Muthoot Finance consolidated Q2 dips by 10% to ₹902 cr.
The Hindu
CHENNAI
Muthoot Finance Ltd., consolidated net profit for the second quarter ended September contracted by 10% to ₹902 crore.
Total revenue from operations declined by 7% to ₹2,825 crore, it said in a statement.
The contribution of subsidiaries to the overall consolidated group loan assets stood at 11%. Microfinance subsidiary, Belstar, registered a loan asset growth of 53% with gross loan assets at ₹5,138 crore, said George Jacob Muthoot, Chairman.
“Despite the rising interest rate scenario, we were able to maintain our borrowing cost at 7.98%. In the coming quarters, we expect the borrowing cost to remain in that range mainly due to the positive impact on account of retirement of ECB amounting to $450 million in October 2022 which carried a high cost,” said George Alexander Muthoot, MD.
“We expect that our improved focus on loan disbursements and recovery measures as well as borrowing cost will enable us to maintain net interest margin around 11-12%, he said.
Government to release new series of retail inflation, GDP data from February, IIP from May next year
The Indian government will release new macroeconomic data series, including GDP and inflation, starting February 2026.
Granules India secures U.S. FDA tentative approval for its ADHD generic, enhancing access to critical therapy and expanding its generics portfolio.
Italy’s competition authority (AGCM) said on Monday it had fined U.S technology giant Apple and two of its divisions 98.6 million euros ($115.53 million) over alleged abuse of their dominant position in the mobile app market.
India denies duty concessions on dairy imports from New Zealand in recent trade pact negotiations, prioritizing local farmers' protection.
India-New Zealand free trade agreement offers zero-duty access, $20 billion investment pledge, and enhanced trade in multiple sectors.
India and New Zealand finalise a trade deal, enhancing exports and fostering economic growth between the two nations.
Stock markets rise as foreign fund inflows boost investor confidence, with major gains from Infosys, Tata Steel, and Tech Mahindra.
Warner Bros. Discovery is in the middle of a Hollywood tug-of-war between Netflix and Paramount.
Explore the pitfalls of misvestment and discover how to make informed investment decisions for long-term wealth growth.
Market valuations of top firms rose by ₹75,257 crore, with TCS and Infosys leading the gains last week.
IIFL Finance appoints ex-RBI Deputy Governor B. P. Kanungo as chairman, enhancing governance and strategic direction for stakeholders.
SEBI plans to form a working group to enhance liquidity and review non-agricultural commodity derivatives, boosting market attractiveness.
Space sector opened up to private participation in June 2020