Muthoot Finance's Profit Surges in Q2 2024

Muthoot Finance reported a significant 26% increase in net profit, amounting to Rs 1,251.1 crore in Q2 2024. The company also saw its revenue rise to Rs 4,117.4 crore. Additionally, an equity infusion of Rs 500 crore into its subsidiary, Muthoot Money Ltd, was approved.

Muthoot Finance has announced a remarkable 26% surge in net profit, reaching Rs 1,251.1 crore for the second quarter ending September 2024. This marks a significant rise from Rs 991 crore in the same quarter the previous fiscal year.

The company's total revenue from operations also increased considerably, climbing to Rs 4,117.4 crore during the July-September period, up from Rs 3,059.67 crore in the prior year's corresponding quarter.

Muthoot Finance's board has greenlit an additional equity infusion of Rs 500 crore into its fully-owned subsidiary, Muthoot Money Ltd. Meanwhile, Muthoot Finance's shares closed at Rs 1,800, marking a 1.53% increase on the BSE.

(With inputs from agencies.)