CreditAccess Grameen hits all-time high on strong Q1 show in a seasonally weak quarter

Analysts have also said that splitting the roles of MD and CEO will help the company in better focus and control

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CreditAccess Grameen shares gained over 4 percent on July 24 as the microfinance institution managed to double its net profit in Q1FY24, which is usually a weak quarter. The company posted 151.5 percent year-on-year to Rs 348 crore, while its net interest income jumped 65.4 percent on-year to Rs 763.3 crore.

At 11:45 am, the stock was quoting at Rs 1,366.60, higher by 4 percent from previous close. It hit an all-time high of Rs 1,425 in early trade. The stock has surged over 50 percent in the past six months.

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The overall loan book grew 39.7 percent to Rs 21,814 crore from Rs 15,615 crore a year ago, the MFI said in a statement and attributed the same to a 20 percent increase (3.28 lakh new customers) in the borrower base and better collection efficiency, which rose to 98.7 percent.

According to ICICI Securities, CA Grameen continued to generate industry-leading RoA and RoE at 5.8 percent and 26.4 percent in the quarter gone by driven by strong operating performance as reflected in robust revenue growth.

“The stock currently trades at 2.6x FY25 estimated book value, commanding a sector-leading premium. We believe the stock would continue to trade at premium valuation going ahead given its time-tested business performance across cycles to ensure over 20 percent RoE,” it said.

It has a Buy rating on the stock and has increased target price to Rs 1,550 versus Rs 1,425 earlier.

HDFC Securities, too, has a Buy rating and has revised its target price on the stock to Rs 1,470. “We raise our FY24E and FY25E earnings estimates by 5 percent and 4 percent on back of higher-than-expected loan growth and a consistently conservative underwriting approach in an inherently risky business,” it noted.

Analysts have also said that splitting the roles of MD and CEO will help the company in better focus and control. Udaya Kumar Hebbar will continue to hold MD position and Ganesh Narayanan would assume CEO role (currently, he is the deputy CEO) from August, subject to shareholders’ approval.

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