Shares of Muthoot Finance surged nearly 2% after the company reported better-than-expected Q4 results. On May 30, Muthoot Finance announced a 17% rise in standalone net profit to Rs 1,056 crore for the quarter ending March 31, 2024, driven by strong loan demand amid rising bullion prices. The company had reported a net profit of Rs 903 crore in the same period last year.
Revenue from operations increased by 8% to Rs 3,409 crore in Q4FY24, compared to Rs 3,168 crore in Q4FY23. Interest income rose around 20% to Rs 3,358 crore. Despite this, Muthoot Finance’s shares closed 3.7% lower at Rs 1,674.75 on May 30.
However, by 10:25 am the next day, the shares were trading at Rs 1,689.75 on the NSE. The rise in benchmark spot gold prices by 22% in the January-March period from a year earlier supported loan growth for lenders like Muthoot Finance.
