Decline in Core Business Revenue Led 63.83% Fall in Net Profit of Mirmire Laghubitta for Q3; NPL Rose to 4.93%
Wed, May 10, 2023 1:17 PM on Latest, Financial Analysis, Stock Market,
Mirmire Laghubitta Bittiya Sanstha Limited (MMFDB) published the third-quarter report of FY 2079/2080 with the decline of 63.83% in Net Profit. As per the report published by the company, the net profit decreased to Rs. 6.96 crore as compared to Rs. 19.24 crore in the corresponding quarter of the previous year.
The borrowings of the company decreased by 10.31% to Rs. 5.08 Arba which was Rs. 5.67 Arba in the corresponding quarter of the previous year. The deposits of the company decreased by 1.20% to Rs 2.70 arba. Likewise, The company’s loans and advances decreased by 4.92% to 8.42 Arba in this quarter.
The net interest income (core revenue) has decreased by 24.02% to Rs. 34.43 crores compared to Rs. 45.31 crores in the corresponding quarter of the previous year. The provision for possible losses has increased by 15.71% to stand at Rs. 1.55 Crores, both of which has vastly impacted the net profit of the company for this period.
The paid-up capital of the company stood at Rs. 65.33 crores in this quarter and its reserve and surplus stood at Rs. 37.50 crores.
The company NPL inclined to 4.93% from 1.94%. Its cost of funds rises to 11.57% from 10.08% and capital adequacy stands at 9.48%
Its annualized earnings per share (EPS) stand at Rs. 14.21. The net worth per share is Rs. 157.40. The company traded at a P/E multiple of 42.38 times.
Major Highlights:
| Particulars (In Rs '000) | Mirmire Laghubitta | ||
|---|---|---|---|
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 653,382.63 | 522,085.39 | 25.15% |
| Retained Earnings | 36,119.22 | 152,218.96 | -76.27% |
| Reserves | 338,934.22 | 304,873.35 | 11.17% |
| Borrowings | 5,089,108.49 | 5,674,055.84 | -10.31% |
| Deposits from Customers | 2,709,442.75 | 2,742,302.04 | -1.20% |
| Loans and Advances to Customers | 8,426,174.46 | 8,862,633.66 | -4.92% |
| Net Interest Income | 344,323.37 | 453,155.15 | -24.02% |
| Personnel Expenses | 209,301.57 | 218,977.55 | -4.42% |
| Impairment Charges | 15,540.77 | 13,431.03 | 15.71% |
| Operating Profit | 99,448.76 | 274,924.16 | -63.83% |
| Net Profit | 69,614.14 | 192,446.91 | -63.83% |
| Capital Adequacy (%) | 9.48 | 10.23 | -7.33% |
| NPL (%) | 4.93 | 1.94 | 154.12% |
| Cost of Fund (%) | 11.57 | 10.08 | 14.78% |
| EPS (In Rs.) | 14.21 | 49.15 | -71.10% |
| Net Worth per Share (In Rs.) | 157.40 | 187.55 | -16.08% |
| Qtr end PE Ratio (times) | 42.38 | - | - |
| Qtr End Market Price | 602.00 | - | - |
