Muthoot Finance Q2 cons profit jumps 36% YoY to Rs 3,278 crore
The net profit was Rs 2,412 crore in the year ago period.
On a standalone basis, the company’s second quarter net profit stood at Rs 2977 crore, up 27% over Rs 2345 in the year-ago quarter.
Muthoot’s consolidated assets under management grew 42% year-on-year to Rs 2.09 lakh crore at the end of September. Out of this, the gold loan stood at Rs 1.93 lakh crore.
Its standalone AUM grew at the same pace to Rs 1.88 lakh crore, of which gold loan was Rs 1.79 lakh crore.
The company’s standalone gross non-performing assets ratio jumped to 3.87% at the end of September from 2.28% three months prior.
Muthoot’s subsidiary Belstar Microfinance earned a Rs 78 crore net profit for the quarter under review, widening from Rs 66 crore in the first quarter. Its asset quality improved with gross NPA ratio falling to 3.26% from 4.58% a year back.Its first half net profit stood at Rs 144 crore compared to a loss of Rs 160 crore in the year-ago six month. Its AUM stood at Rs 7,876 crore at the end of September against Rs 7,715 crore a year prior as industry-wide stress moderated disbursement growth, the company said.
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