The gold loan finance company on June 2 reported a 22 percent jump in standalone profit after tax at Rs 996 crore for the three months to March 2021. Motilal Oswal increased FY22E/23E EPS estimate by 3-4 percent and has maintained buy rating with a target of Rs 1,725.
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Muthoot Finance share price jumped over 6 percent in the morning session on June 3, a day after the company declared its March quarter results.
The gold loan finance company on June 2 reported a 22 percent jump in standalone profit after tax at Rs 996 crore for the three months to March 2021.
The company had posted a standalone profit after tax of Rs 815 crore in the year-ago period. For the full year, the standalone net profit rose by 23 percent to Rs 3,722 crore as against Rs 3,018 crore in FY20.
The stock was trading at Rs 1,503.80, up Rs 89.80, or 6.35 percent. It has touched a 52-week high of Rs 1,504.15. It has touched an intraday high of Rs 1,504.15 and an intraday low of Rs 1,428.
The lender was able to grow its asset under management (AUM) in gold loan segment by 27 per cent in FY21 compared to a growth of 22 per cent in the previous year. Gold loans under management stood at Rs 51,926.6 crore as of end-March 2021. During the fourth quarter of FY21, gold loan assets increased by Rs 2,304 crore.
Consolidated profit after tax increased by 21 per cent at Rs 3,819 crore in FY21 as against last year’s figure of Rs 3,169 crore. Consolidated loan assets of the group grew by 24 per cent at Rs 58,280 crore as against Rs 46,871 crore in FY20.
According to research and broking firm Motilal Oswal, the Q4 numbers were in line with estimates. Strong loan growth, despite falling gold prices, was the key surprise in Q4 FY21.
The management has guided at 15 percent AUM growth in FY22. The company’s credit rating got upgraded to AA+. However, it will continue to maintain excess liquidity on its balance sheet. RoA/RoE is likely to remain robust at 6.5 percent/25 percent over the medium term, it said.
“We increase our FY22E/23E EPS estimate by 3-4 percent and maintain our buy rating with a target of Rs 1,725 per share (3x FY23E BVPS).
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