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Muthoot Finance share gains over 4% on strong Q1 earnings

Muthoot Finance share touched an intraday high of Rs 1292 , gaining 4.23% against previous close of Rs 1,239 on BSE

twitter-logoBusinessToday.In | August 19, 2020 | Updated 17:39 IST
Muthoot Finance share gains over 4% on strong Q1 earnings
Muthoot Finance share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Share price of Muthoot Finance gained over 4% in trade today after the firm reported a 52 per cent rise in its consolidated net profit for Q1. Muthoot Finance share touched an intraday high of Rs 1292 , gaining 4.23% against previous close of Rs 1,239 on BSE.

The stock has gained risen 9.43% in last 5 days. Muthoot Finance share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 99.56% and risen 65% since the beginning of  this year. Later, the share closed 1.32% higher at Rs 1,256.

Total 2.47 lakh shares changed hands amounting to turnover of Rs 31.34 crore on BSE.

Market cap of the gold financing firm rose to Rs 50,375 crore. The firm recorded Rs 858 crore profit in the first quarter ended June against net profit of Rs 563 crore during the corresponding quarter a year ago.

Total income rose 25.8 per cent to Rs 2,606.82 crore during April-June quarter of 2020-21 as against Rs 2,072.11 crore in the same period a year ago, Muthoot Finance said.

Consolidated gross loan assets rose 16 per cent to Rs 46,501 crore on June 30, 2020 against Rs 40,228 crore a year ago.

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On a standalone basis, the company''s net profit during Q1FY21 registered a 59 per cent growth at Rs 841 crore as against Rs 530 crore in the year-ago period.

"Our branches were completely shut during the month of April due to nationwide lockdown. To ensure business continuity we upscaled our digital platforms. We recorded four-fold jump in digital loan disbursals since then," Muthoot Finance Chairman M G George Muthoot said.

Muthoot Finance has presence in home and loan financing, micro-financing, insurance broking business through various subsidiaries, besides having an asset finance subsidiary in Sri Lanka.

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