Muthoot Capital Services Ltd. · NSE:MUTHOOTCAP
Muthoot Capital Services — Q3 FY2021 Earnings Presentation
31 slides from Muthoot Capital Services's earnings presentation, Jan 30, 2021
Slide 1: Board Presentation dated 30th January 2021, Quarter ended 31st December 2020
Board Presentation dated 30th January 2021 Quarter ended 31st December 2020 1
Slide 2: Contents
• Operational Highlights 4 • Performance Analysis 8 • Sales and Collection Analysis 16 • Asset Analysis 20 25 • Liability Analysis 28 • Management Discussion & Analysis 2
Slide 3: Snapshot
No of States– 20 New Customers AUM – ₹ 2224 Cr Total sanctions Disbursement – Q3 FY 21 : 43,929 Live Customers – Q3 FY 21 -₹ 239 Cr Q3 FY 21: ₹326.5 Cr 6,18,665 SNAPSHOT Quarter ended 31st December 2020 As per Feb 20 DPD As per Dec 20 including (Own) Proforma (Own) PAT CRAR –26.93 % Q3 FY 21: ₹ 14.0
Slide 4: Operational Snapshot
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Discussion & Analysis Highlights Analysis Analysis Liquidity 97% of ~ ₹ 788 Collection Proforma crs in ₹ 326 Cr done NPA Disbursement during the hand/ ₹ 95 Cr undrawn quarter Additional COVID Provision OPERATIONA
Slide 5: Operational Impact and Liquidity Position
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Discussion & Analysis Highlights Analysis Analysis ACTION TAKEN Operational Impact • Since Oct 20,staff attendance is back to normal. • Disbursements has improved gradually from Sept with volumes being 50% of pre
Slide 6: Credit Costs and Operational Costs Control
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Discussion & Analysis Highlights Analysis Analysis Credit costs • The company continues a conservative approach in estimating the delinquency post the moratorium & has provided additional ₹ 10 Cr in Q3 FY21. Now
Slide 7: Structural Liquidity as on 31.12.2020
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Discussion & Analysis Highlights Analysis Analysis STRUCTURAL LIQUIDITY AS ON 31.12.2020 ₹. In Crores Cumulative Inflows (Rs. Cr) Cumulative Outflows (Rs. Cr) 1,102 880 449 396 312 225 259 213 154 161 108 48 63 6
Slide 8: Financial Statement Metrics Quarterly and 9 Month Trend
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis Quarterly Trend 9 Month Trend ₹. In Crores ₹. In Crores Financial Statement Metrics Q3 FY 21 Q2 FY 21 Q-o-Q Q3 FY 20 Y-o-Y 9MFY21 9MFY20 Y-o-Y Disbursement : Hyp
Slide 9: Statement of Sources and Application of Funds
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis STATEMENT OF SOURCES AND APPLICATION OF FUNDS ₹. In Crores Sources 30-Dec-19 30-Sep-20 30-Dec-20 Application 30-Dec-19 30-Sep-20 30-Dec-20 Share Capital 16.4 16.
Slide 10: Key Performance Trends
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis Gross AUM Revenue Disbursement Q2 FY 21 : ₹ 116.1 Cr Q2 FY 21 : ₹ 2269 Cr 2% Q2 FY 21 : ₹ 143.7 Cr 16% 181% Q3 FY 21 : ₹ 326.4Cr Q3 FY 21 : ₹ 2224 Cr Q3 FY 21 :
Slide 11: Expected Credit Loss (ECL)
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis EXPECTED CREDIT LOSS (ECL) As on 31.12.2019 ₹. In Crores Particulars Outstanding Provision ECL% Total 2644.16 108.81 4.11% S1 and S2 (Std assets) 2232.52 38.71 1
Slide 12: Main Factors Impacting Profitability – Delinquencies
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis MAIN FACTORS IMPACTING PROFITABILITY – DELINQUENCIES ₹. In Crores Particulars FY 20 Q1 FY 21 Q2 FY 21 Q3 FY 21 Unrealized Income reversed 8.0 2.42 0.06 (0.46) Lo
Slide 13: Spread Analysis
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis SPREAD ANALYSIS Analysis on Avg Loan Book Q3 FY 20 Q4 FY 20 Q1 FY 21 Q2 FY 21 Q3 FY 21 Size Amount % Amount % Amount % Amount % Amount Avg Loan Book Size 2678.8
Slide 14: Analysis of Cost & Yield
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis ANALYSIS OF COST & YIELD SI.No. Description of Loan Q4 FY ‘20 Q1 FY ’21 Q2 FY ’21 Q3 FY ‘21 1 Hypothecation 21.8% 21.3% 23.8% 21.3% 2 Loan Buyout 14.3% 14.1% 13.
Slide 15: Analysis of Cost & Yield
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Discussion & Analysis Analysis ANALYSIS OF COST & YIELD Cost of Funds, Yield & Spread Composition of Yield 25.0% Collateral Deposits 6.3% 21.9% Hypothecation 21.3% 20.6% 19.8% Loan Buyout 13.3
Slide 16: Zonewise Disbursement (HYP Loans) – Y-o-Y
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis ZONEWISE DISBURSEMENT (HYP LOANS) – Y- o -Y BRANCH DEALER TOTAL Overall Share Q3 FY ’21 Q3 FY ’20 Q3 FY ’21 Q3 FY ’20 Q3 FY ’21 Q3 FY ’20 Q3 FY ’21 Q3 FY ’20 Zon
Slide 17: Zonewise Disbursement (HYP Loans) for 9 Month Period
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis ZONEWISE DISBURSEMENT (HYP LOANS) FOR 9 MONTH PERIOD BRANCH DEALER TOTAL Overall Share Apr-Dec20 Apr-Dec19 Apr-Dec20 Apr-Dec19 Apr-Dec20 Apr-Dec19 Apr-Dec20 Apr-
Slide 18: Mode Wise Collection Over Last 11 Months
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis MODE WISE COLLECTION OVER LAST 11 MONTHS ₹. In Crores (HYP) CASH/ Other Month NACH modes* FEB 87.54 94.81 120.00 MAR 86.82 64.68 100.00 87.52 100.53 94.81 87.37
Slide 19: Collection Performance Monitoring
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis COLLECTION PERFORMANCE MONITORING HYP LOANS ₹. In Crores CORP LOANS ₹. In Crores Monthly Monthly % of Monthly Monthly % of Month Month Collections Billing collec
Slide 20: HYP Portfolio Split as on 31st December 2020
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis HYP PORTFOLIO SPLIT AS ON 31st December 2020 No of Transaction Type Amount Segment wise No . of loans Amount Transactions Securitized (part of own book) 13 541.2
Slide 21: MCSL Geographic Overview – HYP
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis MCSL GEOGRAPHIC OVERVIEW – HYP DEC 31st 2020 ₹. In Crores S3 Zone Active % of Zone Regular Includes Total wise Clients S3 Proforma AUM % South India 4 24 443 127
Slide 22: Asset Quality and Provision Coverage
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis ASSET QUALITY AND PROVISION COVERAGE ₹. In Crores As on As on As on 12.0% 10.0% As Per IND AS 11.4% 31.12.2019 30.09.2020 31.12.2020 9.0% 10.0% 9.2% 8.0% Own Boo
Slide 23: NPA (Proforma) Movement – HYP Loan – Q3 FY 2021
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis NPA (PROFORMA) MOVEMENT – HYP LOAN – Q3 FY 2021 ₹. In Crores Balance Unrealised Particulars HP Nos stock Provision Income Balance as on 28.02.20 91,693 174.16 76
Slide 24: Portfolio Analysis – HYP based on Proforma NPA
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis PORTFOLIO ANALYSIS – HYP based on PROFORMA NPA ₹. In Crores Portfolio Analysis Segment – wise Analysis 11.3% 229.5 2020.1 23.3 88.7% 96.6% 88.7% 11.3% 3.4% 1 813
Slide 25: Sources of Borrowing
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis SOURCES OF BORROWING ₹ 239 Cr ₹ 8.84Cr Additional Term Loan sanction – ₹ 100 Cr. –from HDFC Additional NCD/term Collections of Sub-debt loans/PTC received during
Slide 26: Borrowing Profile – by Instrument
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis BORROWING PROFILE – by Instrument Q3 FY ’20 Q2 FY ’21 Q3 FY ’21 Particulars Amount Cost* Amount Cost* Amount Cost* Bank Loan 1551.0 10.2% 1096.5 9.5% 1302.6 9.1%
Slide 27: Borrowing Profile – by Investor Profile
Operational Performance Sales & Collection Asset Liability Management Highlights Analysis Analysis Analysis Analysis Discussion & Analysis BORROWING PROFILE – by Investor Profile ₹. In Crores Q3 FY ’20 Q2 FY ’21 Q3 FY ’21 Particulars Amount Cost Amount Cost Amount Cost Banks 1946.2 10.2% 1647.6 9.6%
Slide 28: Disbursement & Collection, NPA
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Analysis Analysis Discussion & Analysis Highlights • The post COVID volumes are seen rising in the 2 W segment, we have been cautious in terms of lending; tighter norms applied; don’t want to rush and disburse fo
Slide 29: Diversity in Funding, Geographical Borrowing Mix
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Analysis Analysis Discussion & Analysis Highlights • With support of the initiatives taken by the Government and Reserve Bank through schemes like TLTRO/PGC etc., have been able to get substantial amount by way o
Slide 30: Staff Attrition & Cost Control, Repayment Mode
Operational Performance Sales & Collection Asset Liability Management Analysis Analysis Analysis Analysis Discussion & Analysis Highlights • Monthly staff attrition at 2.26 % in Q3 FY ‘21 v/s 1.97 % in Q2 FY 21. • Dealer incentives has seen a rise @ 1.36 % for Q3FY 21; Demand for higher pay-out, on
Slide 31: Thank You
irl muthoot CAPITAL ¥: ff THANK YOU
Muthoot Capital Services — Q3 FY2021 Earnings Presentation on 6ix