Do you hold this NBFC stock? It just made you rich today; shares soar 15%?
Such robust performance in Muthoot comes after the company announced its September 2018 quarter result, under which the consolidated Loan Assets Under Management increased by 21% YoY at Rs 35,956 crore as against last year of Rs 29646 crore.
Dalal Street continued to trade in green today, but nothing was better than to watch the rally in NBFC-major Muthoot Finance Limited. The company was trading at Rs 475.15 up by Rs 59.25 or 14.25% on Sensex at around 1415 hours. However, the stock skyrocketed even above 15% so far in the trading session after the company touched an intraday high of Rs 479.90 per piece on the index.
Such robust performance in Muthoot comes after the company announced its September 2018 quarter result, under which the consolidated Loan Assets Under Management increased by 21% YoY at Rs 35,956 crore as against last year of Rs 29646 crore. During the quarter Consolidated Loan Assets under management increased by 5% of Rs 1642 crore.
Muthoot, which is the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 23%, at Rs 975 crores for H1FY19 as against Rs 791 crore in the previous year. Loan Assets stood at Rs 32,319 crore as at September 30, 2018 as against Rs 27613 crore as at September 30 ,2017, Y-o-Y growth of 17%. During the quarter , Loan Assets increased by 4% of Rs 1322 crore.
M G George Muthoot, Chairman stated, “We witnessed a strong growth with Consolidated Loan Assets growing YoY of 21% reaching Rs.35956crs as on September 30 ,2018. Gold Loan portfolio also witnessed a strong growth during the quarter with Muthoot Finance loan assets increasing by Rs.1322crs, a QoQ increase of 4%."
Muthoot added, "Profit After Tax of MFIN increased by 23% at Rs.975crs for the half year as against last year of Rs.791crs. Under IND–AS, stage 3 assets, ie., loans beyond 90days DPD , declined further and stood at Rs.617crs(1.91% of Loan Assets) on September 30 , 2018 as against Rs.1287crs(4.42% of Loan Assets) as on March 31 ,2018.”
Such strong performance has definitely boosted investors faith in the company. Guess what! If you have invested in this company, then today you become rich.
The company had touched an intraday low of Rs 356.55 per piece on October 09, 2018, and if you would have taken the opportunity during free fall of markets including Muthoot, then today this company would give a massive 35% in just two months time.