Muthoot Finance Q2FY23 results out: Net profit slumps by 11%

Muthoot Finance reported a net profit of INR 892 crore for the quarter ending September 30, 2022 (Q2FY23) period compared to a profit of INR 990 crore a year same quarter — registering a decline of 11%. However, sequentially, the Q2 PAT climbed by 8.13% from INR 802 crore in June 2022 quarter. Net interest income (NII) stood at INR 1,595 crore in Q2FY23 also declining by 13.8% from INR 1,851 crore in Q2 of FY22.

Further, in Q2FY23, the company garnered revenue of INR 2,482 crore compared to INR 2,830.43 crore in Q2 of the previous fiscal. In Q1FY23, the company posted a revenue of INR 2,503.86 crore. For the first half of FY23 (H1), the company posted a net profit of INR 1,669.22 crore versus INR 1,965.16 crore in the corresponding period of the previous year. Meanwhile, revenue from operations came in at INR 5,001.59 crore against INR 5,544.22 crore in H1FY22.

On a consolidated basis, the company’s loan assets under management grew 6% YoY to INR 64,356 crore in H1FY23 as against INR 60,919 crore last year. During the quarter, consolidated Loan Assets under management increased by INR 912 crores i.e. an increase of 1% QoQ. Consolidated Profit after tax for H1 FY23 stood at INR 1,727 crore as against INR 1,981 crore last year. Consolidated Profit after tax for Q2 FY23 increased by 9% QoQ at INR 902 crore as against INR 825 crore in Q1 FY23.