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28 Feb 2025 11:58

Manappuram Finance Ltd Concall Notes - Feb 2025


Q3 FY25 Earnings Overview:

Consolidated profit after tax for the quarter declined to ₹278 crores, down 51.3% quarter-on-quarter (QoQ) and 51.6% year-on-year (YoY).
Profit after tax excluding Asirvad Microfinance was ₹467 crores.
Total Assets Under Management (AUM) for the company was ₹44,217 crores, down 3.3% sequentially but up 9.5% YoY.
AUM excluding Asirvad grew by 1.9% sequentially and 18.7% YoY to ₹34,204 crores.
Asirvad Microfinance:

AUM stood at ₹10,013 crores, including gold loan AUM of ₹818 crores.
Reported a loss of ₹188 crores in the quarter due to collection challenges from climatic disruptions and external influences.
Net Non-Performing Assets (NPA) for Asirvad at 2.48%.
Remedial measures undertaken to rationalize costs and enforce strict underwriting processes.
Regulatory Environment:

RBI lifted supervisory restrictions on Asirvad Microfinance, allowing operations to normalize.
Regulatory changes regarding gold loan practices viewed positively for sector stability.
Management engaged with RBI to discuss branch opening restrictions, with positive feedback received.
Gold Loan Business:

Gold loan AUM increased to ₹24,504 crores, representing a 0.6% QoQ growth and 18.8% YoY growth.
Gold loan market projected to reach ₹15 trillion by March 2027, driven by increased digital lending and customer base expansion.
Management expects gold loan growth of 15%-20% in FY26, citing increased customer acquisition and ticket size.
Vehicle and Home Finance:

Vehicle Finance AUM at ₹5,085 crores, marking a 4.9% QoQ increase and 41.4% YoY growth.
Home Loan portfolio AUM increased to ₹1,778 crores, reflecting a 5.1% QoQ increase and 25.7% YoY growth.
GNPA for Vehicle Finance increased to 5.2%, with higher delinquencies noted in two-wheeler and farm equipment segments.
Cost of Funds and Provisioning:

Standalone NPA at 2.46%, with cash and cash equivalents at ₹4,592 crores.
Standalone borrowing cost increased by 6 basis points during the quarter.
Provision coverage for Stage-3 assets at 59%, up from 55% in the previous quarter.
Challenges & Management Outlook:

Management acknowledges collection challenges in the MFI sector and anticipates gradual recovery over the next few quarters.
Focus on improving operational efficiencies and maintaining a strong capital position with a CRAR of 29.88%.
Management expresses optimism about the gold loan business and overall growth potential, emphasizing disciplined underwriting and adherence to regulatory changes.

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28 Feb 2025 11:51

INDIA Q3 GDP

Real GDP Growth Rate of 9.2% for 2023-24 is the highest in the previous 12 years except for 2021-22

Growth Rate of Real GDP for 2024-25 is estimated as 6.5%

Manufacturing Growth At 3.5% Vs 14% (YoY) & Vs 2.1% (QoQ)

Construction Growth At 7% Vs 10% (YoY) & Vs 8.7% (QoQ)

Electricity Growth At 5.1% Vs 10.1% (YoY) & Vs 3% (QoQ)

Mining Growth At 1.4% Vs 4.7% (YoY) & Vs -0.3% (QoQ

Trade, Hotels Growth At 6.7% Vs 8% (YoY) & Vs 6.1% (QoQ)

Fin & Real Estate Growth At 7.2% Vs 8.4% (YoY) & Vs 7.2% (QoQ)

Public Admin & Svcs Growth At 8.8% Vs 8.4% (YoY) & Vs 8.8% (QoQ)

Industries Growth At 4.5% Vs 11.8% (YoY)

Services Growth At 7.4% Vs 8.3% (YoY)

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28 Feb 2025 11:30

Market Extends Losses, Nifty Falls To Lowest Level Since June 2024

Sensex & Nifty Are Down 16% From Record Highs, Midcap Index Down 22%

BSE-listed Cos Erase Market Cap Of More Than *9 Lakh Crore Today

15 Of 50 Nifty Stocks Hit 52-week Lows Today

25 Of 100 Midcap Index Stocks Hit 52-week Lows

Sensex Falls 1,414 Points To 73,198 & Nifty 420 Points To 22,125

Nifty Bank Slips 399 Points To 48,345 & Midcap Index 1,222 Points To 47,915

Indusind Is Top Nifty Loser, Down 7% Despite MSCI-related Flows

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28 Feb 2025 10:49

NiftyFMCG records longest losing streak in 18 years.

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28 Feb 2025 10:08

Zerodha CEO Nithin Kamath says markets are correcting and may fall further. Trading volumes have dropped over 30%, leading to the first industry degrowth in 15 years.

He warns that if this continues, STT revenue could fall 50% to below ₹40,000 cr in FY25/26.

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28 Feb 2025 09:58

INVESTORS LOSE ALMOST 10 LK CR IN MARKET TODAY

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28 Feb 2025 09:12

SOM DISTILLERIES : CO. TO ISSUE RS 22.4 CR WORTH SHARES TO PROMOTER AT 110/SHARE

To fund working capital for expansion, especially during peak seasons.

Also covers daily operational costs like marketing, maintenance, utilities, salaries, and commissions.

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28 Feb 2025 09:12

Power Finance Corporation Ltd Concall Notes - Feb 2025


Financial Performance:

For 9 months FY '25, consolidated profit after tax stood at ₹22,157 crores, reflecting a 17% year-on-year increase.
Consolidated loan asset book reached ₹1,069,436 crores, marking a 12% year-on-year growth.
Standalone net profit for the same period was ₹12,243 crores, a 20% increase from the previous year.
Declared an interim dividend of ₹3.50 per share, totaling ₹10.25 for FY '25.
Asset Quality:

Consolidated gross NPA improved to 2.30% for 9 months FY '25, with net NPA at 0.73%.
Maintained 73% provisioning on NPA portfolio.
No major changes in asset quality this quarter; gross NPA ratio at 2.68% and net NPA ratio at 0.71%.
Anticipating resolution in 3 projects worth ₹4,961 crores, including:

KSK Mahanadi project (₹3,300 crores) with a resolution plan approved by CoC, filed with NCLT.
Shiga Energy loan (₹522 crores) and TRN Energy loan (₹1,139 crores) are in advanced stages of resolution outside NCLT.
Disbursement and Loan Growth:

Disbursed ₹34,151 crores this quarter; cumulative disbursement for 9 months FY '25 at ₹100,297 crores, showing a year-on-year growth of 10.24%.
Disbursement typically ramps up in Q4; guidance maintained for similar growth levels as last financial year.
Renewable energy portfolio grew by 28% year-on-year, currently at ₹69,500 crores.
Recently entered into a significant green loan agreement of JPY 120 billion with JBIC.
Foreign Currency Portfolio:

Foreign currency portfolio is approximately $9 billion, with 95% hedged.
USD/INR closing rate as of December 31, 2024, was ₹85.62; potential depreciation could impact Q4 profits.
Estimated impact of ₹45 crores for every ₹1 depreciation on unhedged portion.
Growth Drivers:

Focus on distribution and renewable sectors for future disbursements.
Despite challenges in conventional generation and state utilities, management remains optimistic about growth.
Expectation of 12-13% AUM growth for FY '25 and FY '26.
Challenges and Headwinds:

Concerns over delays in renewable Power Purchase Agreements (PPAs) and RDSS project progress.
Management assures that they have not funded any assets without PPAs and sees a positive momentum in RDSS implementation.
Market Positioning:

Largest renewable energy financing partner in India, with sustained growth in the renewable book.
Management confident in maintaining yields and spreads despite competitive intensity in the renewable sector.
Recovery Insights:

Anticipated recoveries from stressed assets, with expectations of write-backs in Q4 and FY '26 based on successful resolutions.
Overall Outlook:

Management expresses confidence in maintaining financial performance and growth trajectory, despite external challenges and market volatility.

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28 Feb 2025 07:59

Market loses Rs 38.6 lakh crore in investor wealth in February

Large-Cap Stocks Lose 19.5 Lk Cr In Investor Wealth in Feb

Mid-Cap Stocks Lose ₹8.7 Lk Cr In Investor Wealth in Feb

Small-Cap Stocks Lose 75.81k Cr In Investor Wealth In Feb

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28 Feb 2025 07:51

Insider Trades

TGV Sraac: Promoter group Sree Rayalaseema Hi-Strength Hypo acquired 35,693 shares, while promoter group TGV Projects and Investments acquired 30,823 shares.

Jindal Drilling & Industries: Promoter group Jindal Global Finance and Investment sold 1 lakh shares, while promoter group Jindal Pipes acquired 1 lakh shares.

Steel Strips Wheels: Promoter Priya Garg acquired 28,000 shares.

Premier Polyfilm: Promoter Amitaabh Goenka acquired 12,532 shares.

Taarc: Promoter Group Muskaan Sarin acquired 50,000 shares.

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28 Feb 2025 07:44

DonaldTrump says he will impose an additional 10% tariffs on Chinese imports starting March 4.

For China, the latest announcement will be on top of the 10% tariff that he levied on February 4.

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26 Feb 2025 17:30

JBM AUTO : Company has incorporated a Wholly Owned Subsidiary Company i.e. "JBM EV Ventures

JBM EV Ventures Pvt. Ltd. focuses on EV battery services, including leasing, renting, and subscriptions.

It also engages in R&D, manufacturing, and sales of advanced battery technologies, supports EV adoption, participates in sustainability initiatives, and undertakes related business activities.

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26 Feb 2025 17:24

India faces a significant trade imbalance with China, characterized by a stark disparity between imports and exports. From April to November 2024, India imported goods valued at $74 billion from China, while its exports to the country amounted to merely $9 billion. This situation marks one of the largest trade gaps in the world.

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26 Feb 2025 13:59

Jyoti Structure announcements

1) Bagged order worth 389 Cr

2) 500 Cr Rights Issue

3) Repayment of Debt, Debt Free Status.

4) Tower Manufacturing Unit Started in Nasik

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26 Feb 2025 13:58

CEO of Alphabet Google 🇮🇳
CEO of Microsoft 🇮🇳
CEO of YouTube 🇮🇳
CEO of Adobe 🇮🇳
CEO of World Bank Group 🇮🇳
CEO of IBM 🇮🇳
CEO of Albertsons 🇮🇳
CEO of Infosys 🇮🇳
CEO of NetApp 🇮🇳
CEO of Palo Alto Networks 🇮🇳
CEO of Arista Networks 🇮🇳
CEO of Novartis 🇮🇳
CEO of Micron Technology 🇮🇳
CEO of Honeywell 🇮🇳
CEO of Flex 🇮🇳
CEO of Wayfair 🇮🇳
CEO of Chanel 🇮🇳
CEO of OnlyFans 🇮🇳
CEO of Motorola Mobility 🇮🇳
CEO of Cognizant 🇮🇳
CEO of Vertex Pharmaceuticals 🇮🇳

Note: citizens of India, citizens of other countries but born in India, Indian origin, or with Indian parents

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28 Feb 2025 11:57

MARUTI SUZUKI; Smarter technologies, safer journeys: Maruti Suzuki Alto K10 now with 6 airbags across all variants

Price Starts AT 4,23,000-5,59,500 Lkh

Alto K10 becomes the first-in-segment" to offer 6 airbags as standard

Advanced safety features include Electronic Stability Program (ESP), Anti-lock Braking System (ABS) with Electronic Brake-force Distribution (EBD)

India's highest-selling car with over 46 lakh units sold

Over 74% of Alto K10 customers are first time buyers

Stocks Picker Articles

28 Feb 2025 11:36

INDIA GDP QUARTERLY (YOY) (Q3) ACTUAL: 6.2% VS 5.4% PREVIOUS; EST 6.3%

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28 Feb 2025 11:24

ULTRATECH CEMENT; Co. to launch Wire & Cables Biz By Dec 2026

Expects IRR ~25% And ROCE >20%

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28 Feb 2025 10:36

MSCI Rebalancing in last 30 mins of trade today for Indian Stocks

MSCI Rebalacing today, $900 mn of inflows expected

Key Big changes are Hyundai Inclusion and Adani Green Exclusion

FLOWS for last 30 mins trade today

Hyundai Inflow +$253 mn

Adani Green Outflow -$152 mn

===

Weight change Inflows

Indusind Bank +$270 mn

Zomato +$110 mn

Varun Beverages +$65 mn

Torrent Pharma +$44 mn

Mankind Pharam +$41 mn

Dixon Tech +$35 mn

PB FIN tech +$28 mn

======

Weight Cut

HDFC BANK -$53 mn

RIL -$40 mn

ICICI BANK -$35 mn

INFOSYS -$33 mn

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28 Feb 2025 09:59

Bigbasket Says There Was Urgency Unless I Knew It Would Work, Was Almost In A Statement Of Denial

Avg Order Value At 7850 Is The Largest In The Industry

Entering 3 categories with Tata Group partnership

Will look at IPO in 18-24 months, but not focussed on an IPO now

Will double our business between March 2025-March 2026 - CNBCTV18

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28 Feb 2025 09:51

MSCI REBALANCING ADJUSTMENTS TODAY AT 3 PM

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28 Feb 2025 09:12

Sahana System Ltd has secured a prestigious registration with the Indian Coast Guard Region (North West) for supplier jobs in the Electrical (Electronics & IT) category.

The registration is effective from February 25, 2025, to February 24, 2028.

The company has been classified under Grade: CAT 1, Class A.

This recognition strengthens its position in the defense and maritime sector.

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28 Feb 2025 08:54

India Topped Global IPO Charts in 2024:🇮🇳

🇮🇳 India: 327
🇺🇸 U.S.: 183
🇪🇺 Europe (excluding U.K.): 115
🇨🇳 China: 98
🇯🇵 Japan: 84
🇰🇷 South Korea: 75
🇭🇰 Hong Kong: 64
🇲🇾 Malaysia: 49
🇸🇦 Saudi Arabia: 42
🇬🇧 U.K.: 10

(EY Global IPO Trends 2024)

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28 Feb 2025 07:52

*NEWS UPDATE:* IT RAID IN AFCONS INFRASTRUCTURE MUMBAI AND DELHI OFFICES (NEGATIVE FOR STOCK PRICES)

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28 Feb 2025 07:48

BLACKBOX, ANANT RAJ, ABB INDIA, CUMMINS INDIA,HBL POWER, SAVITA OIL; Maharashtra CM Says 60% Data Centre Capacity Made In Navi Mumbai, First M-hub To Be Launched Soon

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28 Feb 2025 07:41

EPFO Retains 8.25 pc interest rate on employees' provident fund deposits for 2024-25: Sources - PTI

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26 Feb 2025 17:24

Aditya Birla's latest ventures disrupting industries:

Paints ~ Birla Opus
Total Capital Employed : ₹10,000 Cr
Expanding industry capacity by 40% with a target REV of ₹10,000 Cr in 3 years

Jewellery ~ Indriya
Capital: ₹5,000 Cr
Aiming for top 3 position in the ₹6.7 trn market, with 100 stores in 18 months

Wire & Cable
Capital: ₹1,800 Cr
Setting up a facility in Gujarat, operations to begin by Dec 2026

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26 Feb 2025 16:15

ADANI WILMAR gets majority shareholders nod for change in name of co to AWL Agri Biz

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26 Feb 2025 13:59

METALS; China Plans $55 Billion Capital Injection into Major Banks as Part of Economic Stimulus; Reports

China plans to inject at least 400 billion yuan ($55 billion) into major banks, including Agricultural Bank of China and Bank of Communications, by June.

The move, funded by special sovereign bonds, aims to boost lending and risk management amid economic struggles.

This is the first such capital injection since 2008.

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26 Feb 2025 13:58

TORRENT POWER : Torrent Green Energy's subsidiary TGEPL incorporated Torrent Urja 29 and Torrent Urja 31 on Feb 19, 2025, receiving COIs on Feb 26, 2025.

SPVs are incorporated to manufacture, trade, and deal in hydrogen, its derivatives, and renewable energy, including power generation, transmission, and storage.