Manappuram Finance shares trade ex-dividend today

Manappuram Finance dividend 2023 record date: Shares of Manappuram Finance traded ex-dividend on Wednesday, August 23. The Kerala-based NBFC has announced an interim dividend of Re 0.8 per equity share of Rs 2 each. Manappuram Finance opened at Rs 147.1, rose nearly 1 per cent to touch the day's high at Rs 148.4 on NSE. Manappuram Finance shares finished at Rs 146.1, down 0.03 per cent on NSE. 

Manappuram Finance dividend payment date

The interim dividend shall be dispatched on or before September 8 as per the company's communique.

Manappuram Finance dividend history 

Source: NSE

Manappuram Finance shares: What should investors do? 

Nirmal Bang Securities recommends a buy on Manappuram Finance with a target price of Rs 172 valuing it at 1.2x June 2025E consolidated ABVPS. The brokerage sees an 18 per cent upside on the counter and remains positive on the company’s growth prospects as a diversified lender.

MGFL reported healthy numbers with NII/PPOP/PAT higher by 1.3 per cent/9.8 per cent/9.8 per cent, respectively than the Nirmal Bang's estimates. PAT grew by 23 per cent/31 per cent QoQ/YoY to Rs 3.8 billion, the brokerage said. Vehicle Finance, Home Loans, MFI and MSME segments increased by 60 per cent, 37 per cent, 45 per cent and 123 per cent YoY, respectively. But, growth in the core Gold Loan segment remained subdued, increasing by only 0.6 per cent YoY, the brokerage added. 

The company's net yields on gold loans increased to 21.6 per cent vs 21 per cent in 4QFY23. The management is confident of maintaining gold yields at 21-22 per cent and growing AUM at 10-12 per cent, the brokerage said. For Asirvad (MFI), the management seeks growth of nearly 30-35 per cent going forward. MFI credit cost stood at 3.8 per cent in 1QFY24 due to a write-off of Rs 570 million, but no write-offs are expected in the coming quarters. Credit cost for FY24 is expected at nearly 2-2.5 per cent.

Standalone CoB increased by 20 bps to 8.3 per cent and is likely to increase further by 20 bps in 2QFY24. The company's Opex remains elevated with C/I at 44 per cent and the management indicated that the Opex-to-AUM ratio is expected to decline, furthermore, the brokerage said in its report released on August 11, 2023. 

Manappuram Finance share price history

Manappuram Finance's stock has given a positive return of nearly 50 per cent in the last 12 months (from August 23, 2022). In comparison, the headline index Nifty 50 has rallied over 10 per cent.

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