MOTILALOFSNSEQ3FY 2021-22January 27, 2022

Motilal Oswal Financial Services Limited

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2turns
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Key numbers — 40 extracted
rs,
January 27, 2022 BSE Limited P. J. Towers, Dalal Street, Fort, Mumbai - 400001 Security Code: 532892 National Stock Exchange of India Limi
20 bps
OUSING FINANCE  Highest ever quarterly broking revenue & profit.  Overall market share up by 20 bps QoQ in Q3FY22  Acquired 0.64 mn in 9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22
62%
enue & profit.  Overall market share up by 20 bps QoQ in Q3FY22  Acquired 0.64 mn in 9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22  Distribution AUM at Rs 166 bn, +39% YoY led b
29%
rall market share up by 20 bps QoQ in Q3FY22  Acquired 0.64 mn in 9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22  Distribution AUM at Rs 166 bn, +39% YoY led by multi fold jump in
Rs 956
share up by 20 bps QoQ in Q3FY22  Acquired 0.64 mn in 9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22  Distribution AUM at Rs 166 bn, +39% YoY led by multi fold jump in Net Sales  S
Rs 166
d 0.64 mn in 9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22  Distribution AUM at Rs 166 bn, +39% YoY led by multi fold jump in Net Sales  Strong liquidity on parent balance sheet wit
39%
9MFY22, +62% YoY  ADTO grew 29% QoQ to Rs 956 bn in Q3FY22  Distribution AUM at Rs 166 bn, +39% YoY led by multi fold jump in Net Sales  Strong liquidity on parent balance sheet with unuti
Rs 16.4
jump in Net Sales  Strong liquidity on parent balance sheet with unutilised banking lines of Rs 16.4 bn & cash of Rs 6.4 bn.  AMC AUM stood at Rs 507 bn, +20% YoY in 9MFY22  AMC profitability grew
Rs 6.4
Strong liquidity on parent balance sheet with unutilised banking lines of Rs 16.4 bn & cash of Rs 6.4 bn.  AMC AUM stood at Rs 507 bn, +20% YoY in 9MFY22  AMC profitability grew by 27% QoQ  AMC
Rs 507
alance sheet with unutilised banking lines of Rs 16.4 bn & cash of Rs 6.4 bn.  AMC AUM stood at Rs 507 bn, +20% YoY in 9MFY22  AMC profitability grew by 27% QoQ  AMC gross sales grew 70% YoY in 9MF
20%
with unutilised banking lines of Rs 16.4 bn & cash of Rs 6.4 bn.  AMC AUM stood at Rs 507 bn, +20% YoY in 9MFY22  AMC profitability grew by 27% QoQ  AMC gross sales grew 70% YoY in 9MFY22 led
27%
cash of Rs 6.4 bn.  AMC AUM stood at Rs 507 bn, +20% YoY in 9MFY22  AMC profitability grew by 27% QoQ  AMC gross sales grew 70% YoY in 9MFY22 led by traction in MF & alternate sales  Fee ea
Guidance — 9 items
Note
opening
“IPO - Rs 13.7 bn QIP - Rs 1.04 bn Private Placement of equity MOFSL Broking ADTO (Ex-prop, Rs bn) ARPU Trend Cash ADTO F&O ADTO CAGR: 51% 85 74 11 FY17 137 121 15 FY18 174 159 15 FY19 235 216 19 FY20 956 925 497 470 27 Q3FY21 31 Q3FY22 440 411 29 FY21 Brokerage ARPU (Rs) Overall ARPU (Rs) 27,218 26,886 28,093 27,797 17,291 17,608 21,539 19,590 FY19 FY20 FY21 9MFY22 Note: ARPU= Revenue/ Average of NSE Active Clients.”
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opening
“Expect continued strong flows in AIF strategies.”
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opening
“profit share 323 185 138 137 100 100 266 156 110 108 69 69 21% 18% 25% 28% 46% 46% 278 174 103 103 37 864 16% 6% 34% 34% 173% 837 507 330 328 199 - 1,026 754 459 295 289 190 190 11% 11% 12% 13% 5% -  PE Revenue and PAT excludes Rs 1,233 mn and Rs 828 mn respectively of profit on exit of investments in IREF V raised Rs 10.9 bn till date  IBEF IV fund, with a target size of Rs 45 bn, has achieved its 1st close at Rs 27 bn.”
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“response for this fund and closure of this fund will be sooner than expected.”
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opening
“The full impact on the fee based revenue will be visible in FY23.”
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opening
“ IREF V with a target size of Rs 15 bn has raised Rs 10.9 bn.”
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opening
“ We have added 200 people in sales in 9MFY22 and plan to strengthen further in coming quarters.”
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opening
“The IPO was oversubscribed 26.4 times - Hits billion dollar Market Capitalization 7 0 0 2 9 1 0 2 - Asset Management Business crosses the milestone of US $ 4.5 billion equity AUM - Aspire loan book Rs 41bn 7 1 0 2 - Asset Management AUM crossed $ 6 bn -Wealth & distribution assets combined touches $.3 bn -Aspire Home finance name changed to Motilal Home Finance.”
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opening
“Abhay Hota, Independent Director (MOAMC) Mr Hota has rich and varied experience of over 35 years in Regulatory and technical aspects, and Project Management.”
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Risks & concerns — 6 flagged
Further, drop in MF redemption market share by 20 bps YoY and 38% decline in PMS redemptions has resulted in strong positive net sales of AMC (+52% QoQ in Q3FY22).
— Note
• Owner of a dhaba in Jaipur; • Cash salaried employee, started this business 10 years back works as a machine operator in a workshop for last 5 years • He is in this business since last 25 years and earns ~Rs 35k • Due to his income profile he was finding it difficult to get a loan from others, thus he approached us through our channels • Loan of Rs 9 lakh provided at 14.25% with FOIR <40% and LTV <30% • Wife and brother helps him in • Income from business is ~ Rs • Salary of Rs 19k p.m.
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• He approached MOHF and we sanctioned him a loan Rs 25 lakh with LTV <64% • It was difficult for him to avail a loan to purchase his first home from other FIs due to his income profile • Loan sanctioned of Rs 9.5 lakhs at 13.5% RoI 41 End To End Digital Solution For Home Loans 42 FUND BASED INVESTMENTS Total equity investment including alternate funds was Rs 37.6 bn as of 9MFY22.
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Provides insightful and easily accessible information on the impact of group’s activities across the three ESG areas.
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The impact of the same is uncertain and will depend on on-going as well as future developments.
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The Company believes that it has taken into account all the possible impact of known events arising out of COVID 19 pandemic in the preparation of these results.
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Speaking time
Note
1
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Opening remarks
Note
* Excluding Other comprehensive income ROE on annualized basis 4 Consolidated Financials – Strong sequential profit growth @ 25% Particulars (Rs mn) Q3FY22 Q3FY21 YoY (%) Q2FY22 QoQ (%) 9MFY22 9MFY21 YoY (%) Capital Markets (Broking, Distribution & IB) Asset Management Private Equity (1) Wealth Management Housing Finance Others Total Revenues Total Revenues after Intercompany adjustments Operating Costs Operating Expense (2) Employee Expense Other Expense EBITDA PBT Operating PAT (1) Total Operating PAT incl. PE profit share MTM PAT (3) PAT (4) 7,259 1,675 323 593 4,309 1,291 266 330 1,290 1,369 84 56 11,223 7,621 10,351 7,028 5,767 2,384 2,268 1,114 4,584 3,014 2,332 2,332 51 2,383 4,130 1,563 1,641 927 2,898 1,748 1,216 1,216 2,123 3,338 68% 30% 21% 80% -6% 50% 47% 47% 40% 53% 38% 20% 58% 72% 92% 92% -98% -29% 6,075 1,472 278 476 1,328 77 9,705 9,020 5,139 2,125 1,961 1,053 3,881 2,624 1,865 2,693 2,672 5,365 19% 14% 16% 24% -3% 9% 16% 15% 12% 12% 16% 6% 18% 15% 25% -13% -98% -56% 18
Monthly avg
1.78 bn 1.8% 5.42 1.6% 5.34 2.2 % 2.0 % 1.8 % 1.6 % 1.4 % 1.2 % 1.0 % Live SIP Flow (Rs bn) Market Share 3.6% 3.9% 3.8% 3.5% 3.1% 2.6% 2.4% 6.1 6.4 7.3 8.4 9.6 10.0 10.6 11.6 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Note :SIP Flows amount are on realized basis Note : Live SIP Flows amount includes unrealized flows. 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % 27 PRIVATE EQUITY & REAL ESTATE – Scaling big Fee earning PE & RE AUM stands at Rs 83 bn IBEF IV achieved its 1st close at Rs 27 bn Particulars (Rs mn) Q3FY22 Q3FY21 YoY (%) Q2FY22 QoQ (%) 9MFY22 9MFY21 YoY (%) Total Revenues Operating Cost EBITDA PBT PAT PAT incl. profit share 323 185 138 137 100 100 266 156 110 108 69 69 21% 18% 25% 28% 46% 46% 278 174 103 103 37 864 16% 6% 34% 34% 173% 837 507 330 328 199 - 1,026 754 459 295 289 190 190 11% 11% 12% 13% 5% -  PE Revenue and PAT excludes Rs 1,233 mn and Rs 828 mn respectively of profit on exit of investments in IREF V
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