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Prabhudas Lilladher Report
We are optimistic on Muthoot Finance Ltd. and have revised our estimates higher for net interest income by 10% and earnings per share by 6% for FY23.
We expect rich return profile (6.3-6.5%: return on asset, 22-23%: return on equity) over FY22-23 led by:
The recent long term ratings upgrade resulting into reduction in cost of funds (we factor 40 basis points reduction in FY22).
Healthy 18% assets under management compound annual growth rate, steady customer accretion (sustainable 5%YoY growth).
Superior asset quality (less than 1.5% gross non performing asset, auctions at less than 0.5%).
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