Muthoot Finance in demand after Q2 PAT surges 8% YoY

Muthoot Finance gained 1.26% to Rs 1,537.95 after the NBFC posted an 8.2% rise in consolidated net profit to Rs 1,001.9 crore on an 8.5% rise in total income to Rs 3,064.8 crore in Q2 FY22 over Q2 FY21.

Profit before tax rose 8.6% to Rs 1,351.5 crore in Q2 FY22 from Rs 1244 crore posted in Q2 FY21. Interest income for Q2 FY22 stood at Rs 3,003.3 crore, up by 10% year on year from Rs 2,729 crore posted in Q2 FY21.

Consolidated Loan Assets Under Management increased to Rs 60,919 crores as of 30 September 2021, up by 17% year on year.

George Jacob Muthoot, Chairman, Muthoot Group said, Our consolidated loan AUM stood at Rs.60,919 crores as of end September 2021, clocking a growth of 5% QoQ and a growth of 17% YoY despite a challenging business environment. Consolidated Profit after tax stood at Rs.1,981 crores for the half year ended September 2021, registering a growth of 11% YoY. The contribution of our subsidiaries to the overall consolidated AUM stands steady at 10%.

He further said, The demand environment remains strong and as we enter the festive season we remain optimistic about growth momentum in gold loan over the second half of FY22. We are optimistic about growing our gold loan book further and maintain 15% growth guidance for FY22. We are witnessing improved collections across Micro finance, vehicle finance and home loans. In the last quarter we had consciously decided to go slow on non-gold lending business, we continue to remain conscious and monitor the space for emerging opportunities. We will continue to follow the strategy of balanced growth while maintaining overall asset quality.

Muthoot Finance is the largest gold financing company in India in terms of loan portfolio.

Powered by Capital Market - Live News