Manappuram Finance Q1 results: Profit surges 76% to Rs 496 crore; stock hits one-year high


Manappuram Finance on Thursday recorded nearly 76 per cent jump in its June quarter consolidated net profit for the financial year 2023-24 (Q1 FY24). The Kerala-based non-banking financial company’s profit came at Rs 495.89 crore in Q1 FY24, up 75.79 per cent from Rs 282.08 crore in the year-ago period. Revenue from operations stood at Rs 2,026.26 crore in June 2023 quarter, 34.91 per cent higher than Rs 1,501.98 crore posted in the corresponding period last year.

In addition, Manappuram declared an interim dividend of 80 paise per equity share of face value Rs 2. “Fixed August 23, 2023 as record date to ascertain the entitlement of interim dividend among the shareholders and dividend/dividend warrants shall be paid or dispatched on or before September 8, 2023,” it stated.

The stock today rose 3.62 per cent to hit its fresh 52-week high of Rs 147.50. It eventually settled 2.70 per cent higher at Rs 146.20. Around 12.64 lakh shares changed hands today, more than double than the two-week average volume of 4.99 lakh shares. Turnover on the counter stood at Rs 18.39 crore, commanding a market capitalisation (m-cap) of Rs 12,340.44 crore.

The scrip has gained over 22 per cent on a year-to-date (YTD) basis and around 37 per cent in a year.

On the technical setup, the stock was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs). The counter’s 14-day relative strength index (RSI) came at 68.28. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 9.51 against a price-to-book (P/B) value of 1.34.

The scrip has an average target price of Rs 148, Trendlyne data showed, suggesting a potential upside of just 1 per cent. It has a one-year beta of 1.39, indicating high volatility.

The NBFC was incorporated in 1992. The company has more than 5,000 (includes branches of subsidiary companies) branches across 28 states/UTs with assets under management (AUM) of Rs 35,452 crore and a workforce of more than 45,000, according to its website.

Meanwhile, Indian equity benchmarks fell sharply today, dragged by bank, financial, consumer, pharma, auto and technology stocks. The 30-share BSE Sensex pack tanked 308 points or 0.47 per cent to close at 65,688; while the broader NSE Nifty index moved 89 points or 0.46 per cent down to settle at 19,543.

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