muthoot microfin shares: Muthoot Microfin shares rally 14% after Q3 profit jumps 119% YoY

Newly listed Muthoot Microfin shares rallied 14% to Rs 266.5 in Tuesday’s trade on BSE after the lender’s net profit for the October-December period more than doubled to Rs 124.6 crore from the year-ago period.

Meanwhile, its net interest income (NII) surged 53.07% to Rs 343 crore and total income jumped 52.6% to Rs 584.8 crore.

“Our assets under management have grown 5% q-o-q and 39% y-o-y to Rs 114,581.37 million, with PAT soaring by 119% y-o-y to Rs 1,245.7million

for the Quarter ending December 2023. Our digital collection is growing steadily with 26.28% of overall collections, a 7% q-o-q and 5% y-o-y growth,” said Sadaf Sayeed, CEO of Muthoot Microfin.

In Q3 FY24, its net NPA was down 64 bps to 0.33% as against 0.97% in Q3 FY23.

“The improved NPA figures (NNPA of 0.33%) underscore our commitment to maintaining a healthy loan portfolio. All the key indicators are showing tremendous growth and the macro-economic outlook of the country is favourable to the industry for us to sustain this growth rate,” Sayeed said.

At 10:37 am, the scrip was trading 10.7% higher at Rs 259 on BSE.The Rs 960 crore IPO of Muthoot Microfin made a weak debut on the bourses in December 2023, listing at a 5.4% discount to issue price of Rs 291. The IPO was subscribed 11.52 times at close.

The IPO comprised a fresh issue of Rs 760 crore and an offer-for-sale (OFS) of Rs 200 crore. Under the OFS, promoters Thomas John Muthoot, George Muthoot, Preethi John Muthoot, Remmy Thomas and investor Greater Pacific Capital offloaded shares.

Muthoot Microfin is the fourth largest microfinance company in India in terms of gross loan portfolio. It is the third largest in south India, with the largest in Kerala in terms of market share, and a key player in Tamil Nadu with an almost 16% share.

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