Terms of reference of the Nomination and Remuneration Committee include the following: The Board carried out annual evaluation of its own performance, its Committees and individual Directors based on criteria and framework adopted by the Board and in accordance with existing regulations.
Spreads rose from The business has a long way to go in that respect. Unfortunately Gold prices are not in a secular bull run. In fact they are in a bear market. Post which a crash is Gold prices is highly likely. The stock though may enter a frenzy buying spree like the upper circuit performance witnessed today as market sentiment turns super bullish on Gold.
So stock prices may have steam left. But whoever is entering should take into account that this is a cyclical stock and be sure about their analysis on Gold prices.
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Going to be progressively getting out of the stock as Gold prices peak. So they have huge scope to grow without having to sacrifice on the margins. Also the improvement in margins have Muthoot finance limited annual report not bcos of increase in lending rates, but a fall in interest cost as well as reduced losses on account of better collections and shorter duration loans.
One cannot compare this to a bank loan where margins are substantially lower bcos of the lower size and tenure of the loans. Banks are not equipped to deal with the kind of volumes and low value loans that these gold loan companies deal with. Though I am in the camp which believes that gold prices are headed much higher - gold has peaked when gold: When I look at Keynesian central bankers, this becomes a no brainer for me.
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However, those are our personal bets, and everyone should form their own opinion. Here the risk is of rising NPAs and recovery by auctioning gold at reduced prices. In general for a business this is a major risk, but here it is the lesser of two devils, though it is more probable rather its a question of when, not if we meet this devil in my opinion.
Since they expect cr. This concurs with growth guidance, which assumes stable gold prices. But I think Manappuram will do well with stable gold prices. In the later case though it would be a double hit for their revenues.
What drives the cyclical nature of their revenues is Gold prices. This is a crude approximation of course.
But it is essentially meant to highlight that even management forecasts may not be very reliable assuming Gold prices are stable for 2 years is quite a wild assumption that can go anywhere, hardly reliable.
Of course if one has strong reasons to believe that Gold prices would stay strong or stabletheir diversification is still a positive step and their guidance may well be met. In any case at least for say a couple of quarters my opinion is also that Gold prices will be supportive to their business.
But, In my opinion even if the management puts in its best effort, the fate of this stock is primarily tied to the trend in Gold prices. Also what I feel is that there is very little competition from organised sector. The management is clearly not considering banks as competition and local moneylenders are their competitors.
With an increased AUM and decreasing cost of funds the margins can be sustained. My only worry is that AUM per branch is not growing and with branches I dont know how much more branches they can add.Ravi V has shared this link where you can enter your IFCI infrastructure bond application number and see the allotment status.
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