Q1FY21 PAT of INR1.9bn on higher provisions (covid-19 related) even as core performance came in line with estimate (albeit, softer). Headline asset quality held

Muthoot Finance - Result Update Q4FY20 - A bright spot in a dark sky

In a sharp contrast to its NBFC peers, Muthoot Finance (Muthoot) reported a better-than-expected Q4FY20 owing to strong growth momentum. The key highlight is robust AUM growth of >20% YoY/8% QoQ on the back of gold price

Result Update

Shriram City Union Finance Ltd

Shriram City Union Finance - Result Update Q4FY20 - Challenges persist; valuation comfort

Shriram City Union Finance (SCUF) reported below consensus Q4FY20 PAT of INR1.5bn due to a tepid core and higher provisions (COVID-19-related provisions of INR4bn). As anticipated, business momentum decelerated with

Muthoot Finance - Result Update Q3FY20 - Riding high on gold price tailwind

Muthoot Finance (MUTH IN, INR 747, Buy) After a muted Q2FY20, Muthoot Finance (Muthoot) reported a better-than-expected Q3FY20 as growth bounced back on the back of improved liquidity position. Key highlights: i)

Result Update

Repco Home Finance Ltd

Repco Home Finance - Result Update Q3FY20 - Delivering on expectations; valuation comfort

Repco Home Finance (REPCO IN, INR 347, Buy) Repco Home Finance (RHF) posted in line Q3FY20 PAT of INR697mn. While core profitability surpassed estimate (NIM improvement), marginally higher provisions and elevated

Magma Fincorp - Result Update Q3FY20 - Business normalising; asset quality volatility persists

Magma Fincorp (MGMA IN, INR 55, Buy) Magma Fincorp’s (Magma) Q3FY20 PAT at INR224mn belied expectations following higher provisions even as core profitability came in line. Key highlights: i) As anticipated,

Result Update

Multi Commodity Exchange of India Ltd

Multi Commodity Exchange - Result Update Q3FY20 - Global developments to lead to volume volatility

Multi Commodity Exchange (MCX IN, INR 1,246, Hold) After a strong showing last quarter, Multi Commodity Exchange (MCX) reported moderate growth in Q3FY20 core operating (transaction) revenue of 16% YoY/down 11%

Result Update

Shriram City Union Finance Ltd

Shriram City Union Finance - Result Update Q3FY20; Shift to secured lending amid tight liquidity

Shriram City Union Finance (SCUF IN, INR 1,353, Buy) Shriram City Union Finance (SCUF) remains on a steady earnings trajectory with Q3FY20 PAT of INR2.97bn (up 15% YoY). Highlights: i) Selective toggling among product

Result Update

Manappuram Finance Ltd

Manappuram Finance - Result Update Q3FY20 - Strong showing; asset quality volatility a concern

Manappuram Finance (MGFL IN, INR 188, Hold) Manappuram Finance (MGFL) posted stronger-than-expected PAT of INR4bn in Q3FY20 driven by gold price tailwinds. Key highlights: i) Gold loan AUM spiked (up >6% QoQ/29%

Muthoot Finance - Result Update Q2FY20 - Growth momentum softer; improvement key

Muthoot Finance (MUTH IN, INR 650, Buy) Muthoot Finance (Muthoot) reported better-than-expected Q2FY20 PAT of INR8.6bn (grew >60% YoY/QoQ) riding higher gold price tailwind. Key highlights: a) spurt in gold price

Result Update

Repco Home Finance Ltd

Repco Home Finance - Result Update Q2FY20 - Modest core performance; valuation comfortable

Repco Home Finance (REPCO IN, INR 296, Buy) Repco Home Finance (RHF) posted in-line Q2FY20 PAT of INR1bn (up >50% YoY/QoQ), buoyed by lower tax and DTA mark-up while core performance was modest. Loan growth is

Magma Fincorp - Result Update Q2FY20 - Tough quarter; valuation comfort

Magma Fincorp (MGMA IN, INR 47, Buy) Magma Fincorp reported PAT in line with our estimates given lower taxes (DTA impact deferred) while core operating metrics were soft. Key highlights: i) Growth was tepid with

Result Update

Manappuram Finance Ltd

Manappuram Finance - Result Update Q2FY20 - Strong show; super normal growth a concern

Manappuram Finance (MGFL IN, INR 168, downgrade to Hold)   Manappuram Finance (MGFL), benefitting from gold price tailwinds, reported better-than-expected performance in Q2FY20 with: a) accelerated revenue momentum;

Result Update

Shriram City Union Finance Ltd

Shriram City Union Finance - Result Update Q2FY20 - Trudging through tough quarter

Shriram City Union Finance (SCUF IN, INR 1,320, Buy) Shriram City Union Finance (SCUF) posted a weaker-than-expected Q2FY20 PAT of about INR3bn due to a softer core and higher write-offs. Highlights: i) Growth

Result Update

Multi Commodity Exchange of India Ltd

Sharp volume rebound; upside factored in

Multi Commodity Exchange’s (MCX) Q2FY20 revenue jumped >50% supported by sharp ADTV rebound and higher investment income. This, coupled with operating leverage benefit (~10ppt rise in EBITDA margin), led to

Growth tailwinds outweigh Kerala disruption

Muthoot Finance’s (Muthoot) operations in its home town Kerala have been disrupted following politically motivated employee protests. Management is now planning to gradually scale down operations in the state—of the

Result Update

Manappuram Finance Ltd

Growth improves; performance of non-gold businesses key

Manappuram Finance’s (MGFL) better-than-expected Q4FY19 performance was primarily a reflection of significant scale up of non-gold businesses (now one-third of AUM). Key highlights: a) gold loan AUM growth continued

Turnaround green shoots visible

Magma Fincorp (Magma) posted an impressive Q4FY19, evident from improving growth traction post-consolidation and better asset quality that led to higher-than-expected PAT of INR853mn. Key highlights: a) Unlike peers,

Improved growth trajectory; cost structure volatile

Muthoot Finance (Muthoot) reported a mixed Q4FY19—growth trajectory improved with a higher spread leading to PAT outperformance, whereas higher opex and rise in GNPLs disappointed. Key highlights: a) After a

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