FINANCIAL RESULTS Q1 FY 2012

KEY FINANCIALS
(Rs. In Millions)

NETWORTH

Share Capital
Reserves &
Surplus

June 30,2011

March 31,2011

June 30,2010

Rs.

Rs.

Rs.

Growth %
QoQ

YoY

3717

3202

3010

16.08%

23.49%

20247

10139

3680

99.68%

450.16%

23964

13341

6690

79.62%

258.20%

(Rs. In Millions)

ASSETS
June
30,2011
Rs.
Gross Retail Loan Assets Under
Management

March
31,2011

June
30,2010

Rs.

Rs.

Growth %
QoQ

YoY

179492

158685

91364

13%

96.5%

178035

157281

90403

13%

96.9%

1345

1311

914

3%

47.2%

112

93

47

Break up of Gross Retail Loan Assets Under

Management:

Gold Loans under management

Loans against NCDs
Other Loans

20% 138.3%

(Rs. In Millions)

LIABILITIES
March
June 30,2011 31,2011
Rs.
Secured Non-Convertible Debentures
(Muthoot Gold Bonds)

Rs.

44108

Secured Non-Convertible Debentures - Listed

Unsecured Non-Convertible Debentures
Unsecured Non-Convertible Debentures Listed
Borrowings from Banks

QoQ

29071

2150-

4500

Growth %

Rs.

39832

2150
-

June
30,2010

YoY

11%

51.7%

2000-

2000-

72885

60528

30783

20%

136.8%

Subordinated Debt

8376

7106

3675

18%

127.9%

Commercial Paper

11715

6948

2687

69%

336.0%

Sell down of Receivables under Bilateral

Assignments

23991

41864

22833

-43%

5.1%

872

821

838

6%

4.1%

168597

161249

91888

5%

83.5%

Other Loans

Total

(Rs. In Millions)

REVENUE & PROFIT

INCOME
Interest Income
Other Income

Q1 FY 2012
Q1 FY 2011
YoY
FY 2011
Rs.
Rs.
% Growth
Rs.
9142
3791
141%
22983
55
36
51%
175
Total
9197
3827
140%
23158

EXPENDITURE
Interest Expense
Personnel Expenses
Administrative & Other
expenses
Directors Remuneration
Depreciation
Total
PROFIT
Profit Before Tax
Profit After Tax

4407

1721

156%

10326

815

416

96%

2210

967
48
60
6297

338
48
34
2563

186%
0%
77%
145%

2639
192
180
15547

2900
1905

1270
848

128%
125%

7612
4942

Geographical Spread of Branches

110%
90%
70%
50%
30%
Mar-07 Mar-08 Mar-09 Mar-10 Jun-10 Mar-11 Jun-11
East
1%
1%
2%
3%
3%
4%
4%
West
5%
6%
7%
10%
10%
12%
13%
North 8%
8%
10%
17%
17%
18%
18%
South 86%
85%
81%
70%
70%
66%
65%
No. Of
Branches

551

707

985

1605

1763

2733

2997

178035

136756

114468

90403

73417

33001

21790

14201

7569

6431

200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0

157281

(Rs. In Millions)

Gold Loan Portfolio

Gold Loan Assets Under Management

Gold Holding

100

16

20

15

30

40

23

60

39

66

80

77

90

102

120

120

140

112

(In tonnes)

Gold Jewellery kept as Security (tonnes)

Geographical Spread of Gold Loan Portfolio

105%
100%
95%
90%
85%
80%
75%
70%
65%
60%

Mar-07 Mar-08 Mar-09 Mar-10 Jun-10 Mar-11 Jun-11

East
0%
1%
1%
2%
3%
3%
3%
West
3%
4%
5%
8%
8%
8%
8%
North 13%
13%
14%
15%
14%
15%
15%
South 84%
82%
80%
75%
75%
74%
74%
(Rs. In Millions)
Gold Loans Assets
Under Management

14201

21790

33001

73417

90403

157281

178035

Average Gold Loan Outstanding Per Branch

(Rs. In Millions)

65

59.4

57.2

60

55

51.28

50

56.17

57.55

45
45.74

40

33.5

35

30

25.77

30.82

25
20
15

17.24
17.4

10

Return on Average Retail Loan Asset

4.40

4.24%

4.4

4.20
4.00

4.21%
3.94%

4.2

3.80

3.60

3.8
3.49%

3.40
3.20
3.00

4.51%

4.6

3.46%

4.09 %

3.6
3.4

3.2
3
Q1 Jun10

Q1 Jun11

11

(Rs. In Millions)

Non-Performing Assets & Bad Debts written off

Q1 FY 2012
Gross Non-Performing Assets (Rs. )

Q1 FY 2011

FY 2011

548

381

460

77

59

70

471

323

390

% of Gross NPA on Gross Retail Loans

0.31%

0.42%

0.29%

% of Net NPA on Gross Retail Loans

0.26%

0.36%

0.25%

18

Provision For Non-Performing Assets (Rs.)

Net Non-Performing Assets (Rs.)

Bad Debts Written Off (Rs.)

12

(Rs. In Millions)

LIABILITY MIX
1%
3%
14%

5%

Secured Non-Convertible Debentures 44108

7%

Secured Non-Convertible Debentures Listed - 2150

Bank Borrowings - 72885

26%
Sell down of receivables under Bilateral
Assignment - 23991
Unsecured Non-Convertible Debentures Listed - 4500

43%

Other Loans- 872

1%

Subordinated Debt (Tier II Capital) 8376

Commercial Paper - 11715

13

DEBT RATING
SHORT TERM RATING
AMT OF RATING

RATING

INDICATES

COMMERCIAL PAPER
CRISIL
ICRA
BANK LOANS
ICRA

Rs.4000crs
Rs.200crs

A1+
A1+

Degree of safety with regard to timely payment of interest &

principal on the instrument is very strong
Lowest credit risk & Stronger credit quality

Rs.4073crs

A1+

Lowest credit risk & Stronger credit quality

LONG TERM RATING

SUBORDINATED DEBT
CRISIL
ICRA

Rs.100crs
Rs.100crs

High Degree of safety with regard to timely payment of interest

AA-(Stable) & principal on the instrument
AA-(Stable) High quality credit rating & Lowest credit risk

Rs.500crs
Rs.200crs

High Degree of safety with regard to timely payment of interest

AA-(Stable) & principal on the instrument
AA-(Stable) High quality credit rating & Lowest credit risk

Rs.3572CRS

AA-(Stable) High quality credit rating & Lowest credit risk

NON CONVERTIBLE
DEBENTURE
CRISIL
ICRA
BANK LOANS
ICRA

14

Geographical Spread of Gold Bond

100%

90%
80%
70%
60%
50%

Mar-08
East
0%
West
2%
North
5%
South 93%

Mar-09
0%
2%
6%
92%

Mar-10
1%
4%
9%
86%

Jun-10
1%
4%
10%
85%

Mar-11
1%
6%
12%
81%

Jun-11
1%
6%
13%
80%

(Rs. In Millions)

Muthoot Gold
Bond Portfolio

12403

19019

27192

29071

39832

44107

15

Geographical Spread of Subordinated Debt

105%
100%
95%
90%

85%
80%
75%
70%
East
West
North
South

Mar-09
0%
1%
4%
95%

Mar-10
0%
2%
10%
88%

Jun-10
1%
2%
10%
87%

Mar-11
1%
4%
12%
83%

Jun-11
1%
4%
12%
83%
(Rs. In Millions)

Subordinated
Debt Portfolio

1099

3246

3675

7105

8376

16

Break-Up of Gross Income

Interest Income

Other Income

12000

26000
24000

175

55

22000
20000
8000

18000
16000
14000
12000

119

22983

10000

4000

8000

10775

107

4000
0

9142

142

6000
2000

36

104

2236

3791

6062
3579

0
Mar 07

Mar-08

Mar-09

Mar-10

Mar-11

Q1 Jun 10 Q1 Jun 11

17

19.94

17

15.0%

13
11

9
7

10.0%

11.09

11.07

11.17

9.78

10.86

10.6

8.95 9.69

8.3%

15

11.2%

20.0%

10.0%

19.72

18.3%

25.0%

10.4%

21.6%

Yield on Retail Loan and NIM

23
21.67
21
20.04
19.47
19

8.77

5.0%

8.86
0.0%

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11

Q1 Jun-10

Q1 Jun-11

Interest Income on Average Retail Loan

Interest Expense on Average Retail Loan
Net Interest Margin

18

20.04
19.72

19.47

19

21.63%

21

25.00%

21.67

19.94

20.00%

18.30%

Interest Spread
23

13

11.24
10.04

11

11.88

11.53
10.9

9.79
9

8.8

9.43

10.00%

8.41

10.94%

8.36%

15

9.94%

15.00%

10.69%

17

5.00%

8.82

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11

0.00%
Q1 Jun-10

Q1 Jun-11

Interest Income on Average Retail Loan

Interest Expenses on Average Outside Liabilities

Interest Spread

19

Operating Expenses to Average Retail Loans

4.4

4.33

4.3
5.5

5.45

5.38

4.1

5
4.5
4
3.5

4.2
4.72

4.59

4
3.9

4.33

3.87

3.8
3.7
3.6
3.5
Q1 Jun 10

Q1 Jun 11

20

Break-Up of Operating Expenses

(Rs. in Millions)

OPERATING EXPENSES
Personnel Expenses
Rent
Advertisement
Postage, Telegram and Telephone
Traveling and Conveyance
Printing and Stationary
Repairs and Maintenance
Legal and Professional Charges
Business Promotion Expense
Directors Remuneration
Depreciation
Others
Provision For Standard & NPA Assets
Total

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Jun-10 Jun-11

266
405
677
1169
2209
416
815
47
82
131
290
603
105
216
36
67
208
331
647
56
266
28
18
27
72
115
24
43
18
27
42
67
114
22
39
19
32
44
69
111
22
39
34
42
62
96
211
32
98
10
11
16
34
114
8
25
15
18
25
45
119
7
56
49
49
121
192
192
48
48
71
74
99
149
180
34
60
76
88
165
165
284
41
82
1

21

323

22

104

671

919

1625

2701

5220

836

1890

21

Break-Up of Operating Expenses

OPERATING EXPENSES
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Jun-10 Jun-11
Personnel Expenses
40%
44%
42%
43%
42%
50%
43%
Rent
7%
9%
8%
11%
12%
13%
11%
Advertisement
5%
7%
13%
12%
12%
7%
14%
Postage, Telegram and Telephone
4%
2%
2%
3%
2%
3%
2%
Traveling and Conveyance
3%
3%
3%
2%
2%
3%
2%
Printing and Stationary
3%
3%
3%
3%
2%
3%
2%
Repairs and Maintenance
5%
5%
4%
4%
4%
4%
5%
Legal and Professional Charges
1%
1%
1%
1%
2%
1%
1%
Business Promotion Expense
2%
2%
2%
2%
2%
1%
3%
Directors Remuneration
7%
5%
7%
7%
4%
6%
3%
Depreciation
11%
8%
6%
6%
3%
4%
3%
Others
11%
10%
10%
6%
5%
5%
4%
Provision For Standard & NPA
Assets
0%
1%
0%
1%
6%
3%
5%
Total

100%

100%

100%

100%

100%

16%

36%

22

PROFITABILITY RATIOS

Q1 FY 2012
Rs.

Q1 FY 2011
Rs.

FY 2011
%

Interest expense to Gross Income

47.9%

45.0%

44.6%

Selling, General and Administrative expenses to Gross Income

19.9%

21.0%

21.8%

Depreciation to Gross Income

0.7%

0.9%

0.8%

Operational expenses to Gross Income

68.5%

66.8%

67.1%

OPBDT / Gross Income

32.2%

34.1%

33.6%

OPBT / Gross Income

31.5%

33.2%

32.9%

PBT / Gross Income

31.5%

33.2%

32.9%

PAT / Gross Income

20.7%

22.2%

21.3%

(based on gross income)

23

Q1 FY 2012

Q1 FY 2011

FY 2011

Rs.

Rs.

Interest income to avg. retail loans

21.63%

18.30%

19.72%

Interest expense to avg. retail loans

10.43%

8.31%

8.86%

Net Interest Margin

11.20%

9.99%

10.86%

Other income to avg. retail loans

0.13%

0.18%

0.15%

Net Income Including Other Income

11.33%

10.16%

11.01%

Selling, general and administrative expenses to avg. retail loans

4.33%

3.87%

4.33%

PBDT to avg. retail loans

7.00%

6.29%

6.69%

Depreciation to avg. retail loans

0.14%

0.16%

0.15%

PBT to avg. retail loans

6.86%

6.13%

6.53%

Tax to avg. retail loans

2.35%

2.04%

2.29%

PAT to avg. retail loans

4.51%

4.09%

4.24%

Cash Profit to avg. retail loans

4.65%

4.26%

4.39%

(based on gross average retail loans)

24

Profit Growth
8000

7612

7000

4942

5000
4000

3456

3000

1482
670

970

440

2500

636

977

1905

2000
2276

1500

1000

1000
0

2900

3000

6000

2000

3500

1270
848

500
0
Q1 Jun10

Q1 Jun11

PBT
PAT

25

Networth

(Rs. In Millions)

26000
23964
21000
16000
13342
11000
5842

6000

2131

6690

3614

1592
1000
Mar 07

Mar-08

Mar-09

Mar-10

Jun-10

Mar-11

Jun-11

26

(In Percentage)

Return on Average Equity

60.00%

55
51.5

50

48.1
45
40

54.13

50.00%

40.84
40.00%
30.00%

35.1

20.00%

35
34

33.9

10.00%

30
0.00%

Q1 Jun 10

Q1 Jun 11

27

CAPITALISATION RATIOS

June 30,2011

March 31,2011

June 30,2010

Capital Adequacy Ratio

19.19%

15.82%

13.64%

Tier I

14.51%

10.62%

9.10%

Tier II

4.68%

5.20%

4.55%

Book Value Per Share (Rs.)

64.47

41.67

22.23

28

CAPITALISATION RATIOS

(Rs. In Millions)

June 30,2011

March 31,2011

June 30,2010

Gross Outside Liabilities(including

assigned loans) (Rs.)

175332

168184

96334

Outside Liabilities(excluding
assigned loans) (Rs.)

151340

126320

73502

Cash & Bank Balances (Rs.)

11315

13755

8114

9043

10989

6574

23964

13342

6690

Capital Gearing(Gross)

6.84

11.57

13.19

Capital Gearing(Net)

5.94

8.64

10.00

Unencumbered Cash & Bank

Balances (Rs.)
Tangible Networth (Rs.)

29

Human Resources
21000
19125

No: Of Employees

19000
17000

16688

15000
13000
11000
9745

9000
7000
5000

3102

3999

5979

3000
Mar 07

Mar-08

Mar-09

Mar-10

Mar-11

Jun-11

30