FINANCIAL RESULTS Q2 FY 2015

KEY FINANCIALS

( ` in Millions)

2

NETWORTH

Sep-14 Jun-14 Mar-14 Sep-13 Growth%

Growth%

` ` ` ` YoY QoQ

Share Capital 3971 3971 3717 3717 7% 0%

Reserves & Surplus 44531 44648 38929 36383 22% 0%

48502 48619 42646 40100 21% 0%

75%

24%1%

Promoters & Relatives

FII,FC,MF & Others

Public

3

SHAREHOLDING PATTERN

(%) Shareholding as on Sept 30,2014

( ` in Millions)

4

ASSETS

Sep-14 Jun-14 Mar-14 Sep-13 Growth

YoY Growth

QoQ

` ` ` ` % %

Gross Retail Loan Assets Under Management 218020 214636 218615 244009 -11% 2%

Break up of Gross Retail Loan Assets Under Management:

Gold Loans under management 216971 213054 216179 240510 -10% 2%

Other Loans 1049 1582 2436 3499 -70% -34%

( ` in Millions)

5

LIABILITIES

Sep-14 Jun-14 Mar-14 Sep-13 Growth% Growth%

` ` ` ` YoY QoQ

Secured Non-Convertible Debentures (Muthoot Gold Bonds) 69392 76162 81580 91850 -24% -9%

Secured Non-Convertible Debentures - Listed 30832 25068 24735 19480 58% 23%

Borrowings from Banks/FIs 63036 54596 58033 87038 -28% 15%

Subordinated Debt 25240 25388 25367 24929 1% -1%

Subordinated Debt -Listed 1842 1174 980 309 496% 57%

Commercial Paper 90 90 90 0 0% 0%

Other Loans 3920 3793 4054 3136 25% 3%

Total 194352 186271 194839 226742 -14% 4%

( ` in Millions)

6

REVENUE & PROFIT

H1 FY 2015

H1 FY 2014 YoY

Q2 FY 2015

Q2 FY 2014 YoY

Q1 FY 2015 QoQ FY 2014

` ` %

Growth ` ` %

Growth ` %

Growth ` INCOME Interest Income 21290 25715 -17% 10488 12933 -19% 10802 -3% 49077 Other Income 245 161 52% 127 85 49% 118 8% 397

Total 21535 25876 -17% 10615 13018 -18% 10920 -3% 49474 EXPENDITURE

Interest Expense 10439 14317 -27% 5085 7021 -28% 5354 -5% 26260

Personnel Expenses 3099 2850 9% 1576 1441 9% 1523 3% 5917 Administrative & Other expenses 2044 2055 -1% 1059 1074 -1% 985 8% 4259

Provisions & Write Offs 120 165 -27% 40 81 -51% 80 -50% 438

Directors Remuneration 96 96 0% 48 48 0% 48 0% 192

Depreciation 408 223 83% 208 116 79% 200 4% 472

Total 16206 19706 -18% 8016 9781 -18% 8190 -2% 37538 PROFIT

Profit Before Tax 5330 6170 -14% 2600 3236 -20% 2730 -5% 11936

Profit After Tax 3509 4049 -13% 1707 2110 -19% 1802 -5% 7801

GEOGRAPHICAL SPREAD OF BRANCHES

7

No. of branches

551 707 985 1605 2733 3678 4082 4229 4270 4271 4265

0%

20%

40%

60%

80%

100%

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

East 1% 1% 2% 3% 4% 5% 5% 5% 5% 5% 5%

West 5% 6% 7% 10% 12% 13% 13% 14% 14% 14% 14%

North 8% 8% 10% 17% 18% 18% 17% 16% 16% 16% 16%

South 86% 85% 81% 70% 66% 64% 65% 65% 65% 65% 65%

6431 7569 1420121790 33001 73417

157281

244173

260004

240510216179

213054

216971

0

50000

100000

150000

200000

250000

300000

Mar-05 Mar-06 Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

GOLD LOAN PORTFOLIO

8

( ` in Millions)

Gold Loan Assets Under Management

9

15 16 2330

39 66

112

137 134 132118 116 120

0

20

40

60

80

100

120

140

160

Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

GOLD HOLDING (In tonnes)

Gold Jewellery kept as Security

0%

20%

40%

60%

80%

100%

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

East 0% 1% 1% 2% 3% 4% 5% 5% 6% 6% 6%

West 3% 4% 5% 8% 8% 10% 11% 12% 13% 14% 15%

North 13% 13% 14% 15% 15% 17% 19% 20% 22% 22% 22%

South 84% 82% 80% 75% 74% 69% 65% 63% 59% 58% 57%

GEOGRAPHICAL SPREAD OF GOLD LOAN PORTFOLIO

10

(` in Millions)

Gold Loans Assets

Under

Management

14201 21790 33001 73417 157281 244173 260004 240510 216179 213054 216971

17.24

17.4

25.7730.82

33.5045.74

57.55 66.39

63.69

56.8750.63

49.88

50.87

15

25

35

45

55

65

75

Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

AVERAGE GOLD LOAN OUTSTANDING PER BRANCH

11

( ` in Millions)

3.94

3.46 3.49

4.21

4.24

4.40

4.05

3.22

2.75

3.00

3.25

3.50

3.75

4.00

4.25

4.50

RETURN ON AVERAGE RETAIL LOAN ASSET

12

3.16 3.36 3.33 3.23 3.17

2.75

3.00

3.25

3.50

3.75

4.00

4.25

4.50

Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014

(In %)

(` in Millions)

13

NON-PERFORMING ASSETS & BAD DEBTS WRITTEN OFF

Sep 14 Jun 14 Sep 13 Mar 14

` ` ` `

Gross Non-Performing Assets 4549 3968 4675 4160

Provision For Non-Performing Assets 725 725 725 725

Net Non-Performing Assets 3824 3243 3950 3435

% of Gross NPA on Gross Retail Loans 2.09% 1.85% 1.92% 1.90%

% of Net NPA on Gross Retail Loans 1.75% 1.51% 1.62% 1.57%

Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014 FY 2014

` ` ` ` ` `

Bad Debts Written Off 23 19 80 103 79 224

(` in Millions)

36%

16%

32%

13%1% 2%

Secured Non-Convertible Debentures(Muthoot Gold Bonds)- 69392 (36%)

Secured Non-Convertible Debentures -Listed -30832 (16%)

Borrowings from Banks/FIs -63036 (32%)

Subordinated Debt - 25240 (13%)

Subordinated Debt - Listed -1842 (1%)

Commercial Paper - 90 (0%)

Other Loans-3920(2%)

14

(` in Millions)

LIABILITY MIX

SHORT TERM RATING

AMT OF RATING RATING INDICATES

COMMERCIAL PAPER

CRISIL Rs.4000crs CRISIL A1+

Degree of safety with regard to timely payment of interest & principal on the instrument is very strong

ICRA Rs.200crs ICRA A1+ Lowest credit risk & Stronger credit quality

BANK LOANS

ICRA Rs.5712crs ICRA A1+ Lowest credit risk & Stronger credit quality

LONG TERM RATING

SUBORDINATED DEBT

CRISIL Rs.100crs

CRISIL AA-(Stable)

High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.

ICRA Rs.100crs

ICRA AA-(Stable)

High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.

NON CONVERTIBLE DEBENTURE

CRISIL Rs.500crs

CRISIL AA-(Stable)

High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.

ICRA Rs.200crs

ICRA AA-(Stable)

High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.

BANK LOANS

ICRA Rs.6736crs

ICRA AA-(Stable)

High Degree of safety with regard to timely servicing of financial obligations and carry very low credit risk.

DEBT RATING

15

22

36

35

79

60

62

10

77

5

22

98

3

45

28

0

53

64

1

49

07

7

104 107 142119

175

210

230397

05000

10000150002000025000300003500040000450005000055000

Interest Income Other Income

BREAK-UP OF GROSS INCOME

10

48

8

12

93

3

10

80

2

21

29

0

25

71

5

127 85 118

245

161

0

5000

10000

15000

20000

25000

30000

Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014

16

5.38

4.59

5.45

4.72

4.28

4.02

4.08

4.46

3.50

4.00

4.50

5.00

5.50

6.00

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

OPERATING EXPENSES TO AVERAGE RETAIL LOANS

17

5.03

4.21

4.87 4.94

4.05

3.50

4.00

4.50

5.00

5.50

6.00

Q2 FY 2015 Q2 FY 2014 Q1 FY 2015 H1 FY 2015 H1 FY 2014

(%)

BREAK-UP OF OPERATING EXPENSES ( ` in Millions)

18

OPERATING EXPENSES Mar-14 Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Q2 FY 2015

Q2 FY 2014

Q1 FY 2015

H1 FY 2015

H1 FY 2014

Personnel Expenses 5917 5453 4145 2209 1169 677 405 266 1577 1442 1523 3100 2850

Rent 1542 1309 1042 603 290 131 82 47 412 383 402 814 739

Advertisement 702 579 866 647 331 208 67 36 144 195 153 297 365 Postage, Telegram and Telephone 364 243 184 115 72 27 18 28 101 92 91 192 163

Traveling and Conveyance 190 175 168 114 67 42 27 18 57 50 50 107 96

Printing and Stationery 185 168 155 111 69 44 32 19 40 37 33 73 83

Repairs and Maintenance 272 256 341 211 96 62 42 34 63 79 60 123 156 Legal and Professional Charges 216 86 60 114 34 16 11 10 74 36 65 139 73

Business Promotion Expense 279 332 267 119 45 25 18 15 16 61 15 31 122

Directors Remuneration 192 192 192 192 192 121 49 49 48 48 48 96 96 Depreciation and Ammortisation Expenses 475 454 329 180 149 99 74 71 212 117 203 415 223

Others 731 550 380 229 165 165 88 76 170 160 193 363 336 Provision For Standard & NPA Assets 214 765 351 323 21 7 7 1 17 62 0 17 87

Total 11279 10562 8480 5165 2701 1625 919 671 2931 2762 2836 5767 5389

670 970 1482

3456

7612

13312

15114

11936

440 636977

2276

4942

8920

10042

7801

0

2000

4000

6000

8000

10000

12000

14000

16000

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

PROFIT GROWTH

P B T

P A T 19

26

00

32

36

27

30

53

30 6

17

0

17

07

21

10

18

02

35

09

40

49

0

1000

2000

3000

4000

5000

6000

7000

Q2 FY2015

Q2 FY2014

Q1 FY2015

H1 FY2015

H1 FY2014

1598 2234 3712

5845

13344

29257

37356

40100

4264648619 48502

0

10000

20000

30000

40000

50000

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

NETWORTH ( ` In Millions)

20

35.1034.00

33.90

48.10

51.52

41.90

30.15

19.50

0

10

20

30

40

50

60

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

RETURN ON AVERAGE EQUITY (In % )

21

14.06

21.26

15.79 15.40

20.91

0

10

20

30

Q2 FY2015

Q2 FY2014

Q1 FY2015

H1 FY2015

H1 FY2014

22

CAPITAL ADEQUACY RATIO

Sep -14

Jun -14

Sep-13

Mar -14

Capital Adequacy Ratio 26.30% 26.79% 21.80% 24.69%

Tier I 20.32% 20.45% 15.30% 18.01%

Tier II 5.98% 6.34% 6.50% 6.68%

23

MARKET VALUE RATIO

Earnings per share (`) Q2 FY 2015 Q1 FY 2015 Q2 FY 2014 H1 FY 2015 H1 FY 2014 FY 2014

- Basic 4.30 4.63 5.67 8.93 10.89 20.99

- Diluted 4.25 4.60 5.67 8.85 10.89 20.99

Sep-14 Jun-14 Sep-13 Mar-14

Book Value per share (`) 122.00 122.29 107.72 114.73

Market price per share (`)* 204.40 188.30 90.20 172.00

Price to Earnings ratio ** 10.76 9.24 3.75 8.19

Price to Book Value ratio 1.68 1.54 0.84 1.50

*Source: www.nseindia.com **Based on trailing 12 months EPS

24

CAPITALISATION RATIO Sep-14 Jun-14 Sep-13 Mar-14

Outside Liabilities 215741 206005 244293 213293

Cash & Bank Balances 28849 18289 20363 20489

Tangible Networth 48442 48556 40041 42579

Capital Gearing 3.86 3.87 5.59 4.53

( ` in Millions)

3102 3999 5979

9745

16688

2535124881

25684

25012

24140

23390

3000

8000

13000

18000

23000

28000

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sep-13 Mar-14 Jun-14 Sep-14

HUMAN RESOURCES (No. of Employees)

25

26