MUMBAI: The largest pureplay gold loan NBFC, Muthoot Finance, has said its consolidated net income rose 26 percent to Rs 1,321 crore during the September quarter on robust revenues on the back of soaring prices of the yellow metal that had sniffed at Rs 8000 a gram during the quarter. The company had earned Rs 1,095 crore in the second quarter of fiscal 2024.
The Kerala-based company said its consolidated income from operations jumped 36.7 percent to Rs 4,928.8 crore from Rs 3606 crore in the year-ago period, while finance cost rose 35.35 percent to Rs 1,807 crore.
The key net interest income rose 35.5 percent to Rs 2,518.1 crore from Rs 1,858.4 crore year-over-year.
Lapping up the numbers, shares of Muthoot Finance rallied 1.53 per cent to Rs 1,800 on the BSE despite the index losing for the sixth straight day on Thursday.
The company statement said its board has approved additional equity infusion of Rs 500 crore in its wholly-owned subsidiary Muthoot Money, which is its consumer lending arm.
The good numbers came in even after the company had to set aside Rs 420 crore in impairment charges, up from Rs 81.14 crore a year ago.
The consolidated loan book grew 31 percent to Rs 1.04 trillion as of September 2024 from Rs 79,493 crore a year ago. Of this, the gold loan portfolio expanded by 28 percent to Rs 86,164 crore.
For the first half of the financial year, the company's net profit climbed 17.6 percent to Rs 2,517 crore from Rs 2,140 crore on a revenue of Rs 9,402.6 crore, which grew 33 percent from Rs 7,077.8 crore in the same period last year.