Muthoot Finance’s net profit for the quarter increased by 87.4% from last year to ₹2,345 crore, which is higher than the CNBC-TV18 poll estimate of ₹1,929 crore.
The company’s Net Interest Income (NII) or core income earned also increased 58.5% from the same quarter last year to ₹3,992 crore, which is well above the CNBC-TV18 poll estimate of ₹3,539 crore.
At the end of the quarter, Muthoot Finance’s Consolidated Loan AUM increased by 42% from last year to ₹1.47 lakh crore, which was the highest for the company, while its Gold Loan AUM also increased by 45% from the year-ago quarter to ₹1.24 lakh crore.
Muthoot Finance’s gold loan AUM was also the highest on record at the end of the September quarter. The company disbursed gold loans worth ₹13,183 crore during the quarter.
Stage III gross loan assets at the end of the September quarter stood at 2.25% from 2.58% in June, while ECL provisions, as a percentage of gross loan assets stood at 1.21% from 1.3% in June.
Muthoot Finance wrote off bad debt worth ₹776 crore during the quarter, which is higher than the ₹495 crore in June, but only 0.06% of its gross loan assets.
Shares of Muthoot Finance ended 2.3% higher at ₹3,400 before the earnings announcement. The stock hit a record high of ₹3,406 today in intraday trade.