Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Muthoot Finance</h2>
<h3>Growth momentum strong</h3>
<p>Muthoot Finance (MFL) reported a strong performance for 3QFY21 with NII/PPOP/PAT coming in 3.8%/7.4%/3.5% ahead of our estimates. NII grew by 12.7% YoY and 11.9% QoQ, supported by strong growth in advances as well as margin expansion (QoQ). On YoY basis, the NIM declined by 239bps because the company had recognised an exceptional income in 3QFY20. However, on QoQ basis, we saw NIM expanding by 20bps on the back of improving cost of…</p>

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<p>2QFY21 Result Update</p>
<h2>Muthoot Finance</h2>
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<h3>Strong growth in gold loans expected to continue</h3>
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<p>Muthoot Finance (MFL) reported a 31.6% YoY growth in consolidated AUM, led by strong traction in gold loan AUM (up 32.3% YoY). Monthly average disbursements for the quarter were up significantly at Rs167bn compared to Rs69bn in 1QFY21. Growth in gold loans was a function of higher gold prices coupled with a higher LTV (61% for the quarter) even as the gold stock fell to 163 tonnes (down 1.2% QoQ)…</p>
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<p>1QFY21 Result Update</p>
<h2>Muthoot Finance</h2>
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<h3>NIM moderates to sustainable level; demand outlook positive</h3>
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<p>Muthoot Finance (MFL) reported NII of Rs14,445mn, up 22% YoY (down 9% QoQ) on the back of moderation in yields and slight uptick in cost of funds. Higher gold prices led to 15% growth in gold AUM even as gold holdings declined by 6% QoQ to 165 tonnes. The management reiterated its guidance of 15% gold loan growth for FY21 given the strong demand outlook. In line with management…</p>
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India

Muthoot Finance Ltd. is a gold financing company. The Company provides personal and business loans secured by gold jewellery, or Gold Loans primarily to individuals who possess gold jewelry but can't access formal credit lines.

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