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Prabhudas Lilladher Report
As Covid-19 second wave impact recede and economic activities gather pace, Muthoot Finance Ltd. recorded strong business momentum during Q2 FY22.
Notably, despite underlying asset price fluctuations, gold assets under managements grew 5% QoQ/18% YoY in commensurate with gold holdings per branch, customer accretion stood robust and tonnage growth was healthy.
Muthoot Finance clocked 18%YoY loan growth and traction in tonnage inched up QoQ.
While asset quality marginally deteriorated (stage-III: 1.85% versus 1.22%: Q1 FY22) with company doubling provisions QoQ, we reckon it's a temporary phenomenon and that by virtue of business profile, Muthoot Finance successfully maintains 96-100% recoverability value of the underlying asset.
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