Share price of Muthoot Finance jumped more than 17 per cent on Monday to trade at Rs 873.85 after touching a 52-week high of Rs 881.
Share price of Muthoot Finance jumped more than 17 per cent on Monday to trade at Rs 873.85 after touching a 52-week high of Rs 881. The share price spiked on the back of strong third-quarter performance posted by the gold financing company where it reported a 66 per cent jump in consolidated net profit to Rs 803 crore. Muthoot Finance had reported a net profit of Rs 485 crore in the third quarter of the previous year.
Muthoot Finance reported an income of Rs Rs 2,313 crore, a jump of 35 per cent from Rs 1,717 crore in the same period last year. Rating agency Crisil had last month revised its long-term rating outlook from Crisil AA/stable to Crisil AA/positive. Muthoot Finance said its loan portfolio registered an increase in net profit of 50 per cent to Rs 2,191 crore for the nine months of this fiscal as against Rs 1,461 crore in the previous year. Loan assets stood at Rs 38,498 crore as on December 31, 2019 compared to Rs 32,470 crore as on December 31, 2018, a growth of 19 per cent.
Muthoot Finance reported that its goal loan assets increased in the quarter under review by Rs 2,783 crores. “We are glad to announce that consolidated loan assets of the Group grew by 21%. During the quarter, gold loan portfolio of Muthoot Finance increased by Rs.2783 crore to Rs.37724 crore. Standalone profit of Muthoot Finance for the 9 months ended December 31, 2019 increased by 50% at Rs.2191 crore,” said M G George Muthoot, Chairman, Muthoot Finance
In the last six month, the share price of Muthoot Finance has jumped by 40 per cent. Muthoot Finance was among the top gainers on the market today. S&P BSE Sensex ended half a per cent or 202 points lower at 41,055.67, while the broader Nifty 50 index settled 0.56 per cent or 68 points lower at 12,046 points. Index heavyweights such as HDFC, RIL, ITC and SBI were among major contributors towards today’s fall.