Manipal Technologies partners with Indian Bank to offer banking products

Manipal Technologies has joined forces with a state-owned Indian bank to promote financial inclusion through the provision of tailored banking solutions. The collaboration’s goal is to establish a long-term network of corporate business correspondents (CBCs) to improve the availability, cost, and accessibility of financial services, particularly in underdeveloped markets and rural areas. 

As part of this collaboration, Manipal Technologies will collaborate closely with Indian Bank to provide tailored financial products in rural areas. The initial focus will be on covering over 600 places before progressively spreading into fresh regions in states like Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab. 

Yesterday the scrip closed at Rs 277.95 and today it opened at Rs 277.15. Currently, it is trading at Rs 279.15, up by 0.72%. Shares of the company have a 52-week high of Rs 335.35 and it has a low of Rs 143.40. The BSE group ‘A’ stock of face value of Rs 10 and has a market capitalization of around Rs 34,850 crore. Over the past one year company has given a return of around 90%. 

Talking about financials and valuation, In Q4FY23, on a consolidated basis the company’s net revenue grew by 24.75% YoY to Rs 14,415.98 crore from Rs 11,556.02 crore in the corresponding quarter last year. The profit after tax (PAT) increased by 46.59% YoY to Rs 1462.02 crore. The company is currently trading at a PE of 6.27x as against the industry PE of 10.8x. In the last three years company delivered Average ROE of 10.7% and ROCE of 4.70%.  

Indian Bank was established as a part of the Swadeshi movement on 15 August 1907. It provides a wide spectrum of banking products and services. It is a pioneer in introducing Self Help Groups and Financial Inclusion project in the country. 

Promoters holding stands at 79.86%, while Institutions and Non-Institutions held 15.72% and 4.43%, respectively.