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.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.