Shares of India’s largest NBFC-MFI that provides loans predominantly in rural areas across India soars 12 percent after it declared robust quarter ended September (Q2FY24) results with 99 percent jump in net profit.
At 10:45 a.m the shares of CreditAccess Grameen were trading at Rs. 1,510 up 9 percent from its previous day close price and its market capitalization is Rs. 24,062 Crores.
As per the company’s filing, it has released it quarter ended September(Q2FY24) results and it is as follows
The company’s total income grew 53.2 percent YoY from Rs. 814.31 Crores in Q2FY23 to Rs. 1,247.59 Crores in Q2FY24 and it grew 6.56 percent QoQ from Rs.1,170.72 Crores in Q1FY24 to Rs. 1,247.59 Crores in Q2FY24.
Its Net Profit grew 99.37 percent YoY from Rs.175.15 Crores in Q2FY23 to Rs. 349.21 Crores in Q2FY24 and it grew 0.84 percent QoQ from Rs.346.29 Crores in Q1FY24 to Rs. 349.21 Crores in Q2FY24.
Gross Loan Portfolio grew 36.0 percent YoY from Rs. 16,539 Crores to Rs. 22,488 Crores, Borrower base grew 21.2 percent YoY from 37.98 lakh to 46.03 lakh across 1,877 branches, Net interest income (NII) increased by 49.6 percent YoY from Rs. 516.2 Crores to Rs. 772.0 Crores, Gross NPA at 0.77 percent and Net NPA at 0.24 percent with a collection efficiency of 98.7 percent.
According to the company’s financial statements its revenue grew 29.25 percent from Rs. 2,742.82 Crores in FY22 to Rs. 3,545.12 in FY23, accompanied by increasing profits of Rs. 353.07 Crores to Rs. 826.06 Crores.
It has reported a return on equity (ROE) of 17.87 percent and a return on capital employed (ROCE) of 12.06 percent, the company is making good returns on its equity and is trying to increase its profitability ratios year on year with good business performance.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 66.69 percent stake, the Domestic Institutional Investors hold 15.77 percent and the Foreign Institutional Investors (FII) hold 11.46 percent.
CreditAccess Grameen is a leading Indian microfinance institution focused on providing micro-loans and other financial services to women customers and others predominantly in rural areas across India.
Written by: Bharath K.S
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