{"id":12418,"date":"2023-11-11T01:10:14","date_gmt":"2023-11-11T01:10:14","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/muthoot-finance-q2-profit-dips-shares-fall-7-on-nse\/"},"modified":"2023-11-11T01:10:15","modified_gmt":"2023-11-11T01:10:15","slug":"muthoot-finance-q2-profit-dips-shares-fall-7-on-nse","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12418","title":{"rendered":"Muthoot Finance Q2 profit dips, shares fall 7% on NSE"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Muthoot Finance shares dropped 7% on the National Stock Exchange (NSE) Friday, following the announcement of lower-than-expected Q2 net profit. The net profit stood at \u20b9991 crore ($13.3 billion), a year-on-year increase of 14.3%, however, the finance costs were higher than anticipated, leading to the decline in share value. <\/p>\n

Despite this setback, Muthoot Finance reported record growth for H1 FY24. The company’s loan assets and gold assets increased by \u20b911,771 crore (21% YoY) and \u20b911,016 crore (20% YoY), respectively. The Net Interest Income (NII) also rose by 18.2% to \u20b91,858.4 crore.<\/p>\n

The company’s gross Non-Performing Assets (NPAs) decreased to \u20b92,763.9 crore in Q2 from \u20b92,878.9 crore in Q1, a drop from 4.26% to 4.01%. Meanwhile, the consolidated loan assets under management saw an increase of \u20b92,694 crore or 4% quarter-over-quarter in Q2 and by 24% YoY to \u20b979,493 crore in H1 FY24.<\/p>\n

Motilal Oswal maintained a Neutral rating on Muthoot Finance with a target price of \u20b91270 due to muted gold loan growth and margin moderation. The firm also lowered its FY24\/FY25 Earnings Per Share (EPS) estimates by approximately 5% each due to lower Net Interest Margin (NIM).<\/p>\n

Despite trading 4.5% lower at 10:59 a.m. IST, Muthoot’s shares have seen over 14% Year-to-Date (YTD) growth and over 17% growth in the last six months. The stock has an average target price of \u20b91,362 (an 8% upside), a ‘Hold’ consensus from 17 analysts, and a bullish trend indicated by a Relative Strength Index (RSI) of 57.4 and Moving Average Convergence Divergence (MACD) of 14.5.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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