{"id":3629,"date":"2022-03-15T14:01:24","date_gmt":"2022-03-15T14:01:24","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=3629"},"modified":"2024-05-10T10:23:59","modified_gmt":"2024-05-10T10:23:59","slug":"muthoot-fincorp-ltd","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/","title":{"rendered":"SHOULD YOU INVEST IN MUTHOOT FINCORP LTD?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Company_Overview\" >Company Overview\u00a0\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Invest_Now\" >Invest Now\u00a0\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Capital_Structure\" >Capital Structure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Shareholding_of_Directors_and_Key_Managerial_Personnel\" >Shareholding of Directors and Key Managerial Personnel<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Financial_Overview\" >Financial Overview<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#a_Gross_Non-Performing_assets\" >a) Gross Non-Performing assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#b_Net_Non-Performing_assets\" >b) Net Non-Performing assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#c_Capital_adequacy_ratio\" >c) Capital adequacy ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#d_Interest_Coverage_Ratio\" >d) Interest Coverage Ratio.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#e_Long-Term-Debt_to_Equity_Ratio\" >e) Long-Term-Debt to Equity Ratio\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#f_Cash_flow_to_Debt_ratio\" >f) Cash flow to Debt ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#h_Loan_to_asset_ratio\" >h) Loan to asset ratio\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Ratio_Analysis\" >Ratio Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#Competitor_Analysis\" >Competitor Analysis<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/#News_that_trends\" >News that trends<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Company_Overview\"><\/span><strong>Company Overview\u00a0\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Muthoot Fincorp Ltd.(MFL) is a non-deposit taking, one of the leading NBFCs in the country. The NBFC primarily deals in lending against gold jewelry. It is the flagship company of the Muthoot Pappachan Group also popularly known as the Muthoot Blue Group, which has diverse business interests such as hospitality, real estate, and power generation. The company became the <strong>3rd Largest Gold loan NBFC in India and dispatched Gold loans around (AUM)- 15,883 Cr, 96.3% of the total loan book.<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3640\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-1024x484.jpg\" alt=\"Company Overview\u00a0of MUTHOOT FINCORP LTD\" width=\"578\" height=\"273\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-1024x484.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-300x142.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-768x363.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-1536x727.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-1170x553.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001-585x277.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121413\/table001.jpg 1575w\" sizes=\"(max-width: 578px) 100vw, 578px\" \/><\/p>\n<p style=\"text-align: center;\">Investing in these <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> can not only help you beat market volatility, but they also ensure monthly payment directly into your bank account.<\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Invest_Now\"><\/span><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/goldenpi.com\/bonds\/INE549K08327\/muthoot-fincorp-limited-1026-bond-yield?src=view_details\">Invest Now\u00a0\u00a0<\/a><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Capital_Structure\"><\/span><strong>Capital Structure<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3642\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121558\/muimg1.jpg\" alt=\"Capital Structure IN MUTHOOT FINCORP LTD\" width=\"576\" height=\"346\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121558\/muimg1.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121558\/muimg1-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15121558\/muimg1-585x352.jpg 585w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Shareholding_of_Directors_and_Key_Managerial_Personnel\"><\/span><strong>Shareholding of Directors and Key Managerial Personnel<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><img decoding=\"async\" class=\"aligncenter wp-image-3649\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-1024x375.jpg\" alt=\"Shareholding of Directors and Key Managerial Personnel\" width=\"575\" height=\"211\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-1024x375.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-300x110.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-768x281.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-1536x562.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-1170x428.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2-585x214.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122958\/table2.jpg 1572w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/h3>\n<ul>\n<li>Issuer has raised Rs. 618 crore via public issue since 2020 (out of which secured borrowings were Rs.1,384 crore and unsecured borrowings were Rs. 234 crore).<\/li>\n<li>Unsecured borrowings via public issue has been raised at a coupon of 9-9.75% p.a,p.m<\/li>\n<\/ul>\n<p><b>Company\u2019s growth statistics <\/b><\/p>\n<ul>\n<li>Serving over 5 million customers.<\/li>\n<li>Total number of branches across India &#8211; 4200+<\/li>\n<li>Total asset under management &#8211; Rs.18,701 Cr<\/li>\n<li>Credit Cost 0.2%<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><strong>Financial Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The company has had exponential financial growth over the years ever since its inception.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As on September 30, 2021, the total gold holding stood at 51.40 tonnes (50.59 tonnes as on March 31, 2020). AUM per branch has increased to around Rs.4.51 crore as on September 30, 2021.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MFLs collection efficiency stands at 97.5% as of March 2021. The company has made a collection of 8000 Cr till Sep 2021 making its liquidity strong. As the company will be able to meet its debt obligations timely.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supported by experienced promoters, MFL has established a market position in gold financing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The operations of NBFC are geographically constrained. It majorly operated in South India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improvement in asset quality of the non-gold loan segment.<\/span><\/li>\n<\/ul>\n<p>Table 1 showcases the company&#8217;s Revenue, Expenses, EBIT (Earnings before interest and taxes) and PAT (Profit After Tax) for the last five years.\u00a0(In crores)<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3646\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-1024x232.jpg\" alt=\"Financial Overview of MUTHOOT FINCORP LTD\" width=\"597\" height=\"135\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-1024x232.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-300x68.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-768x174.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-1170x265.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3-585x133.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15122525\/table3.jpg 1455w\" sizes=\"(max-width: 597px) 100vw, 597px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Table2 ,showcases how the company\u2019s cash-in flow has been\u00a0 for the last 5 years.(In crores)<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3655\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-1024x503.jpg\" alt=\"Financial Overview of MUTHOOT FINCORP LTD\" width=\"600\" height=\"295\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-1024x503.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-300x147.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-768x377.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-1170x575.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4-585x287.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15124253\/table4.jpg 1455w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><strong>How aforementioned terms have been referred .\u00a0<\/strong><\/p>\n<ul>\n<li><strong>\u00a0Cash flow<\/strong> refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.<\/li>\n<li><strong>Cash flow from operating activities<\/strong> reflects the amount a company generates through its product of services.<\/li>\n<li><strong>Cash flow from investing activities<\/strong> reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/li>\n<li><strong>Cash flow from financing activities<\/strong> gives an insight into the financial stability of a company to its investors. It reflects the net flows of cash that are used to fund the company.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"a_Gross_Non-Performing_assets\"><\/span><strong>a) Gross Non-Performing assets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is an absolute number and explains how much of a NBFC\u2019s loans are in danger of not being repaid. A loan turns into a NPA if the interest has not been paid for 3 months. A high GNPA denotes that the NBFCs asset quality is in very poor shape.<\/span><\/p>\n<p><b>Benchmark &#8211; Lower the ratio the better it is.<\/b><\/p>\n<p>Chart 1 depicts how the Gross NPA performance\u00a0 for the last five years and the ratio ranges from 1.9 to 2.87.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3658 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125031\/muimg2.jpg\" alt=\"Gross Non-Performing assets of MUTHOOT FINCORP LTD\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125031\/muimg2.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125031\/muimg2-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125031\/muimg2-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"b_Net_Non-Performing_assets\"><\/span><strong>b)<\/strong> <strong>Net Non-Performing assets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Net NPA is the subtraction of provisions related to unpaid debt from GNPA. This gives the exact value of bad loans. It is a better indicator of NBFCs&#8217; health.<\/p>\n<p><strong><em>Benchmark <\/em><\/strong>&#8211; While there is no universally acknowledged official &#8216;acceptable&#8217; limit for NPAs, bad loans within 6 per cent are considered manageable. With something above 6% is alarming for RBI.<\/p>\n<p>Chart 2 represents NET NPA performance\u00a0 for the last five years and performance is on the positive side.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3660 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125326\/muimg3.jpg\" alt=\"Net Non-Performing assets of MUTHOOT FINCORP LTD\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125326\/muimg3.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125326\/muimg3-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15125326\/muimg3-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"c_Capital_adequacy_ratio\"><\/span><strong>c) Capital adequacy ratio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Capital Adequacy Ratio (CAR) is a measure of the degree to which the company&#8217;s capital is available to absorb unexpected loss; high CAR also indicates the ability of the company to undertake additional business.<\/p>\n<p><strong><em>Benchmark &#8211; <\/em><\/strong>The norms require all non-deposit taking NBFCs to have a minimum capital adequacy ratio of 15%.<\/p>\n<p>Chart 3 represents Capital Adequacy ratio performance was for the last five years. The performance has consistently been above the required adequacy ratio.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3667 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130435\/muimg4.jpg\" alt=\"Capital adequacy ratio of MUTHOOT FINCORP LTD\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130435\/muimg4.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130435\/muimg4-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130435\/muimg4-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"d_Interest_Coverage_Ratio\"><\/span><strong>d) Interest Coverage Ratio<\/strong>.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The ratio indicates the power of a firm\u00a0meeting its interest obligations that arise out of the borrowings made by the corporate within the sort of long-term debt. The lower the interest coverage ratio, the more the company&#8217;s debt burden and therefore the greater the likelihood of bankruptcy or default. A far better ratio indicates a better financial health because it means the corporate is more capable of meeting its interest obligations from operating earnings.<\/p>\n<p><strong><em>How to calculate\u00a0interest coverage ratio; ICR= EBITDA\/INTEREST EXPENSE<\/em><\/strong><\/p>\n<p><strong><em>Benchmark &#8211;<\/em><\/strong> Generally, an interest coverage ratio of at least two (2) is considered the minimum acceptable amount for a company that has solid, consistent revenues. Analysts prefer to see a coverage ratio <strong>of three (3) or better<\/strong>.<\/p>\n<p>Chart\u00a0 4 represents interest coverage ratio performance\u00a0 for the last five years<strong>.<\/strong> <span style=\"color: #000000;\">The consistency was below par.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3670 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130906\/muimg5.jpg\" alt=\"Interest Coverage Ratio\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130906\/muimg5.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130906\/muimg5-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15130906\/muimg5-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"e_Long-Term-Debt_to_Equity_Ratio\"><\/span><strong>e) Long-Term-Debt to Equity Ratio\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Long-Term-Debt-to-Equity ratio reflects the risk appetite of the company. It is an exceedingly important leverage ratio. It explains the ability of a company to make payments associated with long-term debt.<\/p>\n<p>The debt to equity ratio helps ascertain the company&#8217;s long-term financial position. A higher debt to equity ratio indicates that more creditor financing (bank loan) is being used in running the business than investor funding (owner&#8217;s funds). The fact is that no matter how bad sales\/earnings are, every business has to service the debt. When the earnings are low, the owner&#8217;s funds can provide a cushion to meet the administration and operational expenses. And also make debt payments at the same time.<\/p>\n<p><strong><em>Benchmark-<\/em><\/strong> Not more than 7:<\/p>\n<p>Chart 5 represents interest Long term debt to equity ratio performance for the last five years.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3671 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131205\/muimg6.jpg\" alt=\"Long-Term-Debt to Equity Ratio\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131205\/muimg6.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131205\/muimg6-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131205\/muimg6-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"f_Cash_flow_to_Debt_ratio\"><\/span><strong>f) Cash flow to Debt ratio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cash flow to Debt ratio is a coverage ratio. It indicates the time taken by the company to pay off its debt by utilising its operating cash flow.<\/p>\n<p><strong><em>Benchmark-<\/em><\/strong> A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.<\/p>\n<p>Chart 6 represents interest cash flow to debt ratio performance for the last five years and <span style=\"color: #ff0000;\"><span style=\"color: #000000;\">has been inconsistent over<\/span><\/span><span style=\"color: #000000;\"> the years.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3673 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131702\/muimg7.jpg\" alt=\"Cash flow to Debt ratio\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131702\/muimg7.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131702\/muimg7-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131702\/muimg7-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"h_Loan_to_asset_ratio\"><\/span><strong>h) Loan to asset ratio\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The loan to assets ratio measures the entire loan outstanding as a percentage of total assets. The higher this ratio indicates a NBFC is loaned up, and its liquidity is low. The lower the ratio, the risky a bank could also be to higher defaults.<\/p>\n<p>How to calculate loan to asset ratio; <strong>LAR= TOTAL DEBT\/TOTAL ASSETS<\/strong><\/p>\n<p><strong>Benchmark <\/strong>&#8211; Typically, the ideal loan-to-deposit ratio is <strong>80% to 90%<\/strong>. A loan-to-deposit ratio of 100% means a NBFC loaned one dollar to customers for every dollar received in deposits it received.<\/p>\n<p>Chart\u00a0 7 represents a loan to asset ratio performance for the last five years and <span style=\"color: #000000;\">has been fluctuating over the years. <\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3674 size-full\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131951\/muimg8.jpg\" alt=\"Loan to asset ratio\" width=\"624\" height=\"375\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131951\/muimg8.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131951\/muimg8-300x180.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15131951\/muimg8-585x352.jpg 585w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><strong>Ratio Analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-3677\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-1024x674.jpg\" alt=\"Ratio Analysis of MUTHOOT FINCORP LTD\" width=\"581\" height=\"382\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-1024x674.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-300x198.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-768x506.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-1536x1012.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-1170x771.jpg 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO-585x385.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15134836\/RATIO.jpg 1605w\" sizes=\"(max-width: 581px) 100vw, 581px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Competitor_Analysis\"><\/span><strong>Competitor Analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><img decoding=\"async\" class=\"aligncenter wp-image-3679\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15135230\/muimg9.jpg\" alt=\"Competitor Analysis of MUTHOOT FINCORP LTD\" width=\"513\" height=\"379\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15135230\/muimg9.jpg 624w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15135230\/muimg9-300x222.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/03\/15135230\/muimg9-585x432.jpg 585w\" sizes=\"(max-width: 513px) 100vw, 513px\" \/><\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"News_that_trends\"><\/span><strong>News that trends<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li><a href=\"https:\/\/www.thehindubusinessline.com\/money-and-banking\/muthoot-fincorps-subsidiary-to-open-400-facility-centres-pan-india\/article65186492.ece\"><span style=\"font-weight: 400;\">MFL subsidiary plans to open 400 facility centres pan India for providing services such as loans and other financial products.<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.livemint.com\/companies\/news\/muthoot-fincorp-acquires-54-stake-in-paymatrix-11624295621114.html\"><span style=\"font-weight: 400;\">Focusing on digital payment segment MFL bought a stake of 54% in Paymatrix, an Hyderabad-based fintech startup.<\/span><\/a><\/li>\n<\/ul>\n\n","protected":false},"excerpt":{"rendered":"<p>Company Overview\u00a0\u00a0 Muthoot Fincorp Ltd.(MFL) is a non-deposit taking, one of the leading NBFCs in the country. The NBFC primarily deals in&hellip;<\/p>\n","protected":false},"author":4,"featured_media":3628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[152],"tags":[],"class_list":["post-3629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-muthoot-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SHOULD YOU INVEST IN MUTHOOT FINCORP LTD? - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"SHOULD YOU INVEST IN MUTHOOT FINCORP LTD?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/muthoot-finance\/muthoot-fincorp-ltd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHOULD YOU INVEST IN MUTHOOT FINCORP LTD? 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