FINANCIAL RESULTS Q3 FY 2012

KEY FINANCIALS

(Rs. In Millions)

2

NETWORTH

Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Growth%

Rs. Rs. Rs. Rs. Rs. QoQ YoY

Share Capital 3717 3717 3717 3202 3202 0% 16%

Reserves & Surplus 24912 22403 20247 10139 8746 11% 185%

28629 26120 23964 13341 11948 10% 140%

(Rs. In Millions)

3

ASSETS

Dec-11 Sep-11 Growth Jun-11 Mar-11 Growth Dec-10 Growth

QoQ YTD YoY

Rs. Rs. Rs. % Rs. Rs. Rs. % Rs. %

Gross Retail Loan Assets Under Management 228851 209405 19446 9% 179492 158685 70166 44% 137874 66%

Break up of Gross Retail Loan Assets Under Management:

Gold Loans under management 226949 207666 19283 9% 178035 157281 69668 44% 136756 66%

Loans against NCDs 1786 1624 162 10% 1345 1311 475 36% 1056 69%

Other Loans 115 115 0 0% 112 93 22 24% 61 89%

(Rs. In Millions)

4

LIABILITIES

Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Growth%

Rs. Rs. Rs. Rs. Rs. QoQ YoY

Secured Non-Convertible Debentures (Muthoot Gold Bonds) 55465 50415 44108 39832 34761 10% 60%Secured Non-Convertible Debentures - Listed 8082 8082 2150 2150 0%Unsecured Non-Convertible DebenturesUnsecured Non-Convertible Debentures - Listed 2000 4500 4500 2000 -56%

Borrowings from Banks 87763 76351 72885 60528 57838 15% 52%

Subordinated Debt 12331 10309 8376 7106 5588 20% 121%

Commercial Paper 17809 21980 11715 6948 2827 -19% 530%

Sell down of Receivables under Bilateral Assignments 24615 25875 23991 41864 34982 -5% -30%

Other Loans 888 928 872 821 513 -4% 73%

Total 208953 198440 168597 161249 136509 5% 53%

(Rs. In Millions)

5

REVENUE & PROFIT

Q3 FY 2012

Q3 FY 2011 YoY

Q2 FY 2012

Q1 FY 2012 QoQ

9M FY 2012

9M FY 2011 YoY

FY 2011

Rs. Rs.%

Growth Rs. Rs.%

Growth Rs. Rs.%

Growth Rs.

INCOME

Interest Income 12261 6412 91% 10984 9142 12% 32387 15438 110% 22983

Other Income 46 46 0% 65 55 -29% 166 142 17% 175

Total 12307 6458 91% 11049 9197 11% 32553 15580 109% 23158

EXPENDITURE

Interest Expense 6341 2850 122% 5452 4407 16% 16200 6984 132% 10326

Personnel Expenses 1135 630 80% 937 815 21% 2886 1528 89% 2210Administrative & Other expenses 953 569 67% 1356 967 -30% 3276 1478 122% 2639

Directors Remuneration 48 48 0% 48 48 0% 144 144 0% 192

Depreciation 86 37 132% 74 60 16% 220 111 98% 180

Total 8563 4134 107% 7867 6297 9% 22726 10245 122% 15547

PROFIT

Profit Before Tax 3744 2324 61% 3183 2900 18% 9827 5334 84% 7612

Profit After Tax 2509 1,556 61% 2156 1,905 16% 6,568 3549 85% 4942

30%

50%

70%

90%

110%

Mar-07 Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 1% 1% 2% 3% 3% 4% 4% 4% 5%

West 5% 6% 7% 10% 11% 12% 13% 13% 13%

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

South 86% 85% 81% 70% 69% 66% 65% 65% 64%

Geographical Spread of Branches

6

No: of

branches 551 707 985 1605 2391 2733 2997 3274 3480

64

31

75

69

14

20

1

21

79

0

33

00

1 73

41

7

13

67

56

15

72

81

17

80

35

20

76

66

22

69

49

0

50000

100000

150000

200000

250000

Gold Loan Portfolio

Gold Loan Assets Under Management

7

(Rs. In Millions)

8

15 16 2

3 30 3

9

66

10

2 11

2 12

0 13

0

13

2

0

20

40

60

80

100

120

140

Gold Jewellery kept as Security (tonnes)

Gold Holding (In tonnes)

60%

65%

70%

75%

80%

85%

90%

95%

100%

Mar-07 Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 1% 1% 2% 3% 3% 3% 4% 4%

West 3% 4% 5% 8% 8% 8% 8% 9% 10%

North 13% 13% 14% 15% 14% 15% 15% 16% 16%

South 84% 82% 80% 75% 75% 74% 74% 71% 70%

Geographical Spread of Gold Loan Portfolio

9

(Rs. In Millions)

Gold Loans Assets

Under Management 14201 21790 33001 73417 136756 157281 178035 207666 226949

17.2417.4

25.77

30.82

33.5 45.74

57.2

57.55

59.4

63.43

65.22

15

25

35

45

55

65

75

(Rs. In Millions)

Average Gold Loan Outstanding Per Branch

10

3.94%

3.46%

3.49%

4.21%4.24%

3.00

3.20

3.40

3.60

3.80

4.00

4.20

4.40

Return on Average Retail Loan Asset

11

4.5

8 % 4

.91

%

4.4

3%

4.5

1%

4.5

2%

4.4

6%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

Q3

FY

20

12

Q3

FY

20

11

Q2

FY

20

12

Q1

FY

20

12

9M

FY

20

12

9M

FY

20

11

(Rs. In Millions)

12

Non-Performing Assets & Bad Debts written off

Dec-11 Sep-11 Jun-11 Mar-11 Dec-10

Rs. Rs. Rs. Rs. Rs.

Gross Non-Performing Assets 1304 1233 548 460 409

Provision For Non-Performing Assets 181 174 77 70 62

Net Non-Performing Assets 1123 1059 471 390 347

% of Gross NPA on Gross Retail Loans 0.57% 0.59% 0.31% 0.29% 0.30%

% of Net NPA on Gross Retail Loans 0.49% 0.51% 0.26% 0.25% 0.25%

Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9MFY 2012 9M FY 2011 FY 2011

Rs. Rs. Rs. Rs. Rs. Rs. Rs.

Bad Debts Written Off 19 5 17 9 45 7 18

(Rs. In Millions)

27%

4%41%

12%

1% 0%

6% 9%

LIABILITY MIX

Secured Non-Convertible Debentures

(Muthoot Gold Bonds)- 55465 (27%)

Secured Non-Convertible Debentures -

Listed - 8082 (4%)

Bank Borrowings - 87763 (41%)

Sell down of receivables under Bilateral

Assignment - 24615 (12%)

Unsecured Non-Convertible Debentures -

Listed - 2000 (1%)

Other Loans- 888 (0%)

Subordinated Debt - 12331 (6%)

Commercial Paper - 17809 (9%)

13

(Rs. In Millions)

SHORT TERM RATINGAMT 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.4803crs A1+ Lowest credit risk & Stronger credit quality

LONG TERM RATING

SUBORDINATED DEBT

CRISIL Rs.100crsCRISIL AA-

(Stable)High Degree of safety with regard to timely payment of interest & principal on the instrument

ICRA Rs.100crsICRA AA-(Stable)

High quality credit rating & Lowest credit risk (with a stable outlook)

NON CONVERTIBLE DEBENTURE

CRISIL Rs.500crsCRISIL AA-

(Stable)High Degree of safety with regard to timely payment of interest & principal on the instrument

ICRA Rs.200crsICRA AA-(Stable)

High quality credit rating & Lowest credit risk (with a stable outlook)

BANK LOANS

ICRA Rs.5475crsICRA AA-(Stable) HHigh quality credit rating & Lowest credit risk

DEBT RATING

14

50%

60%

70%

80%

90%

100%

Mar-08 Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 0% 1% 1% 1% 1% 2% 2%

West 2% 2% 4% 5% 6% 6% 7% 8%

North 5% 6% 9% 11% 12% 13% 13% 13%

South 93% 92% 86% 83% 81% 80% 78% 77%

Geographical Spread of Gold Bond

15

(Rs. In Millions)

Muthoot Gold

Bond Portfolio 12403 19019 27192 34761 39832 44107 50415 55464

70%

75%

80%

85%

90%

95%

100%

105%

Mar-09 Mar-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11East 0% 0% 1% 1% 1% 2% 2%

West 1% 2% 3% 4% 4% 5% 6%

North 4% 10% 9% 12% 12% 11% 11%

South 95% 88% 87% 83% 83% 82% 81%

Geographical Spread of Subordinated Debt

16

(Rs. In Millions)

Subordinated

Debt Portfolio 1099 3246 5588 7105 8376 10309 12331

22

36

35

79 60

62 1

07

75

22

98

3

104107

142

119

175

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

22000

24000

26000

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11

Interest Income Other Income

Break-Up of Gross Income

17

12

26

1

64

12 10

98

4

91

42

32

38

7

15

43

9

46

46

6555

166

141

0

4000

8000

12000

16000

20000

24000

28000

32000

36000

Q3 FY 2012

Q3 FY 2011

Q2 FY 2012

Q1 FY 2012

9M FY 2012

9M FY 2011

20.0419.47

21.67

19.9419.72

8.95

9.7811.07

8.77 8.86

11.09

9.6910.6

11.1710.86

7

9

11

13

15

17

19

21

23

Mar

07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Yield on Retail Loan and NIM

Interest Income on Average Retail Loan

Interest Expense on Average Retail Loan

Net Interest Margin 18

22

.38

%

20

.24

%

22

.60

%

21

.63

%

22

.29

%

19

.40

%

11

.58

%

9.0

0% 11

.22

%

10

.43

%

11

.15

%

8.7

7%10

.81

%

11

.24

%

11

.38

%

11

.20

%

11

.14

%

10

.62

%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Q3

FY

20

12

Q3

FY

20

11

Q2

FY

20

12

Q1

FY

20

12

93

FY

20

12

9M

FY

20

11

20.04

19.47

21.67

19.9419.72

8.8 9.43

9.79

8.41 8.82

11.2410.04

11.88 11.53

10.9

7

9

11

13

15

17

19

21

23

Mar

07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Interest Spread

Interest Income on Average Retail Loan

Interest Expenses on Average Outside Liabilities

Interest Spread 19

22

.38

%

20

.24

%

22

.60

%

21

.63

%

22

.29

%

19

.40

%

12

.45

%

9.2

2%

11

.88

%

10

.69

%

11

.67

%

8.8

9%

9.9

3%

11

.02

%

10

.72

%

10

.94

%

10

.62

%

10

.51

%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Q3

FY

20

12

Q3

FY

20

11

Q2

FY

20

12

Q1

FY

20

12

9M

FY

20

12

9M

FY

20

11

5.38

4.59

5.45

4.72

4.33

3.5

4

4.5

5

5.5

6

Mar

07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Operating Expenses to Average Retail Loans

20

3.9

0%

3.9

4%

4.8

1%

4.3

3%

4.3

4%

3.9

6%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

Q3 FY 2012

Q3 FY 2011

Q2 FY 2012

Q1 FY 2012

9M FY 2012

9M FY 2011

Break-Up of Operating Expenses (Rs. in Millions)

21

OPERATING EXPENSESMar-

07

Mar-

08

Mar-

09

Mar-

10

Mar-

11

Q3 FY

2012

Q3 FY

2011

Q2 FY

2012

9M FY

2012

9M FY

2011

Personnel Expenses 266 405 677 1169 2209 1134 630 937 2886 1529

Rent 47 82 131 290 603 280 157 245 741 390

Advertisement 36 67 208 331 647 182 138 248 697 411

Postage, Telegram and

Telephone 28 18 27 72 115 45 28 46 135 78

Traveling and Conveyance 18 27 42 67 114 42 30 40 122 76

Printing and Stationary 19 32 44 69 111 41 28 38 118 75

Repairs and Maintenance 34 42 62 96 211 76 39 83 258 112

Legal and Professional Charges 10 11 16 34 114 108 33 166 299 50

Business Promotion Expense 15 18 25 45 119 15 35 141 213 58

Directors Remuneration 49 49 121 192 192 48 48 48 144 144

Depreciation 71 74 99 149 180 86 37 74 219 111

Others 76 88 165 165 284 110 69 183 366 206

Provision For Standard & NPA

Assets 1 7 7 21 323 57 11 166 327 24

Total 671 919 1625 2701 5220 2224 1283 2415 6525 3264

Break-Up of Operating Expenses

22

OPERATING EXPENSESMar-

07

Mar-

08

Mar-

09

Mar-

10

Mar-

11

Q3 FY

2012

Q3 FY

2011

Q2 FY

2012

9M FY

2012

9M FY

2011

Personnel Expenses 40% 44% 42% 43% 42% 51% 49% 39% 44% 47%

Rent 7% 9% 8% 11% 12% 13% 12% 10% 11% 12%

Advertisement 5% 7% 13% 12% 12% 8% 11% 10% 11% 13%

Postage, Telegram and

Telephone 4% 2% 2% 3% 2% 2% 2% 2% 2% 2%

Traveling and Conveyance 3% 3% 3% 2% 2% 2% 2% 2% 2% 2%

Printing and Stationary 3% 3% 3% 3% 2% 2% 2% 2% 2% 2%

Repairs and Maintenance 5% 5% 4% 4% 4% 3% 3% 3% 4% 3%

Legal and Professional Charges 1% 1% 1% 1% 2% 5% 3% 7% 5% 2%

Business Promotion Expense 2% 2% 2% 2% 2% 1% 3% 6% 3% 2%

Directors Remuneration 7% 5% 7% 7% 4% 2% 4% 2% 2% 4%

Depreciation 11% 8% 6% 6% 3% 4% 3% 3% 3% 3%

Others 11% 10% 10% 6% 5% 5% 5% 8% 6% 6%

Provision For Standard & NPA

Assets 0% 1% 0% 1% 6% 3% 1% 7% 5% 1%

Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

PROFITABILITY RATIOS

23

(Based on Gross Income) Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9M FY 2012 9M FY 2011

Interest expense to Gross Income 51.52% 44.13% 49.34% 47.92% 49.76% 44.83%

Selling, general and administrative expenses to Net Income 17.36% 19.31% 21.19% 19.90% 19.37% 20.22%

Operational expenses to Gross Income 68.88% 63.44% 70.53% 67.82% 69.14% 65.05%

OPBDT / Gross Income (%) 31.12% 36.56% 29.47% 32.18% 30.86% 34.95%

Depreciation to Gross Income 0.70% 0.57% 0.67% 0.65% 0.68% 0.71%

OPBT / Gross Income (%) 30.42% 35.99% 28.80% 31.53% 30.19% 34.24%

PBT / Gross Income (%) 30.42% 35.99% 28.80% 31.53% 30.19% 34.24%

PAT / Gross Income (%) 20.39% 24.08% 19.51% 20.71% 20.18% 22.77%

24

(Based on Average Retail Loans) Q3 FY 2012 Q3 FY 2011 Q2 FY 2012 Q1 FY 2012 9M FY 2012 9M FY 2011 FY 2011

Interest income to avg. retail loans 22.38% 20.24% 22.60% 21.63% 22.29% 19.40% 19.72%

Interest expense to avg. retail loans 11.58% 9.00% 11.22% 10.43% 11.15% 8.77% 8.86%

Net Interest Margin 10.80% 11.24% 11.38% 11.20% 11.14% 10.62% 10.86%

Other income to avg. retail loans 0.08% 0.15% 0.13% 0.13% 0.11% 0.18% 0.15%

Net Income Including Other Income 10.89% 11.39% 11.51% 11.33% 11.25% 10.80% 11.01%

Selling, general and administrative

expenses to avg. retail loans 3.90% 3.94% 4.81% 4.33% 4.34% 3.96% 4.33%

PBDT to avg. retail loans 6.99% 7.69% 6.70% 7.00% 6.91% 6.84% 6.69%

Depreciation to avg. retail loans 0.16% 0.35% 0.15% 0.14% 0.15% 0.14% 0.15%

PBT to avg. retail loans 6.83% 7.34% 6.55% 6.86% 6.76% 6.70% 6.53%

Tax to avg. retail loans 2.26% 2.42% 2.11% 2.35% 2.24% 2.24% 2.29%

PAT to avg. retail loans 4.58% 4.91% 4.43% 4.51% 4.52% 4.46% 4.24%

Cash Profit to avg. retail loans 4.74% 5.03% 4.59% 4.65% 4.67% 4.60% 4.39%

670 970

1482

3456

7612

440 636977

2276

4942

0

1000

2000

3000

4000

5000

6000

7000

8000

Mar 07 Mar-08 Mar-09 Mar-10 Mar-11

Profit Growth

P B T

P A T25

37

44

23

24

31

83

29

00

98

27

53

34

25

08

15

56

21

56

19

05

65

69

35

48

0

2000

4000

6000

8000

10000

12000

Q3 FY 2012

Q3 FY 2011

Q2 FY 2012

Q1 FY 2012

9M FY 2012

9M FY 2011

15922131 3614 5842

10392

13342

2396426120

28629

1000

6000

11000

16000

21000

26000

31000M

ar

07

Mar

-0

8

Mar

-0

9

Mar

-1

0

Sep

-1

0

Mar

-1

1

Jun

-1

1

Sep

-1

1

De

c-1

1

Networth(Rs. In Millions)

26

35.10

34.0033.90

48.10

51.50

30.00

35.00

40.00

45.00

50.00

55.00

Return on Average Equity(In Percentage)

27

36

.66

%

55

.71

%

34

.43

%

40

.84

%

41

.74

% 53

.19

%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Q3 FY 2012

Q3 FY 2011

Q2 FY 2012

Q1 FY 2012

9M FY 2012

9M FY 2011

28

CAPITALISATION RATIOS

Dec 31,2011 Sep 30,2011 June 30,2011 March 31,2011 Dec 31,2010

Capital Adequacy Ratio 18.33% 18.24% 19.19% 15.82% 15.29%

Tier I 13.37% 13.48% 14.51% 10.62% 10.81%

Tier II 4.96% 4.76% 4.68% 5.20% 4.48%

Book Value Per Share(Rs.) 77.02 70.27 64.47 41.67 37.31

Earnings per Share (Rs.) 17.96 11.19 5.39 15.78 11.41

29

Dec 31,2011

Sep 30,2011

June 30,2011

March 31,2011 Dec 31,2010

Gross Outside Liabilities(including assigned loans) 219600 206968 175332 168184 142662

Outside Liabilities(excluding assigned loans) 194985 181093 151340 126320 107680

Cash & Bank Balances 7390 13322 11315 13755 9682

Unencumbered Cash & Bank Balances 5484 10854 9063 11009 6970

Tangible Networth 28629 26120 23964 13342 11948

Capital Gearing(Gross) 7.41 7.41 6.84 11.57 11.13

Capital Gearing(Net) 6.62 6.52 5.94 8.64 8.43

CAPITALISATION RATIOS(Rs. In Millions)

3102 3999 5979

9745

16688

19125 21543

23219

3000

8000

13000

18000

23000

28000

Mar

07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Human Resources

No:

Of

Em

plo

yee

s

30

31