External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>For MUTH, 3QFY22 was characterized by: interest cost savings, which led to an in line PPOP/PAT performance; elevated Gold loan auctions of INR28b, which resulted in gold AUM remaining largely flat QoQ, stable spreads of 13%, despite an aggressive competitive landscape; GS3 increasing by ~200bp QoQ to 3.8%, suggesting that auctions will remain elevated in 4QFY22 as well to pare down GS3 to the management's guided level of 2-3%.</li><li>We estimate MUTH to deliver a gold loan growth of ~10% in FY22E.</li><li>However, this incremental growth in 4Q will come at the cost of a minor compression in spreads/margin,.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

For MUTH, 3QFY22 was characterized by: interest cost savings, which led to an in line PPOP/PAT performance; elevated Gold loan auctions of INR28b, which resulted in gold AUM remaining largely flat QoQ, stable spreads of 13%, despite an aggressive competitive landscape; GS3 increasing by ~200bp QoQ to 3.8%, suggesting that auctions will remain elevated in 4QFY22 as well to pare down GS3 to the management's guided level of 2-3%.We estimate MUTH to deliver a gold loan growth of ~10% in FY22E.However, this incremental growth in 4Q will come at the cost of a minor compression in spreads/margin,.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gold loan growth flat QoQ; auctions to stay elevated in 4QFY22

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021.</p><ul><li>It has a large footprint across India with 4625 gold lending branches</li><li>The company also has a presence in other lending segments like housing, microfinance, vehicle finance via its subsidiaries</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021.It has a large footprint across India with 4625 gold lending branchesThe company also has a presence in other lending segments like housing, microfinance, vehicle finance via its subsidiariesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Muthoot Finance: Leadership in Gold Financing

India

Muthoot Finance Ltd is an Indian non-banking financial company and the largest gold loan NBFC in the country. The company primarily provides personal and business loans secured by gold jewelry, and also offers other loans, insurance, money transfer services, and sells gold coins. It is headquartered in Kochi, Kerala, India, and was founded in 1939.

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Muthoot Finance (MUTH IN)

Gold loan growth flat QoQ; auctions to stay elevated in 4QFY22

For MUTH, 3QFY22 was characterized by: a) interest cost savings, which led to an in line PPOP/PAT performance; b) elevated Gold loan auctions of...

Motilal Oswal

Muthoot Finance: Leadership in Gold Financing

Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021. It has a large footprint across India...

ICICI Securities Limited

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