Kerala-based Listed Companies do Well in FY 2018-19
Banks, Non-Banking Financial Companies and businesses from Kerala displayed stellar performance with cleaner balance sheets, grossing profits in the last financial year, especially in last quart.
Muthoot Finance’s Consolidated Loan Assets under management achieved a YoY increase of 20 per cent at Rs. 38,304 crore. During the quarter, Consolidated Loan Assets under management increased by seven per cent. Consolidated Profit After Tax (PAT) achieved a YoY increase of 14 per cent. During the last quarter, the company successfully completed 19th Public Issue of Non-Convertible Debentures raising Rs. 709 crore.
“Subsidiaries have achieved considerable momentum in building loan assets. Our subsidiaries achieved YoY loan growth of 51 per cent reaching Rs. 4558 crore. Muthoot Homefin (India) Limited has grown its loan portfolio to Rs. 1908 crore with an YoY increase of 31 per cent. The micro finance subsidiary which has a strong Self-Help Group model increased its loan portfolio to Rs. 1842 crore”
– George Alexander Muthoot, MD, Muthoot Finance
ESAF Small Finance Bank
Kerala-based ESAF Small Finance Bank has recorded a whopping 234 per cent increase in net profit for FY19 – the second year of operation as a bank, largely led by its higher interest income and efficient NPA Management. According to the audited results of the fiscal which ended March 31, the net profit stood at Rs. 90.28 crore against Rs. 26.99 crore in the previous year.
“Despite a slow-down in internal consumption, declining investments and changing macro situations, we were able to improve our own benchmarks of performance. The higher asset quality and higher interest returns contributed to the growth of bottom lines. It also indicates the growth aspirations in rural India, prompting us to further expand”
– K Paul Thomas, MD & CEO, ESAF Small Finance Bank
South Indian Bank
The net profit of South Indian Bank fell 38 per cent in Q4 of FY19 at Rs. 70.51 crore, against Rs. 114.10 crore in Q4 of the previous fiscal on higher loan-loss provisions. The bank has a corporate NPA of Rs. 114 crore due to the failure of a borrower. The bank showed strong recovery performance during the year and achieved the targeted level of Rs. 500 crore.
“The retail portfolio of the bank accounts for 29 per cent of the loan book, taking it a step closer to becoming a retail banking powerhouse. With strong growth in the retail and MSME sectors, we are expecting stable growth”
– V G Mathew, MD & CEO, South Indian Bank
Federal Bank announced its audited financial results for the last quarter. The bank recorded highest ever annual net profit of Rs. 1243.89 crore with a growth of 41.54 per cent and quarterly net profit of Rs. 381.51 crore with a growth of 163.13 per cent. Quarterly operating profit was at Rs. 754.75 crore, recording a growth of 28.23 per cent. Total business of the Bank registered a growth of 20.28 per cent to reach Rs. 2,46,783.61 crore.
“The bank has once again delivered a robust operating performance, founded firmly on the strong growth momentum in both credit and liabilities. The tight performance of the Bank on the slippage front along with disciplined recovery has contributed significantly towards meeting the objectives of the quarter. Overall, it is an encouraging set of numbers”
– Shyam Srinivasan, MD & CEO, Federal Bank
Manappuram Finance declared its results for FY 2018-19 reporting a full year’s consolidated Profit After Tax of Rs 919.87 crore, a sharp increase of 36 per cent over the previous year. Consolidated net profit for the fourth quarter which ended March this year stood at Rs. 255.59 crore, compared to Rs.179.05 crore which the NBFC booked in Q4 of the preceding year.
“Overall, this has been a very good year for us. We were able to end the year on a positive note with strong Q4 numbers. Moreover, our new businesses have started to deliver on their potential, not only growing faster but also contributing meaningfully to profitability. We are now confident we will be able to carry the momentum into the next fiscal”
– V P Nandakumar, MD & CEO, Manappuram Finance
KITEX, the global leader in the manufacturing and export of garments has crossed the magical figure of Rs. 1000 crore in total revenue. In the financial year of 2018-19, KITEX registered a total revenue of Rs. 1005 crore which comprise of Rs. 630 crore by the listed entity KITEX Garments Limited and Rs. 375 crore by KITEX Childrens Wear Limited. KITEX Garments Limited’s standalone total revenue has reported a growth of 12.38 per cent in the fiscal.
“We are happy to touch the number of Rs. 1000 crore in total revenue. By 2025, our target is to attain a total revenue of Rs. 2165 crore from KITEX Garments Limited and Rs. 1000 crore from KITEX Childrens Wear Limited”
– Sabu M Jacob, MD & CEO, KITEX