Muthoot Finance shares slide on weak Q3 earnings

The company reported 11 percent year-on-year (YoY) decline in Q3FY23 consolidated net profit at Rs 928 crore

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Shares of Muthoot finance opened lower on February 7 after the company reported its Q3FY23 results. At 11:10am the stock was trading 3.05 percent lower at Rs 1005.80 apiece on the BSE, while the benchmark Sensex was 55.36 points or 0.09 percent down at 60,451.54.

The company reported 11 percent year-on-year (YoY) decline in Q3FY23 consolidated net profit at Rs 928 crore; consolidated net sales dropped 5 percent YoY to Rs 3,010 crore, it said in a stock exchange filing after market hours on Monday.

The net profit declined due to a 10 percent drop in net interest income at Rs 1,704 crore against Rs 1,886 crore in the corresponding period of the last fiscal. However the firm was able to beat analysts’ estimates as it benefited from higher gold prices during the festive season.

The loan assets under management (AUM) grew 7 percent on a yearly basis to Rs 65,085 crore while sequentially the growth was muted at 1 percent.