Post on 30-Sep-2020
FINANCIAL RESULTS Q3 FY 2012
KEY FINANCIALS
(Rs. In Millions)
2
NETWORTH
Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Growth%
Rs. Rs. Rs. Rs. Rs. QoQ YoY
Share Capital 3717 3717 3717 3202 3202 0% 16%
Reserves & Surplus 24912 22403 20247 10139 8746 11% 185%
28629 26120 23964 13341 11948 10% 140%
(Rs. In Millions)
3
ASSETS
Dec-11 Sep-11 Growth Jun-11 Mar-11 Growth Dec-10 Growth
QoQ YTD YoY
Rs. Rs. Rs. % Rs. Rs. Rs. % Rs. %
Gross Retail Loan Assets Under Management 228851 209405 19446 9% 179492 158685 70166 44% 137874 66%
Break up of Gross Retail Loan Assets Under Management:
Gold Loans under management 226949 207666 19283 9% 178035 157281 69668 44% 136756 66%
Loans against NCDs 1786 1624 162 10% 1345 1311 475 36% 1056 69%
Other Loans 115 115 0 0% 112 93 22 24% 61 89%
(Rs. In Millions)
4
LIABILITIES
Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Growth%
Rs. Rs. Rs. Rs. Rs. QoQ YoY
Secured Non-Convertible Debentures (Muthoot Gold Bonds) 55465 50415 44108 39832 34761 10% 60%Secured Non-Convertible Debentures - Listed 8082 8082 2150 2150 0%Unsecured Non-Convertible DebenturesUnsecured Non-Convertible Debentures - Listed 2000 4500 4500 2000 -56%
Borrowings from Banks 87763 76351 72885 60528 57838 15% 52%
Subordinated Debt 12331 10309 8376 7106 5588 20% 121%
Commercial Paper 17809 21980 11715 6948 2827 -19% 530%
Sell down of Receivables under Bilateral Assignments 24615 25875 23991 41864 34982 -5% -30%
Other Loans 888 928 872 821 513 -4% 73%
Total 208953 198440 168597 161249 136509 5% 53%
(Rs. In Millions)
5
REVENUE & PROFIT
Q3 FY 2012
Q3 FY 2011 YoY
Q2 FY 2012
Q1 FY 2012 QoQ
9M FY 2012
9M FY 2011 YoY
FY 2011
Rs. Rs.%
Growth Rs. Rs.%
Growth Rs. Rs.%
Growth Rs.
INCOME
Interest Income 12261 6412 91% 10984 9142 12% 32387 15438 110% 22983
Other Income 46 46 0% 65 55 -29% 166 142 17% 175
Total 12307 6458 91% 11049 9197 11% 32553 15580 109% 23158
EXPENDITURE
Interest Expense 6341 2850 122% 5452 4407 16% 16200 6984 132% 10326
Personnel Expenses 1135 630 80% 937 815 21% 2886 1528 89% 2210Administrative & Other expenses 953 569 67% 1356 967 -30% 3276 1478 122% 2639
Directors Remuneration 48 48 0% 48 48 0% 144 144 0% 192
Depreciation 86 37 132% 74 60 16% 220 111 98% 180
Total 8563 4134 107% 7867 6297 9% 22726 10245 122% 15547
PROFIT
Profit Before Tax 3744 2324 61% 3183 2900 18% 9827 5334 84% 7612
Profit After Tax 2509 1,556 61% 2156 1,905 16% 6,568 3549 85% 4942
30%
50%
70%
90%
110%
Mar-07 Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 1% 1% 2% 3% 3% 4% 4% 4% 5%
West 5% 6% 7% 10% 11% 12% 13% 13% 13%
North 8% 8% 10% 17% 17% 18% 18% 18% 18%
South 86% 85% 81% 70% 69% 66% 65% 65% 64%
Geographical Spread of Branches
6
No: of
branches 551 707 985 1605 2391 2733 2997 3274 3480
64
31
75
69
14
20
1
21
79
0
33
00
1 73
41
7
13
67
56
15
72
81
17
80
35
20
76
66
22
69
49
0
50000
100000
150000
200000
250000
Gold Loan Portfolio
Gold Loan Assets Under Management
7
(Rs. In Millions)
8
15 16 2
3 30 3
9
66
10
2 11
2 12
0 13
0
13
2
0
20
40
60
80
100
120
140
Gold Jewellery kept as Security (tonnes)
Gold Holding (In tonnes)
60%
65%
70%
75%
80%
85%
90%
95%
100%
Mar-07 Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 1% 1% 2% 3% 3% 3% 4% 4%
West 3% 4% 5% 8% 8% 8% 8% 9% 10%
North 13% 13% 14% 15% 14% 15% 15% 16% 16%
South 84% 82% 80% 75% 75% 74% 74% 71% 70%
Geographical Spread of Gold Loan Portfolio
9
(Rs. In Millions)
Gold Loans Assets
Under Management 14201 21790 33001 73417 136756 157281 178035 207666 226949
17.2417.4
25.77
30.82
33.5 45.74
57.2
57.55
59.4
63.43
65.22
15
25
35
45
55
65
75
(Rs. In Millions)
Average Gold Loan Outstanding Per Branch
10
3.94%
3.46%
3.49%
4.21%4.24%
3.00
3.20
3.40
3.60
3.80
4.00
4.20
4.40
Return on Average Retail Loan Asset
11
4.5
8 % 4
.91
%
4.4
3%
4.5
1%
4.5
2%
4.4
6%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
Q3
FY
20
12
Q3
FY
20
11
Q2
FY
20
12
Q1
FY
20
12
9M
FY
20
12
9M
FY
20
11
(Rs. In Millions)
12
Non-Performing Assets & Bad Debts written off
Dec-11 Sep-11 Jun-11 Mar-11 Dec-10
Rs. Rs. Rs. Rs. Rs.
Gross Non-Performing Assets 1304 1233 548 460 409
Provision For Non-Performing Assets 181 174 77 70 62
Net Non-Performing Assets 1123 1059 471 390 347
% of Gross NPA on Gross Retail Loans 0.57% 0.59% 0.31% 0.29% 0.30%
% of Net NPA on Gross Retail Loans 0.49% 0.51% 0.26% 0.25% 0.25%
Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9MFY 2012 9M FY 2011 FY 2011
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Bad Debts Written Off 19 5 17 9 45 7 18
(Rs. In Millions)
27%
4%41%
12%
1% 0%
6% 9%
LIABILITY MIX
Secured Non-Convertible Debentures
(Muthoot Gold Bonds)- 55465 (27%)
Secured Non-Convertible Debentures -
Listed - 8082 (4%)
Bank Borrowings - 87763 (41%)
Sell down of receivables under Bilateral
Assignment - 24615 (12%)
Unsecured Non-Convertible Debentures -
Listed - 2000 (1%)
Other Loans- 888 (0%)
Subordinated Debt - 12331 (6%)
Commercial Paper - 17809 (9%)
13
(Rs. In Millions)
SHORT TERM RATINGAMT OF RATING RATING INDICATES
COMMERCIAL PAPER
CRISIL Rs.4000crs CRISIL A1+Degree of safety with regard to timely payment of interest & principal on the instrument is very strong
ICRA Rs.200crs ICRA A1+ Lowest credit risk & Stronger credit quality
BANK LOANS
ICRA Rs.4803crs A1+ Lowest credit risk & Stronger credit quality
LONG TERM RATING
SUBORDINATED DEBT
CRISIL Rs.100crsCRISIL AA-
(Stable)High Degree of safety with regard to timely payment of interest & principal on the instrument
ICRA Rs.100crsICRA AA-(Stable)
High quality credit rating & Lowest credit risk (with a stable outlook)
NON CONVERTIBLE DEBENTURE
CRISIL Rs.500crsCRISIL AA-
(Stable)High Degree of safety with regard to timely payment of interest & principal on the instrument
ICRA Rs.200crsICRA AA-(Stable)
High quality credit rating & Lowest credit risk (with a stable outlook)
BANK LOANS
ICRA Rs.5475crsICRA AA-(Stable) HHigh quality credit rating & Lowest credit risk
DEBT RATING
14
50%
60%
70%
80%
90%
100%
Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 0% 1% 1% 1% 1% 2% 2%
West 2% 2% 4% 5% 6% 6% 7% 8%
North 5% 6% 9% 11% 12% 13% 13% 13%
South 93% 92% 86% 83% 81% 80% 78% 77%
Geographical Spread of Gold Bond
15
(Rs. In Millions)
Muthoot Gold
Bond Portfolio 12403 19019 27192 34761 39832 44107 50415 55464
70%
75%
80%
85%
90%
95%
100%
105%
Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 0% 1% 1% 1% 2% 2%
West 1% 2% 3% 4% 4% 5% 6%
North 4% 10% 9% 12% 12% 11% 11%
South 95% 88% 87% 83% 83% 82% 81%
Geographical Spread of Subordinated Debt
16
(Rs. In Millions)
Subordinated
Debt Portfolio 1099 3246 5588 7105 8376 10309 12331
22
36
35
79 60
62 1
07
75
22
98
3
104107
142
119
175
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
22000
24000
26000
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11
Interest Income Other Income
Break-Up of Gross Income
17
12
26
1
64
12 10
98
4
91
42
32
38
7
15
43
9
46
46
6555
166
141
0
4000
8000
12000
16000
20000
24000
28000
32000
36000
Q3 FY 2012
Q3 FY 2011
Q2 FY 2012
Q1 FY 2012
9M FY 2012
9M FY 2011
20.0419.47
21.67
19.9419.72
8.95
9.7811.07
8.77 8.86
11.09
9.6910.6
11.1710.86
7
9
11
13
15
17
19
21
23
Mar
07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Yield on Retail Loan and NIM
Interest Income on Average Retail Loan
Interest Expense on Average Retail Loan
Net Interest Margin 18
22
.38
%
20
.24
%
22
.60
%
21
.63
%
22
.29
%
19
.40
%
11
.58
%
9.0
0% 11
.22
%
10
.43
%
11
.15
%
8.7
7%10
.81
%
11
.24
%
11
.38
%
11
.20
%
11
.14
%
10
.62
%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Q3
FY
20
12
Q3
FY
20
11
Q2
FY
20
12
Q1
FY
20
12
93
FY
20
12
9M
FY
20
11
20.04
19.47
21.67
19.9419.72
8.8 9.43
9.79
8.41 8.82
11.2410.04
11.88 11.53
10.9
7
9
11
13
15
17
19
21
23
Mar
07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Interest Spread
Interest Income on Average Retail Loan
Interest Expenses on Average Outside Liabilities
Interest Spread 19
22
.38
%
20
.24
%
22
.60
%
21
.63
%
22
.29
%
19
.40
%
12
.45
%
9.2
2%
11
.88
%
10
.69
%
11
.67
%
8.8
9%
9.9
3%
11
.02
%
10
.72
%
10
.94
%
10
.62
%
10
.51
%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Q3
FY
20
12
Q3
FY
20
11
Q2
FY
20
12
Q1
FY
20
12
9M
FY
20
12
9M
FY
20
11
5.38
4.59
5.45
4.72
4.33
3.5
4
4.5
5
5.5
6
Mar
07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Operating Expenses to Average Retail Loans
20
3.9
0%
3.9
4%
4.8
1%
4.3
3%
4.3
4%
3.9
6%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
Q3 FY 2012
Q3 FY 2011
Q2 FY 2012
Q1 FY 2012
9M FY 2012
9M FY 2011
Break-Up of Operating Expenses (Rs. in Millions)
21
OPERATING EXPENSESMar-
07
Mar-
08
Mar-
09
Mar-
10
Mar-
11
Q3 FY
2012
Q3 FY
2011
Q2 FY
2012
9M FY
2012
9M FY
2011
Personnel Expenses 266 405 677 1169 2209 1134 630 937 2886 1529
Rent 47 82 131 290 603 280 157 245 741 390
Advertisement 36 67 208 331 647 182 138 248 697 411
Postage, Telegram and
Telephone 28 18 27 72 115 45 28 46 135 78
Traveling and Conveyance 18 27 42 67 114 42 30 40 122 76
Printing and Stationary 19 32 44 69 111 41 28 38 118 75
Repairs and Maintenance 34 42 62 96 211 76 39 83 258 112
Legal and Professional Charges 10 11 16 34 114 108 33 166 299 50
Business Promotion Expense 15 18 25 45 119 15 35 141 213 58
Directors Remuneration 49 49 121 192 192 48 48 48 144 144
Depreciation 71 74 99 149 180 86 37 74 219 111
Others 76 88 165 165 284 110 69 183 366 206
Provision For Standard & NPA
Assets 1 7 7 21 323 57 11 166 327 24
Total 671 919 1625 2701 5220 2224 1283 2415 6525 3264
Break-Up of Operating Expenses
22
OPERATING EXPENSESMar-
07
Mar-
08
Mar-
09
Mar-
10
Mar-
11
Q3 FY
2012
Q3 FY
2011
Q2 FY
2012
9M FY
2012
9M FY
2011
Personnel Expenses 40% 44% 42% 43% 42% 51% 49% 39% 44% 47%
Rent 7% 9% 8% 11% 12% 13% 12% 10% 11% 12%
Advertisement 5% 7% 13% 12% 12% 8% 11% 10% 11% 13%
Postage, Telegram and
Telephone 4% 2% 2% 3% 2% 2% 2% 2% 2% 2%
Traveling and Conveyance 3% 3% 3% 2% 2% 2% 2% 2% 2% 2%
Printing and Stationary 3% 3% 3% 3% 2% 2% 2% 2% 2% 2%
Repairs and Maintenance 5% 5% 4% 4% 4% 3% 3% 3% 4% 3%
Legal and Professional Charges 1% 1% 1% 1% 2% 5% 3% 7% 5% 2%
Business Promotion Expense 2% 2% 2% 2% 2% 1% 3% 6% 3% 2%
Directors Remuneration 7% 5% 7% 7% 4% 2% 4% 2% 2% 4%
Depreciation 11% 8% 6% 6% 3% 4% 3% 3% 3% 3%
Others 11% 10% 10% 6% 5% 5% 5% 8% 6% 6%
Provision For Standard & NPA
Assets 0% 1% 0% 1% 6% 3% 1% 7% 5% 1%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
PROFITABILITY RATIOS
23
(Based on Gross Income) Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9M FY 2012 9M FY 2011
Interest expense to Gross Income 51.52% 44.13% 49.34% 47.92% 49.76% 44.83%
Selling, general and administrative expenses to Net Income 17.36% 19.31% 21.19% 19.90% 19.37% 20.22%
Operational expenses to Gross Income 68.88% 63.44% 70.53% 67.82% 69.14% 65.05%
OPBDT / Gross Income (%) 31.12% 36.56% 29.47% 32.18% 30.86% 34.95%
Depreciation to Gross Income 0.70% 0.57% 0.67% 0.65% 0.68% 0.71%
OPBT / Gross Income (%) 30.42% 35.99% 28.80% 31.53% 30.19% 34.24%
PBT / Gross Income (%) 30.42% 35.99% 28.80% 31.53% 30.19% 34.24%
PAT / Gross Income (%) 20.39% 24.08% 19.51% 20.71% 20.18% 22.77%
24
(Based on Average Retail Loans) Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9M FY 2012 9M FY 2011 FY 2011
Interest income to avg. retail loans 22.38% 20.24% 22.60% 21.63% 22.29% 19.40% 19.72%
Interest expense to avg. retail loans 11.58% 9.00% 11.22% 10.43% 11.15% 8.77% 8.86%
Net Interest Margin 10.80% 11.24% 11.38% 11.20% 11.14% 10.62% 10.86%
Other income to avg. retail loans 0.08% 0.15% 0.13% 0.13% 0.11% 0.18% 0.15%
Net Income Including Other Income 10.89% 11.39% 11.51% 11.33% 11.25% 10.80% 11.01%
Selling, general and administrative
expenses to avg. retail loans 3.90% 3.94% 4.81% 4.33% 4.34% 3.96% 4.33%
PBDT to avg. retail loans 6.99% 7.69% 6.70% 7.00% 6.91% 6.84% 6.69%
Depreciation to avg. retail loans 0.16% 0.35% 0.15% 0.14% 0.15% 0.14% 0.15%
PBT to avg. retail loans 6.83% 7.34% 6.55% 6.86% 6.76% 6.70% 6.53%
Tax to avg. retail loans 2.26% 2.42% 2.11% 2.35% 2.24% 2.24% 2.29%
PAT to avg. retail loans 4.58% 4.91% 4.43% 4.51% 4.52% 4.46% 4.24%
Cash Profit to avg. retail loans 4.74% 5.03% 4.59% 4.65% 4.67% 4.60% 4.39%
670 970
1482
3456
7612
440 636977
2276
4942
0
1000
2000
3000
4000
5000
6000
7000
8000
Mar 07 Mar-08 Mar-09 Mar-10 Mar-11
Profit Growth
P B T
P A T25
37
44
23
24
31
83
29
00
98
27
53
34
25
08
15
56
21
56
19
05
65
69
35
48
0
2000
4000
6000
8000
10000
12000
Q3 FY 2012
Q3 FY 2011
Q2 FY 2012
Q1 FY 2012
9M FY 2012
9M FY 2011
15922131 3614 5842
10392
13342
2396426120
28629
1000
6000
11000
16000
21000
26000
31000M
ar
07
Mar
-0
8
Mar
-0
9
Mar
-1
0
Sep
-1
0
Mar
-1
1
Jun
-1
1
Sep
-1
1
De
c-1
1
Networth(Rs. In Millions)
26
35.10
34.0033.90
48.10
51.50
30.00
35.00
40.00
45.00
50.00
55.00
Return on Average Equity(In Percentage)
27
36
.66
%
55
.71
%
34
.43
%
40
.84
%
41
.74
% 53
.19
%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Q3 FY 2012
Q3 FY 2011
Q2 FY 2012
Q1 FY 2012
9M FY 2012
9M FY 2011
28
CAPITALISATION RATIOS
Dec 31,2011 Sep 30,2011 June 30,2011 March 31,2011 Dec 31,2010
Capital Adequacy Ratio 18.33% 18.24% 19.19% 15.82% 15.29%
Tier I 13.37% 13.48% 14.51% 10.62% 10.81%
Tier II 4.96% 4.76% 4.68% 5.20% 4.48%
Book Value Per Share(Rs.) 77.02 70.27 64.47 41.67 37.31
Earnings per Share (Rs.) 17.96 11.19 5.39 15.78 11.41
29
Dec 31,2011
Sep 30,2011
June 30,2011
March 31,2011 Dec 31,2010
Gross Outside Liabilities(including assigned loans) 219600 206968 175332 168184 142662
Outside Liabilities(excluding assigned loans) 194985 181093 151340 126320 107680
Cash & Bank Balances 7390 13322 11315 13755 9682
Unencumbered Cash & Bank Balances 5484 10854 9063 11009 6970
Tangible Networth 28629 26120 23964 13342 11948
Capital Gearing(Gross) 7.41 7.41 6.84 11.57 11.13
Capital Gearing(Net) 6.62 6.52 5.94 8.64 8.43
CAPITALISATION RATIOS(Rs. In Millions)
3102 3999 5979
9745
16688
19125 21543
23219
3000
8000
13000
18000
23000
28000
Mar
07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Jun
-11
Sep
-11
Dec
-11
Human Resources
No:
Of
Em
plo
yee
s
30
31