JM Financial Ltd (BOM:523405)
₹ 126.2 3.9 (3.19%) Market Cap: 120.64 Bil Enterprise Value: 286.26 Bil PE Ratio: 29.55 PB Ratio: 1.44 GF Score: 64/100
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Q4 2024 JM Financial Ltd Earnings Call Transcript

May 27, 2024 / 03:00AM GMT
Release Date Price: ₹82.24 (+5.21%)

Key Points

Positve
  • JM Financial Ltd (BOM:523405) reported its highest-ever operating revenue for the year ended March 2024, driven by strong performance in investment banking, AWS platform, and retail mortgage businesses.
  • The company achieved the number one franchise position in IPO and QIP for FY24, with the highest-ever profitability in its integrated Investment Banking segment.
  • The mutual fund AUM crossed INR8,000 crore, with equity assets reaching over INR5,000 crore in May.
  • The brokerage business saw significant growth, with average daily turnovers exceeding INR55,000 crore, up 70% year-on-year.
  • The retail mortgage loan book increased by 69% year-on-year, reaching INR3,239 crore, with the highest-ever quarterly disbursement of INR449 crore in Q4 FY24.
Negative
  • The company recognized a loss of INR985 crore due to fair valuation of investments and loans in its distressed credit business, primarily related to one large account.
  • The wholesale mortgage business faced a total impairment loss of INR562 crore for the year.
  • The consolidated loan book declined by 17% year-on-year, with the wholesale markets loan book seeing a 42% decline.
  • The gross NPA ratio of the lending businesses stood at 4.7%, with net NPA at 2.2% and SMA-2 at 1.6% as of March 31, 2024.
  • The company is pivoting its wholesale credit business from an on-balance sheet model to a distribution-led syndication-driven model, indicating a strategic shift due to competitive intensity and regulatory changes.
Operator

Ladies and gentlemen, good day and welcome to the earnings conference call of JM Financial Limited. (Operator Instructions) Please note that this conference is being recorded.

I now hand the conference over to Mr. Vishal Kampani. Thank you, and over to you, sir.

Vishal Kampani
JM Financial Ltd - Non-Executive Vice Chairman of the Board

Thank you. On behalf of JM Financial we extend a very warm welcome to all of you to our earnings conference call to discuss our financial results, both for the fourth quarter as well as the year ended March 2024. We have uploaded our results presentation press release and financial results on our website and stock exchanges. I hope all of you have had a chance to go through the same.

I will now take you through the brief highlights, and then Nishit, our CFO can take you through the numbers. I'm very pleased to report that we reported on a highest-ever operating revenue for the year ended 2024. And this is largely on the back of strong momentum in our investment banking and our platform AWS and retail mortgage

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