VP Nandakumar, chairman and managing director, Manappuram General Finance expects to see an asset under management (AUM) growth of 10 percent in FY15 and something between 15-20 percent in FY16.
We have a customer base of almost 2 million who maybe in requirement of affordable housing finance or microfinance.
VP Nandakumar
CMD
Manappuram General Finance
VP Nandakumar, chairman and managing director, Manappuram General Finance says the company is mulling diversifying business and entering the housing finance and microfinance space.
Also read: Manappuram Finance Q1 net profit falls 17% to Rs 44cr
Speaking to CNBC-TV18, Nandakumar says the company is in talks with merchant bankers and the board will meet on September 23 to decide on the same issue.
Furthermore, he expects to see an asset under management (AUM) growth of 10 percent in FY15 and something between 15-20 percent in FY16.
Below is the edited transcript of VP Nandakumar's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: What is this diversification that you are contemplating into what businesses?
A: We have acquired a company in affordable home finance area. All the legal formalities are over and hopefully it will commence operations from January 2015.
We are also intending to get into microfinance area. We are in discussion. The company is yet to be finalise but a formal call will have to taken in the board meeting.
Latha: When you are discussion – you are in discussion with private equity investors for the microfinance?
A: We are discussing with some of the merchant bankers whether good companies available in the market etc, so that this can be presented before the board.
Sonai: With this diversification into housing finance and other microfinance, what will this help you do in terms of your earnings or perhaps your assets under management (AUM) growth? How much do you think you could improve it to?
A: We are catering to the requirement of the top of the bottom of the pyramid. We have a customer base of almost 2 million who maybe in requirement of affordable housing finance or microfinance that's why we see a lot of synergy in that. We have a pan-India presence. So, in areas where great opportunities are there, we can focus and which will help the company to improve its earnings.
Sonia: Will you have any investments that you will be making into these other businesses?
A: We are not that leveraged. Our leverage is less than three times the book. We have sufficient capital to infuse into this company. When this company is grown in two-three years time we expect these companies also to grow then we will consider investment.
Latha: You had given loans in 2013 Q3 and gold at that time was more than Rs 33,000 per 10gm. Today it is Rs 26,000 per 10gm. Are you having any problem of having lent loans at higher priced collateral and the collateral price falling?
A: We have provided in the last two quarters and we do not have any problem with all this. We have restructured our product also so even with some fall also our earnings cannot get affected negatively.
Manappuram Fin stock price
On September 19, 2014, at 11:09 hrs Manappuram Finance was quoting at Rs 30.60, up Rs 0.80, or 2.68 percent. The 52-week high of the share was Rs 31.35 and the 52-week low was Rs 14.05.
The company's trailing 12-month (TTM) EPS was at Rs 2.58 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.86. The latest book value of the company is Rs 29.62 per share. At current value, the price-to-book value of the company is 1.03.
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