*Magma Fincorp Ltd (Poonawala). -C* | *CMP* Rs. 164 | *M Cap* Rs. 12538 Cr | *52 W H/L* 199/35
(Nirmal Bang Retail Research)
*Result is above expectations* due to improvement in asset quality
NII came at Rs. 331.4 Cr vs expectation of Rs. 297.2 Cr, YoY Rs. 309 Cr, QoQ Rs. 276.8 Cr
PBP came at Rs. 157.7 Cr vs expectation of Rs. 175.3 Cr, YoY Rs. 177.4 Cr, QoQ Rs. 126 Cr
Provision came at Rs. 34 Cr vs expectation of Rs. 98 Cr, YoY Rs. 130.7 Cr, QoQ Rs. 49.4 Cr
PAT (After MI) came at Rs. 95.5 Cr vs expectation of Rs. 69.6 Cr, YoY Rs. 38 Cr, QoQ Rs. 64.5 Cr
Loan disbursed came at Rs. 2580 Cr vs YoY Rs. 830 Cr, QoQ Rs. 1732 Cr
O/s Loan Book came at Rs. 15275 Cr vs YoY Rs. 15571 Cr, QoQ Rs. 14424 Cr
Collection efficiency (incl arrears) is at 99.9% in Sep vs 98% in July and 93% in June.
Gross NPA (%) came at 4.1% vs QoQ 5.4%
Net NPA (%) came at 2% vs QoQ 2.7%
Restructured assets were Rs. 899 Cr (5.9%) vs QoQ Rs. 854 Cr (5.9%). PCR on Rstd assets is at Rs. 166 Cr or 18%.
COVID provision stands at Rs.147 Cr (1.0%)
Quarter EPS is Rs. 1.2
Share is trading at P/E of 20.2x FY23E EPS & 2.1x trailing P/BV