We are reporting consolidated net profit of about Rs.270 Crores, it is a 35% increase over the year ago quarter. Growth in gold loan was in line with a poor result of this prior guidance as gold AUM grew by 2.6% on a sequential basis. Growth in gold loan was driven through a combination of increase in gold holdings, which grew by 3.6% year-on-year and higher gold price. Average LTV on the gold loan book now stands at 62%. We are finding that customers are not necessarily borrowing the entire 75% against the value of their gold holding. We expect growth in gold loans to pick up substantially in Q2 driven largely by growth in tonnage.
We expect the vehicle finance to be the third major driver of growth for the company after gold and microfinance.
Our gold holdings were 68.4 tonnes as at the period end of June 30, 2019. The holding increased by 1.3% Q-on-Q and up by 3.6% year-on-year. Our total number of gold loan customers stood at Rs.34.62 lakhs.
In Ind-AS transition, we provided 100% for loans due over 90 days. We have provided Rs.27.7 Crores excess provision as compared to RBI Prudential Norms thereby following a conservative approach.
The new businesses contributed 34.2% of consolidated AUM and remaining 65.8% at gold loan.
The book value per share stood at Rs.55.9 of diversified business
Currently our average LTV is only 62% as against the regulated cap of 75%. That means all the customers do not take the advantage only, we pay customers take the advantage. They borrow whatever money they want and only 10 - 12% customers borrow the higher LTV.
We want to achieve around 20% CAGR every year.
In terms of vehicle finance, we have 70% of our book, which is in commercial vehicles, around 25% in two wheelers and 5% in used passenger cars and farm equipment that is basically tractor. If you split the commercial vehicle, we have around 85% of our book, which is in the used commercial vehicle and around 15% farms it is new commercial vehicle. The majority of the used commercial vehicles are heavy commercial vehicles.
