Shares of Muthoot Microfin Ltd. surged over 14% on Tuesday after its net profit jumped more than double in the third quarter.
The recently listed company's net profit surged 119.4% year-on-year to Rs 124.6 crore in the quarter ended December, according to an exchange filing.
Disbursements in the quarter also rose over 19% to Rs 2,592.1 crore and the assets under management were up nearly 39% to Rs 11,458.10 crore.
Muthoot Microfin Q3 FY24 Highlights (YoY)
NII up 53.1% at Rs 343.1 crore vs Rs 224.1 crore.
Net profit up 119.4% at Rs 124.6 crore.
Shares of the company soared 14.11%, the highest since Dec. 27, 2023, before paring gains to trade 10.76% higher at 10:24 a.m. This compares to a 0.06% advance in the NSE Nifty 50.
The stock has fallen 2.71% in the last one month. Total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 58.
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