Muthoot Finance stock rallies 14% following Q2FY19 numbers

The total income of the company saw a marginal dip of 1% for the quarter at Rs1,650cr compared to that in the same period last year.

Dec 07, 2018 09:12 IST India Infoline News Service

Muthoot Finance
Shares of Muthoot Finance jumped after posting strong Q2FY19 numbers. The company has registered a 23% increase in net profit at Rs975cr in the first half of FY19, against Rs791cr in the previous year.

Its loan assets stood at Rs32,319cr as of September 30, 2018, as against Rs27,613cr as of September 30 ,2017, indicating a yoy growth of 17%. 

The total income of the company showed a marginal dip of 1% for the quarter at Rs1,650cr from the same period last year.

“We witnessed a strong growth with consolidated loan assets growing yoy of 21% reaching Rs35,956crs as on September 30, 2018. The Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs1,322cr, a qoq increase of 4%. Profit After Tax of MFIN increased by 23% at Rs975cr for the half year as against last year of Rs791cr. Under IND–AS, stage 3 assets, i.e., loans beyond 90days DPD, declined further and stood at Rs617cr (1.91% of Loan Assets) on September 30, 2018 as against Rs1,287cr (4.42% of Loan Assets) as on March 31 ,2018,” M G George Muthoot, Chairman said.

Muthoot Finance Ltd is currently trading at Rs471.80 up by Rs55.9 or 13.44% from its previous closing of Rs415.90 on the BSE.

The scrip opened at Rs431.45 and has touched a high and low of Rs479.90 and Rs431.45 respectively.

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