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ICICI Securities Report
Muthoot Finance Ltd. has reported steady performance in Q2 FY22 with 2.5% QoQ growth in consolidated profit after tax to Rs 10 billion. Key achievements include:
volume driven ~5% QoQ standalone assets under management growth,
9% QoQ increase in Belstar, AUM,
improvement in asset quality of all subsidiaries in terms of gross non performing asset and credit cost and
increase in mix of inactive/new customers.
Key earnings drags were increase in opex ratio and credit cost in standalone business.
Management indicated a deliberate strategy to grow slowly in subsidiaries in Q2 FY22 (4% and 15% QoQ de-growth in Muthoot Homefin and Muthoot Money's AUM).
Nevertheless, in a larger perspective, profitability of Muthoot Finance remains strong with 5.6%/25% return on asset/return on equity, respectively, in Q2 FY22 at consolidated level.
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